Auditing and Assurance Services Understanding the Integrated Audit 1st Edition by Karen L Hooks ISBN 0471726346 9780471726340

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Product details:
ISBN 10: 0471726346
ISBN 13: 9780471726340
Author: Karen L Hooks

Auditing and Assurance Services Understanding the Integrated Audit 1st Edition Table of contents:

Part 1: The Environment of Auditing

1. Introduction to Auditing and Assurance Services

   • The role of auditing in financial reporting
   • The difference between auditing, attestation, and assurance services
   • The evolving role of auditors in modern business environments
   • Ethical and legal considerations in auditing

2. The Auditing Profession

   • The history and development of auditing
   • The regulatory environment: standards and rules
   • Professional ethics and the role of professional organizations (AICPA, PCAOB, IAASB)
   • The role of internal and external auditors in organizations

3. The Regulatory Environment

   • Government regulations impacting auditing (Sarbanes-Oxley Act, SEC, PCAOB)
   • Impact of SOX on internal controls and auditing practices
   • The relationship between the auditor, management, and board of directors
   • Quality control in audit firms

Part 2: The Integrated Audit Process

4. The Audit Process: Overview and Methodology

   • The steps involved in the audit process
   • Understanding the audit objectives
   • Planning the audit: risk assessment, audit scope, and materiality
   • Developing an audit strategy and audit program

5. Risk Assessment and Internal Controls

   • The role of risk assessment in the audit
   • Understanding internal control systems
   • The COSO framework and internal control components
   • Evaluating the effectiveness of internal controls
   • Assessing the risk of material misstatement

6. Evidence Collection and Audit Procedures

   • The types of audit evidence
   • Audit sampling techniques and testing procedures
   • Analytical procedures and their application
   • The role of technology and data analytics in evidence gathering
   • Documenting and evaluating audit findings

Part 3: Financial Statement Audits

7. Auditing the Revenue Cycle

   • Auditing sales, receivables, and cash receipts
   • Identifying risks and testing controls in the revenue cycle
   • Substantive procedures for revenue recognition and verification
   • Auditing related party transactions and disclosures

8. Auditing the Expenditure Cycle

   • Auditing purchases, payables, and cash disbursements
   • Risks and controls in the procurement and expenditure cycle
   • Substantive audit procedures for verifying expenses
   • Vendor and contract audits

9. Auditing the Inventory and Production Cycle

   • Auditing inventory and production processes
   • Verifying the existence, completeness, and valuation of inventory
   • Testing controls over inventory management
   • Substantive audit procedures for inventory and cost of goods sold

10. Auditing the Financing and Investing Cycle

    • Auditing long-term debt, equity, and capital transactions
    • Risks and controls in financing and investing activities
    • Substantive procedures for verifying investments and financing arrangements
    • Auditing cash flows and disclosures

Part 4: Completing the Audit and Reporting

11. Finalizing the Audit

    • Completing audit procedures and ensuring all objectives are met
    • Review of audit work papers and documentation
    • Communicating findings with management and those charged with governance
    • Final review of financial statements and disclosures

12. Audit Reporting

    • The audit report format and elements
    • Types of audit opinions: unqualified, qualified, adverse, and disclaimer
    • Communicating audit results to stakeholders
    • Emphasis of matter and other matters paragraphs in audit reports

Part 5: Special Topics in Auditing

13. Auditing Internal Control over Financial Reporting

    • The integrated audit of financial statements and internal controls
    • Auditing internal controls in accordance with SOX Section 404
    • Management’s responsibility for internal controls
    • Auditor’s report on internal control effectiveness

14. Fraud Detection and Forensic Auditing

    • Identifying fraud risk factors in financial statements
    • Techniques for detecting fraud and financial statement manipulation
    • Forensic accounting and investigative auditing
    • Reporting fraud in audit reports

15. Emerging Issues in Auditing

    • The impact of technology on the auditing profession (e.g., AI, blockchain)
    • Auditing in the context of environmental, social, and governance (ESG) factors
    • Globalization and its effect on audit practices
    • Future trends in auditing and assurance services

Appendices

• Appendix A: Key Audit Standards and Regulations
• Appendix B: Audit Programs and Sample Forms
• Appendix C: Glossary of Auditing Terms
• Appendix D: Suggested Readings and Resources
• Index

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