Auditing and Assurance Services : A Systematic Approach

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  • Edition: 5th
  • Format: Hardcover
  • Copyright: 2006-11-09
  • Publisher: McGraw-Hill/Irwin
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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 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 Internal Control
Audit Planning and Types of Audit Tests
Internal Control in a Financial Statement Audit
Auditing Internal Control over Financial Reporting in Conjunction with an Audit of Financial Statements
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
Financing Process: Auditing Prepaid Expenses and Property, Plant, and Equipment
Financing process: Auditing Long-Term Liabilities, and Stockholders’ Equity
Financing Process: Auditing Cash and Investments
Completing The Audit And Reporting Responsibilities
Completing the Engagement
Reports on Audited Financial Statements and on Internal Control over Financial Reporting
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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