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Accounting and Auditing Research, 10th Edition prepares students and early-stage practitioners to use well-established research solutions in a broad range of practical applications, from financial accounting and tax planning, to investigating fraud and auditing various business problems. Emphasizing real-world skills development, this fully-updated textbook covers the current tools, techniques, and best practices in applied professional research and analysis.
The authors provide comprehensive yet accessible coverage of the entire research process, explaining how to utilize major research databases and audit software packages in a clear and systematic manner. The tenth edition features carefully revised content designed to enhance effectiveness, increase readability, and strengthen learning and retention. The book’s classroom-proven pedagogy features expert tips for performing common research tasks, sidebar boxes that summarize and expand upon key concepts, and a variety of end-of-chapter exercises that reinforce the material and develop readers’ skills.
PREFACE IX
ABOUT THE AUTHORS XIII
1 Introduction To Applied Professional Research 1
What Is Research?, 2
Research Questions, 3
Nature of Professional Research, 5
Critical Thinking and Effective Communication, 7
Economic Consequences of Standards Setting, 7
Role of Research in the Accounting Firm, 7
Skills Needed for the CPA Exam and Practice, 9
Overview of the Research Process, 11
Step One: Identify the Relevant Facts and Issues, 11
Step Two: Collect the Evidence, 12
Step Three: Analyze the Results and Identify the Alternatives, 13
Step Four: Develop a Conclusion, 14
Step Five: Communicate the Results, 14
Data Analytics/Emerging Technologies in Accounting and Auditing Research, 14
Summary, 16
Discussion Questions, 16
Exercises, 17
Appendix: Research Focus on the CPA Exam, 18
2 Criticalthinking AND EFFECTIVEWRITING SKILLS FOR THE PROFESSIONAL ACCOUNTANT 21
Critical Thinking Skills, 21
Levels of Thinking, 23
Universal Elements of Reasoning, 26
An Example of Using Critical Thinking Skills, 27
Effective Writing Skills, 28
Writing as a Process, 29
Punctuation Primer, 30
Improved Writing Skills Required, 33
Active Voice, 33
Short Sentences, 33
Definite, Concrete, Everyday Language, 34
Tabular Presentation, 34
Limited Jargon and Technical Terms, 34
No Multiple Negatives, 35
Elements of Plain English, 35
Writing Effective Texts, e-mails, and Letters, 36
Writing Memos to the File, 37
Summary, 38
Discussion Questions, 38
Exercises, 39
3 The Environment Of Accounting Research 42
The Accounting Environment, 42
The SEC and the Standard-Setting Environment, 43
Rules-Based vs. Principles-Based Accounting Standards, 45
Financial Accounting Standards Board, 45
FASB Strives to Simplify Standards, 47
Content of Authorities, 47
FASB Due Process, 48
FASB Conceptual Framework Project, 50
Statements of Financial Accounting Concepts Nos. 1–8, 51
American Institute of Certified Public Accountants (AICPA), 51
Governmental Accounting Standards Board, 52
Other Organizations Influencing Standard Setting, 54
U.S. Generally Accepted Accounting Principles (U.S. GAAP), 56
The FASB Accounting Standards CodificationTM, 57
Using Authoritative Support, 58
Reading an Authoritative Pronouncement, 59
Accounting Choices Have Economic Consequences, 61
Summary, 61
Discussion Questions, 62
Exercises, 62
4 Financial Accounting Research Tools 64
Accounting Research Online, 65
Database Research Strategies, 65
Step One: Define the Information Needed, 65
Step Two: Determine the Sources to Search, 65
Step Three: Use Appropriate Search Methods, 66
Step Four: View the Results and Manage the Information, 66
Step Five: Communicate the Search Results, 66
FASB Accounting Standards CodificationTM Research System, 66
The Research Process, 67
Locating U.S. GAAP Using the Codification, 71
Examples Using the Codification, 71
SEC Accounting for Public Companies, 72
SEC Regulations and Sources, 73
The SEC’s Published Views and Interpretations, 73
SEC Staff Policy/Interpretations, 74
Accessing SEC Filings and Regulations, 76
Cases to Practice Accounting Research, 77
Data Analytics for the Accounting Researcher, 78
Summary, 79
Discussion Questions, 79
Exercises, 80
Knowledge Busters: The Codification, 83
Appendix: CPA Exam—Financial Accounting Simulations, 89
Document Review Simulation, 92
5 The Environment Of International Research 94
International Accounting Environment, 94
International Accounting Standards Board (IASB), 96
IASB Authorities, 98
IASB Due Process, 99
Interpretations Committee Due Process, 100
IASB’s Conceptual Framework, 101
Principles-Based Accounting Standards, 101
IFRS Funding, Regulation, and Enforcement, 102
International Financial Reporting Standards (IFRS) Research, 104
IFRS Hierarchy, 104
Electronic International Financial Reporting Standards (eIFRS), 104
Summary, 106
Discussion Questions, 106
Exercises, 107
Knowledge Busters, 108
6 Other Research Databases And Tools 110
Other Database Research Strategies, 110
Step One: Define the Information Needed, 111
Step Two: Determine the Sources to Search, 112
Step Three: Use Search Techniques and Tools, 112
Step Four: View the Results and Manage the Information, 113
Leading Publishers of Global Financial Information, 114
Commercial Accounting Databases and Tools, 114
U.S. Accounting Research Tools, 116
U.S. Government Accounting Databases, 117
Financial Research Databases, 119
S&P Capital IQ, 120
Mergent Online, 121
Other Financial Databases and Sources, 122
Research Challenges for Business Research, 123
Business Research Databases and Tools, 123
Article Index Sources, 124
Other Specialized Research, 124
Massive Legal Research Databases, 125
LexisNexis Database Products, 126
Westlaw Database Products, 127
Recent Legal Database Competitors, 128
Summary, 128
Discussion Questions, 129
Exercises, 129
Knowledge Busters, 131
Appendix: 6A-1: Website Addresses, 131
7 Tax Research For Compliance And Tax Planning 134
Tax Planning Concepts and Tax Research Goals, 134
Tax Research Goals, 135
Tax Research Challenges, 136
Specialized Tax Research Databases, 137
Thomson Reuters Checkpoint, 138
Primary Tax Authorities, 138
The Code, 139
Treasury Regulations, 141
Revenue Rulings and Revenue Procedures, 143
Lesser Administrative Sources (Nonprecedential), 144
U.S. Tax Court, 145
Other Judicial Sources of Authority, 146
Steps in Conducting Tax Research, 147
Step One: Investigate the Facts and Identify the Issues, 147
Step Two: Collect the Appropriate Authorities, 147
Step Three: Analyze the Research, 150
Step Four: Develop the Reasoning and Conclusion, 152
Step Five: Communicate the Results, 153
Evolving Professional Concerns and Changes, 155
Professional Standards for Tax Services, 157
Data Analytics in Tax Research, 157
Summary, 158
Discussion Questions, 159
Exercises, 159
Knowledge Busters, 162
Appendix 7A-1: Website Addresses, 164
8 Assurance Services And Auditing Research 165
Assurance Services, 166
Consulting Services and Standards, 166
Attestation Services and Standards, 168
Auditing Standard-Setting Environment, 170
Auditing Standard-Setting Process, 170
Public Company Accounting Oversight Board (PCAOB), 171
Auditing Standards Board (ASB), 172
International Auditing and Assurance Standards Board (IAASB), 176
AICPA Online Professional Library, 176
AICPA Code of Professional Conduct, 177
Auditing Standards in the Public Sector, 180
Thomson Reuters Checkpoint, 180
Compilation and Review Services, 183
Role of Judgment and Professional Skepticism in Accounting and Auditing, 183
Economic Consequences, 184
Data Analytics/Emerging Technologies in Auditing Research, 184
Summary, 185
Discussion Questions, 186
Exercises, 186
Knowledge Busters, 187
Appendix: CPA Exam Audit Simulation, 188
9 Refining The Research Process 190
Method for Conducting Research, 190
Step One: Identify the Issues or Problems, 192
Step Two: Collect the Evidence, 194
Step Three: Analyze the Results and Identify Alternatives, 198
Step Four: Develop a Conclusion, 199
Step Five: Communicate the Results, 200
Remain Current in Knowledge and Skills, 201
Complexities in Practice, 202
Developing Professional Skills Needed for Practice, 203
Summary, 204
Discussion Questions, 204
Exercises, 205
Knowledge Busters: For each problem, analyze, consider alternatives, and write a research memo., 206
Appendix 9A-1: Certifications and Associations for Accounting, Auditing, and Tax, 207
Appendix 9A-2: Research Sources from AICPA, FASB, PCAOB, and Others, 208
Appendix 9A-3: Abbreviations for International, Canadian, and U.K. Standards, 210
10 Forensic Accounting Research 213
Forensic Accounting Standards, 214
Definition of Fraud, 215
Types of Fraud, 215
The Fraud Triangle, 216
Overview of a Financial Statement Fraud Examination, 219
Step One: Identify the Issue and Plan the Investigation, 220
Step Two: Gather the Evidence and Complete the Investigation Phase, 220
Step Three: Evaluate the Evidence, 221
Step Four: Report Findings to Management or Legal Counsel, 222
Business Investigations, 222
Computer Technology in Fraud Investigations, 223
Data-Mining Software, 223
Data Analytics, 225
MindBridge Ai Auditor, 225
Public Databases, 227
Courthouse Records, 227
Company Records, 228
Online Databases, 229
The Internet, 229
Instant Checkmate (www.instantcheckmate.com), 230
Zoominfo.com (www.zoominfo.com), 230
Other Websites, 230
Fraud Investigation Regulations, 230
Summary, 231
Discussion Questions, 231
Exercises, 231
Knowledge Busters, 232
Index 233
The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
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