Auditing and Assurance Services with ACL Software CD

by Messier, William; Glover, Steven; Prawitt, Douglas

• ISBN13: 9780077343460
• ISBN10: 0077343468
• Edition: 7th
• Format: Nonspecific Binding
• Copyright: 2009-11-11
• Publisher: McGraw-Hill/Irwin

Summary

Messier employs the audit approach currently being used by auditing professionals. This approach is a direct result of the demands of Sarbanes-Oxley, which has changed the way auditors do their jobs. The approach emphasizes understanding the entity (i.e., the organization or business being audited) and its environment (i.e. industry), and then assessing the business risks faced by the entity and how management controls those risks. This audit process focuses on business processes instead of accounting cycles. This unique and innovative approach has been developed in response to changing market dynamics. The systematic approach, referred to in the subtitle of the text, reflects the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence; this allows Messier to build upon this model in subsequent chapters. These are central to everything an auditor does and a unique feature of Messier. As such, this approach helps students develop auditor judgment, a vital skill in today's auditing environment.

Table of Contents

Introduction to Assurance and Financial Statement Auditing

An Introduction to Assurance and Financial Statement Auditing

The Financial Statement Auditing Environment

Basic Auditing Concepts: Risk Assessment, Materiality and Evidence

Risk Assessment and Materiality

Audit Evidence and Audit Documentation

Planning the Audit, and Understanding the Auditing Internal Control

Audit Planning and Types of Audit Tests

Internal Control in a Financial Statement Audit

Auditing Internal Control over Financial Reporting

Statistical and Nonstatistical Sampling Tools for Auditing

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing Business Processes

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant and Equipment

Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders’ Equity, and Income Statement Accounts

Auditing the Financing/Investing Process: Cash and Investments

Completing the Audit and Reporting Responsibilities

Completing the Audit Engagement

Reports on Audited Financial Statements

Professional Responsibilities

Professional Conduct, Independence, and Quality Control

Legal Liability

Assurance, Attestation, and Internal Auditing Services

Assurance, Attestation, and Internal Auditing Services

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