DescriptionModern Auditing and Assurance Services 4th edition reflects the latest developments in the profession detailing the audit procedures under the 35 legally enforceable ASAs. This edition has been thoroughly updated to present a current coverage of audit and assurance services. The increased focus on contemporary audit practice - including professional ethics and ethical competence, governance and professional independence, and changes in legal liability for the audit profession - will equip students with the necessary knowledge and skills required by the profession.
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Check out all the great features yourself in this DEMONSTRATION
NEW TO THIS EDITION
* Now with Wiley Desktop Edition!
When you purchase a new copy of this text you will also receive a Wiley Desktop Edition which allows you to study electronically.
o Download the full text to your computer!
o Use the search function to locate key concepts!
o Create your own colour-coded highlights as you revise!
o Make notes for revision and share them with your friends!
* Chapter 5 'The auditors' report' provides an early discussion on the objective of the audit process
* Chapter 7 'Audit risk assessments' focuses attention on the business risk and audit risk assessment processes which inform audit strategy
* Chapter 17 'Non audit and other services' emphasises specific non-audit assurance services provided by accounting professionals
* Chapter 18 'Internal audit' includes the latest developments in internal audit and reflects the importance of this area in corporate governance
* Inclusion and explanation of the requirements under the new legally enforceable Australian Auditing Standards (ASAs). These standards are closely aligned with international auditing standards and these standards are also included in the text for courses that offer an international perspective
* The new Code of Ethics for Professional Accountants released by the Accounting Professional and Ethical Standards Board (APESB) is thoroughly discussed and integrated with auditors' legal requirements
* Incorporates discussion of the business risk approach to auditing as reflected in the revised standards on audit risk, as well as significantly expanded consideration of the importance and requirements on auditors to consider fraud in planning the audit
* Considers the increased role of ASIC, via the ASIC audit inspection program, to ensure quality of the audit process
* 'Professional Environment' vignettes revised and updated throughout the text. These chapter vignettes present relevant, topical audit issues and/or events that contextualise the audit processes presented in the chapter to the business world
* Succinct summary of audit procedures at the beginning of each transaction cycle to highlight the most importance procedures and key risks in each cycle.
FEATURES
* Professional Environment vignettes apply audit events and processes to real business experiences - ideal for developing an appreciation of the professional environment both locally and globally
* Learning Checks, positioned at the end of major sections in the chapter, provide a succinct listing of the key audit issues and processes that the student must know before they proceed further
* End-of-chapter exercises and problems have been revised. The majority of the Review Questions and Professional Application Questions are new and drawn from Australian and international professional bodies
* Multiple Choice questions at the end of each chapter with answers.
ABOUT THE AUTHORS
Philomena Leung (PhD, M.Acc, F.C.P.A., F.C.C.A., M.I.I.A., A.C.I.S.) is Professor and Head of the School of Accounting, Economics and Finance at Deakin University, Melbourne. She has over 27 years of extensive teaching experience at tertiary and postgraduate levels; specialising in auditing, ethics and corporate governance. Philomena's PhD in Accounting Ethics and her Big Four auditing experience from Hong Kong also provide an insight into issues relevant to the accounting and auditing profession. Philomena has written for a number of academic and professional journals in the areas of auditing, corporate governance, ethics, internal auditing and accounting education. She is also a recipient of a number of research grants and has led / co-authored many research projects in auditing. Philomena has spoken at many conferences and seminars and is a well sought after speaker in national and international forums and media interviews. She has taken an active role in supporting the development and the reshaping of the profession in Australia and internationally.
Paul Coram is a Senior Lecturer in the Department of Accounting and Business Information Systems at the University of Melbourne. He worked as an auditor and became a Chartered Accountant with one of the Big Five firms in Australia, also gaining work experience as an auditor in London. He has an active involvement with the Institute of Chartered Accountants, including acting as a facilitator in the new CA Program, as well as being a member of the Professional Standards Committee. Paul has postgraduate qualifications in education and has lectured at the University of South Australia and in his current position at UWA. He also has a Master of Accounting, which involved a significant research dissertation into the area of audit quality. He has presented his research at a number of local and international conferences. Currently his primary research interest relates to the behavioural effects on users arising from the provision of different levels of assurance services.
Barry J. Cooper is currently Professor of Accounting at Deakin University. After gaining experience as an auditor, Professor Cooper joined RMIT University in 1972 where he taught auditing and financial accounting. In 1987, he joined the Hong Kong Polytechnic as Head of the Department of Accountancy for four years. After returning to Melbourne, Professor Cooper was appointed Head of Accountancy at RMIT University until late 1997, when he took leave and joined CPA Australia, as National Director - Member Services. During his time at CPA Australia, Professor Cooper was responsible for the operations of the CPA Divisions throughout Australia and Asia and also for the CPAs continuing professional development business. He returned to RMIT University in December 2000 and in April 2007 moved to Deakin University, where he now teaches and researches in the areas of auditing and professional ethics.
Peter Richardson is a lecturer in the School of Accounting, Economics and Finance at Deakin University, Melbourne. He worked for ten years as an auditor in the UK, training with a small firm before moving to the then Coopers and Lybrand, having become a member of the ICAEW. He then worked for eight years for BPP (Professional Education) Plc a UK listed company which educates individuals who seek to sit the entrance exams of the various UK professional accounting bodies. During this time he mainly taught Financial/Corporate Reporting and Auditing. He was Director of ACCA (The Association of Chartered Certified Accountants - UK) Courses in Leeds before setting up a BPP Subsidiary in Singapore. At the start of 2006, Peter moved to Australia and joined academia with Deakin University, since then, as well as teaching financial accounting and auditing subjects he has completed an Honours by research and has commenced a PhD. His primary research focus is accountants' behaviour and ethics.
Table of Contents
PART 1: THE AUDITING AND ASSURANCE ENVIRONMENT
Chapter 1 Auditing, assurance and the public accounting profession
Chapter 2 Professional ethics and conduct
Chapter 3 Auditor's legal liability
PART 2: AUDIT PLANNING
Chapter 4 Overview of the audit of financial statements
Chapter 5 The Auditor's Report
Chapter 6 Client evaluation and planning the audit
Chapter 7 Audit risk assessment
Chapter 8 Audit evidence and materiality
PART 3: AUDIT TESTING METHODOLOGY
Chapter 9 Test of controls
Chapter 10 Designing substantive procedures
Chapter 11 Audit sampling
PART 4: AUDITING TRANSACTIONS AND BALANCES
Chapter 12 Auditing sales and receivables
Chapter 13 Auditing purchases, payables and payroll
Chapter 14 Auditing inventories and property, plant and equipment
Chapter 15 Auditing cash and investments
PART 5: COMPLETING THE AUDIT, REPORTING AND OTHER SERVICES
Chapter 16 Completing the audit
Chapter 17 Reporting on financial reports
Chapter 18 Internal and public sector audit and assurance
