Modern Auditing, 7th Edition

by William C. Boynton (California Polytechnic State Univ. at San Luis Obispo); Raymond N. Johnson (Portland State Univ.); Walter G. Kell (Univ. of Michigan)

• ISBN13: 9780471189091
• ISBN10: 047118909X
• Edition: 7th
• Format: Hardcover
• Copyright: 2001-01-01
• Publisher: Wiley

Summary

Known for its clear writing style and accessibility, this revision incorporates increased emphasis on understanding the business and industry, analytical procedures, computer aspects of internal controls, plus new assurance and value-added services, Internet applications and end-of-chapter materials. The result is a new edition that provides comprehensive and integrated coverage of the latest developments in the environment, standards, and methodology of auditing.

Author Biography

William C. Noynton, Ph.D., CPA received his doctorate in accounting from Michigan State University. He is professor emeritus of accounting at California Polytechnic State University at San Luis Obispo where he formerly served as dean and head of Accounting Department. He has served on the audit staffs of two international public accounting firms. He has also served as a regional chairperson of the Auditing Section of the American Accounting Association, and on a variety of committees for the American Accounting Asdociation and the Federation of Schools of Accountancy. He is the author or coauthor of several articles and committee reports on accounting and auditing, and has served as codirector of the American Institute of Certified Public Accountants National Banking School. A member of the California Society of Certified Public Accountants, he has served on its Globalization Task Force and its Committees on Accounting Education, the 150-Hour Requirement, and Accountng Principles and Auditing Standards. He is a recepient of the California Society of Certified Public Accountants Faculty Excellence Award. Raymond N. Johnson, Ph.D., CPA received his doctorate in accounting from the University of Oregon. He is a professor of accounting at Portland State University where he formerly serviced as head of the Accounting Department, Assistant to the Vice President for Finance and Administration and Assistant to the Provost. Hr has served on the audit staffs of two international public accounting firms and one local firm. He also served as a consultant to the Auditing Standards Board and was a member of the AICPA Control Risk Audit Guide Task Force. He is a Past-President of the Oregon Society of CPAs and is a member of AICPA Council, the AICPA's governing body. He led successful legislative and regulatory initiatives in Oregon related to the  hour education requirement and revising a narrow audit experience requirement to expand the pathways to earn the CPA designation. In addition he has been an American Council on Education Fellow and an Arthur Young McClelland Moores Post Doctoral Fellow. Dr. Johnson is the recipient of a Leadership Award from the Oregon Entrepreneurs Forum and the Earl Wantland Outstanding Business Professor at Portland State University. Walter G. Kell, Ph.D., CPA received his doctorate in accounting from the University of Illinois. He is professor emeritus of accounting at the University of Michigan, where he has served as chairman of the Department of Accounting. He also has served as chairman of the Accounting Department Institute of Certified Public Accountants and has served on its Committee on Auditing Procedure (predecessor to the Auditing Standards Board) and Auditing Standards. Advisory Council.  He is past president of the American Accounting Association, Professor Kell has been a consulting editor and coeditor of the Accountant's Handbook and is the coauthor of an accounting principles textbook. He has also served as a member and chairman of the CPA Examination Review Board of the National Association of State Boards of Accountancy. A member of the Michigan Association of Certified State Boards of Accountancy. A member if the Michigan Association of Certified Public Accountants, he has served on its Committee on Accounting and Auditing Procedures and its Board of Directors. Professor Kell is a recipient of the Association's Distinguished Service Award for his significant contributions to the public accounting profession.

Table of Contents

PART 1 THE AUDITING ENVIRONMENT

Auditing and the Public Accounting Profession

Financial Statement Audits and Auditor's Responsibilities

Professional Ethics

Auditor's Legal Liability

PART 2 AUDITING PLANNING

Overview of the Audit Process

Audit Evidence, Audit Objectives, Audit Programs and Working Papers

Accepting the Engagement and Planning the Audit

Materiality, Risk, and Preliminary Audit Strategies

Understanding Internal Control

PART 3 AUDIT TESTING METHODOLOGY

Assessing Control Risk/Tests of Controls

Detection Risk and the Design of Substantive Tests

Audit Sampling in Tests of Controls

Audit Sampling in Substantive Tests

PART 4 AUDITING THE TRANSACTION CYCLES

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and Personnel Services Cycles

Auditing the Investing and Financing Cycles

Auditing Investments and Cash Balances

PART 5 COMPLETING THE AUDIT, REPORTING, AND OTHER SERVICES

Completing the Audit/Postaudit Responsibilities

Reporting on Audited Financial Statements

Other Services and Reports

Assurance Services

Internal, Operational, and Governmental Auditing

Appendix A: Auditing Research