Test Bank for Auditing Assurance Services and Ethics in Australia 10th Edition by Alvin Arens, Peter Best, Greg Shailer, Brenton Fiedler, Randy Elder, Mark Beasley ISBN 1488611193 9781488611193

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ISBN 10: 1488611193
ISBN 13: 9781488611193
Author: Alvin Arens, Peter Best, Greg Shailer, Brenton Fiedler, Randy Elder, Mark Beasley

Auditing, Assurance Services and Ethics in Australia is a confidence-building way of learning the roles and legal responsibilities of a professional auditor. This book is suited to a 12 week course Designed for undergraduate or postgraduate students seeking professional recognition from associations such as CPA, ICAA, IPA and ACAA. Covers essential theory and best practices in auditing in 19 chapters, with references to all recently issued auditing standards and relevant legislation Experience planning and completing an audit through stimulating integrated case studies with financial statements included The previous education program with ACL codes is no longer active. The only way to receive new educational software from ACL is through the Academic Network. Please contact your lecturer for more detailed information. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you’ll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. Samples Download the detailed table of contents Preview sample pages from Auditing, Assurance Services & Ethics in Australia

Auditing Assurance Services & Ethics in Australia 10th Table of contents:

PART 1 The Auditing Profession

Chapter 1 Demand for audit and assurance services

Assurance services

Economic demand for auditing

Causes of information risk

Nature of auditing

Distinction between auditing and accounting

Types of audits

Types of auditors

Public accounting firms

Professional accounting bodies

Australian Auditing Standards

International auditing standards

Quality control

Corporations Act 2001

Impact of e-commerce on public accountants

Summary

Questions and problems

Online issue

Chapter 2 Auditors’ legal environment

Audit regulation

Statutes and auditors’ liability

Criminal liability

Legal concepts affecting liability

Liability to clients

Liability to third parties under common law

Fraud and error

Managing individual legal liability

Summary

Questions and problems

Online issue

Appendix: Chronological schedule of leading cases affecting auditors’ legal liability in Australia

Chapter 3 Audit quality and ethics

Audit quality and corporate governance

Expectations gap

Auditor competence

Ethics

Ethical dilemmas

Code of Ethics for Professional Accountants

Independence

Aids to maintaining independence and integrity of the audit

Summary

Questions and problems

Online issue

Chapter 4 Audit responsibilities and objectives

Objective of conducting an audit of financial statements

Management’s responsibilities

Auditor’s responsibilities

Financial statement cycles

Setting audit objectives

Management assertions

Transaction-related audit objectives

Balance-related audit objectives

Presentation and disclosure-related audit objectives

How audit objectives are met

Summary

Questions and problems

Online issue

Chapter 5 Audit evidence

Nature of evidence

Audit evidence decisions

Persuasiveness of evidence

Types of audit evidence

Analytical procedures

Five types of analytical procedures

Using statistical techniques and computer software

Summary

Questions and problems

Online issue

Appendix: Common financial ratios

PART 2 The Audit Process: Decisions and Planning

Chapter 6 Audit planning and documentation

Planning

Accepting audit engagement and performing initial audit planning

Understanding the client’s business and industry

Assessing client business risk

Performing preliminary analytical procedures

Purposes of audit documentation

Content and organisation of audit files

Effect of technology on audit evidence and audit documentation

Summary

Questions and problems

Online issue

Case study: Integrated case application—Pinnacle Manufacturing: Part I

Chapter 7 Materiality and risk

Materiality

Materiality for financial statements as a whole

Determine performance materiality

Estimate misstatement and compare with preliminary judgment

Audit risk

Audit risk model for planning

Assessing acceptable audit risk

Assessing inherent risk

Relationship of risks to evidence and factors influencing risks

Relationship of risk and materiality to audit evidence

Summary

Questions and problems

Online issue

Case study: Integrated case application—Pinnacle Manufacturing: Part II

Chapter 8 Internal control and control risk

Client and auditor concerns

Effect of information technology on internal control

Components of internal control

Procedures to obtain an understanding of internal control

Assessing control risk

Tests of controls

Summary

Questions and problems

Online issue

Case study: Integrated case application—Pinnacle Manufacturing: Part III

Chapter 9 Fraud auditing

Types of fraud

Conditions for fraud

Assessing the risk of fraud

Corporate governance oversight to reduce fraud risks

Responding to the risk of fraud

Specific fraud risk areas

Responsibilities when fraud is suspected

Summary

Questions and problems

Online issue

Chapter 10 The impact of information technology on the audit process

How information technologies enhance internal control

Assessing the risks of information technology

Internal controls specific to IT

Impact of IT on the audit process

Auditing with use of the computer

Using a microcomputer as an audit tool

Issues for different IT environments

Summary

Questions and problems

Online issue

Appendix: Other computer-assisted audit techniques

Chapter 11 Overall audit plan and audit program

Types of tests

Selecting which types of tests to perform

Impact of information technology on audit testing

Evidence mix

Design of the audit program

Relationship of transaction-related audit objectives with balance-related and presentation and discl

Summary of the audit process

Summary

Questions and problems

Online issue

Chapter 12 Audit of the sales and collection cycle: Tests of controls and substantive tests of trans

Accounts and classes of transactions in the sales and collection cycle

Business functions in the cycle and related documents and records

Methodology for designing tests of controls and substantive tests of transactions for sales

Sales returns and allowances

Methodology for designing tests of controls and substantive tests of transactions for cash receipts

Audit tests for the write-off of uncollectable accounts

Summary

Questions and problems

Online issue

PART 3 The Audit Process: Application

Chapter 13 Completing the tests in the sales and collection cycle: Accounts receivable

Methodology for designing tests of details of balances

Designing tests of details of balances

Confirmation of accounts receivable

Developing the ‘tests of details’ audit program

Summary

Questions and problems

Online issue

Chapter 14 Audit sampling

The role of audit sampling

Representative samples

Statistical vs non-statistical sampling and probabilistic vs non-probabilistic sample selection

Application of statistical and non-statistical sampling

Non-probabilistic sample selection methods

Probabilistic sample selection methods

Sampling for deviation rates and misstatements

Application of non-statistical audit sampling

Application of non-statistical audit sampling for tests of controls and substantive tests of transac

Non-statistical sampling for tests of details of balances

Statistical audit sampling

Application of attributes sampling

Monetary unit sampling

Variables sampling

Summary

Questions and problems

Online issue

Case study: Integrated case application—Pinnacle Manufacturing: Part IV

Chapter 15 Audit of transaction cycles and financial statement balances I

Accounts and classes of transactions in the acquisition and payment cycle

Business functions in the cycle and related documents and records

Methodology for designing tests of controls and substantive tests of transactions

Methodology for designing tests of details of balances for accounts payable

Design and perform analytical procedures (phase III)

Design and perform tests of details of the accounts payable balance (phase III)

Reliability of evidence

Business functions in the cycle and related documents and records

Parts of the audit of inventory

Audit of cost accounting

Analytical procedures

Physical observation of inventory

Auditing of pricing and compilation

Integration of the tests

Accounts and transactions in the payroll and personnel cycle

Business functions in the cycle and related documents and records

Methodology for designing tests of controls and substantive tests of transactions

Methodology for designing tests of details of balances

Perform analytical procedures (phase III)

Design and perform tests of details of balances for liability and expense accounts (phase III)

Summary

Questions and problems

Online issues

Case study: Integrated case application—Pinnacle Manufacturing: Part V

Case study: Integrated case application—Pinnacle Manufacturing: Part VI

Chapter 16 Audit of transaction cycles and financial statement balances II

Types of cash accounts

Cash balances and transaction cycles

Audit of the general cash account

Fraud-oriented procedures

Audit of property, plant and equipment

Audit of manufacturing equipment and related accounts

Audit of prepaid expenses

Audit of accrued liabilities

Capital acquisition and repayment cycle

Internal controls

Analytical procedures

Tests of details of balances

Internal controls

Audit of issued and paid-up capital

Summary

Questions and problems

Online issues

PART 4 The Audit Process: Completing the Audit

Chapter 17 Completing the audit

Perform additional tests for presentation and disclosure

Review for contingent liabilities and commitments

Make inquiries regarding litigation and claims

Review for subsequent events

Final evidence accumulation

Evaluate results

Communicate with the audit committee and management

Subsequent discovery of facts

Summary

Questions and problems

Online issue

Chapter 18 Audit reporting

The audit report

Standard unmodified audit report

Audit reporting requirements of listed companies

Conditions requiring a departure

Audit reports other than unmodified

Materiality

Examples of reports

Other reporting issues

Impact of e-commerce on audit reporting

Summary

Questions and problems

Online issue

PART 5 Special Topics

Chapter 19 Other auditing and assurance engagements

Assurance engagements

Audit reports on special purpose financial reports

Assurance services pertaining to specific financial information

Assurance reports on internal controls

Review engagements

Audits of prospective financial information

Differences between performance auditing and financial auditing

Effectiveness versus efficiency

Relationship between performance auditing and internal controls

Types of performance audits

Who undertakes performance audits?

Independence and competence of performance auditors

Criteria for evaluating efficiency and effectiveness

Phases in performance auditing

The role of internal auditors

Relationship between internal and external auditors

Public sector audits in Australia

Auditing of Australian Commonwealth Government agencies

Auditing standards

Features peculiar to the public sector

Australia’s Clean Energy Scheme

Assurance issues

External auditor expertise and qualifications

Guidelines and standards for conducting external assurance engagements and preparing reports

Questions and problems

Online issue

Index

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Tags: Alvin Arens, Peter Best, Greg Shailer, Brenton Fiedler, Randy Elder, Mark Beasley, Assurance Services