Auditing 8th edition
An Integrated Approach
Alvin A. Arens, James K. Loebbecke
828 pages, parution le 01/01/2000
Résumé
For one-semester/two-quarter, Junior/Senior-level courses in Auditing.
This innovative, easy-to-understand best-seller offers
complete coverage of the entire audit process, taking the
student step-by-step through each audit cycle, then showing
how each step relates to the process as a whole. Completely
oriented to non-complex computerized accounting systems
(rather than manual ones), this text significantly
integrates information on technology throughout all
chapters.
- NEW—Contributing authors. Randy Elder (Syracuse University) and Mark Beasley (North Carolina State University) have joined the team as contributing authors.
- NEW—Extensive Internet Coverage
—Every chapter contains numerous in-text Internet references (created by Steve Glover at Brigham Young University) to current events, companies mentioned within the text, etc. The information is all linked to the Arens website at www.prenhall.com/arens
—Most chapters have at least one internet-based case/homework assignment (also created by Steve Glover) that encourages students to link to other sites to explore answers to issues addressed by the homework question. For homework problems that require data analysis, students will be able to download Excel files from www.prenhall.com/arens that they can use to complete the assignment efficiently with the use of technology.
—For faculty, the website also includes relevant articles (e.g., The Wall Street Journal, Journal of Accountancy) will be summarized for each chapter.
—Three times a year, text adopters will receive summaries of the most recent changes to professional standards and summaries of major issues affecting the auditing profession to help them stay abreast of emerging issues. - NEW—Internet-based case/homework assignments.
-
- Encourages students to link to other sites so that they can explore answers to issues addressed by the homework questions.
- NEW—Updated to include information
technology.
—Every chapter contains extensive changes to reflect the role information technology plays in all accounting systems, whether those systems are relatively small or complex.
—The chapter on auditing in an IT environment is revamped to address how current technologies impact the auditing process at all companies. This chapter naturally follows the chapter introducing the auditor's responsibility for considering a client's internal controls. - NEW—Chapter 1 on Assurance Services—This chapter explores various types of assurance services, including CPA, WebTrust, and ElderCare services. This provides a nice introduction to the demand for all types of assurance services, including audit services. A later chapter highlights CPA WebTrust in even greater detail.
GLOBAL CHANGES.
Every chapter contains Internet references to help students obtain relevant information from available Internet sites. These references will allow students to explore information in more depth about a particular issue in a chapter.
Every chapter contains extensive changes to reflect the role information technology plays in all accounting systems, whether those systems are relatively small or complex.
Numerous chapters have at least one Internet-based homework assignment that encourages students to link to other sites to explore answers to issues addressed by the homework question. For homework problems that require data analysis, students will be able to download Excel files that they can use to complete the assignment efficiently with the use of technology.
The chapter on auditing in an IT environment has been revamped to address how current technologies impact the auditing process at all companies. This chapter now follows the chapter on the auditor's responsibility for considering a client's internal controls.
The first chapter of the text is new, highlighting the role of assurance services. We explore various types of assurance services, including CPA WebTrust and ElderCare services. This provides an introduction to the demand for all types of assurance services, including audit services. A later chapter highlights CPA WebTrust in even greater detail.
There will be an extensive internet based instructor's resource site where relevant business press articles (The Wall Street Journal, for example) and professional press articles (The Journal of Accountancy, for example) will be summarized for each chapter. This will help adopters maintain timely access to current articles, which are relevant to the chapter of focus.
Three times a year, Arens/Loebbecke 8e adopters will receive summaries of the most recent changes to professional standards and summaries of major issues affecting the auditing profession. This will help instructors easily stay abreast of emerging issues.
All chapters on the transaction cycles have been streamlined and organized consistently in addition to being significantly updated for the effects of information technologies.
I. THE AUDITING PROFESSION.
1. The Demand
for Audit and Assurance Services.
2. The CPA Profession.
3. Audit Reports.
4. Professional Ethics.
5. Legal Liability.
Chapter 1 has been divided
into two chapters to provide coverage of assurance
services. New chapter-opening vignette on the demand for
assurance services, including the demand for audit
services. Examples of assurance services, such as CPA
WebTrust, ElderCare Plus, and Business Performance
Measurement, are presented along with detailed discussion
of specific assurance services. Assurance services are
distinguished from attestation and other services provided
by CPA firms.
2. The CPA Profession.
New chapter-opening
vignette highlights role of audit staff. New section on the
responsibilities and roles of staff within CPA firms.
Updated discussion of the activities of the AICPA,
including the CPA Vision Project.
3. Audit Reports.
Revised chapter
introduction relates the reporting process to the demand
for audit services. Presentation of categories of reports
has been reorganized to help students determine the
appropriate report for a given circumstance. New table
helps students relate opinion to changes in report
wording.
4. Professional Ethics.
New chapter-opening
vignette on the importance of professional ethics. New
discussion of the role of the Independence Standards Board
and its pronouncements. Coverage of new interpretations of
the Rules of Conduct on alternative practice structures and
internal auditing and extended auditing services.
5. Legal Liability.
Highlights of continuing
efforts to reform auditor's legal liability protections,
including the Securities Litigation Uniform Standards Act
of 1998. Better explanations of how legal cases summarized
in Figures/Tables led to changes in audit practices and
procedures.
II. THE AUDIT PROCESS.
6. Audit
Responsibilities and Objectives.
7. Audit Evidence.
8. Audit Planning and Documentation.
9. Materiality and Risk.
10. Internal Control and Control Risk.
11. The Impact of Information Technology on the Audit Process.
12. Overall Audit Plan and Audit Program.
Updated discussion of SAS
No. 82 highlights the recent study, Fraudulent Financial
Reporting: 1987 - 1997, An Analysis of U.S. Public
Companies, issued in March 1999 by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
Streamlined presentation of auditing in financial statement
cycles is centered more closely around the Hillsburg
Hardware example case.
7. Audit Evidence.
New material highlighting
how information technology is changing traditional paper
evidence to electronic evidence. Expanded discussion of
information technology related tools that auditors
currently use to gather audit evidence electronically. New
discussion on the use of analytical procedures, including a
new mid-chapter vignette describing common judgment
problems auditors face when performing analytical
procedures.
8. Audit Planning and Documentation.
New discussion of how
Internet access to numerous databases (such as Lexis/Nexis,
Dow Jones News Retrieval, EDGAR) can assist auditors during
client screening processes. Highlights of changes to
auditor responsibilities resulting from the recently issued
SAS No. 83 (obtaining an understanding with the client,
including an updated engagement letter example), and SAS
No. 84 (communicating with predecessor auditors).
In-chapter summary of “top down” audit
strategies currently being used by some of the larger
accounting firms as a holistic approach to gaining an
understanding of the client's business by focusing on
client core business strategies and related business risks
(frequently referred to as “strategic systems lens
approach to auditing”). Revised discussion about the
use of analytical procedures during the planning phase of
an audit that walks students through the use of planning
analytical procedures to identify audit risk areas for the
Hillsburg Hardware in-chapter case.
9. Materiality and Risk.
Strengthened link between
audit materiality and audit risk considerations.
10. Internal Control and Control Risk.
New integration of the
impact of current information technologies on internal
control throughout the entire chapter. Expanded discussion
about the importance of the board of directors and audit
committee in establishing an effective “tone at the
top” regarding internal controls. New in-chapter
vignette highlighting the recently issued Report and
Recommendations of the Blue Ribbon Committee on Improving
the Effectiveness of Corporate Audit Committees currently
being considering by the New York Stock Exchange (NYSE) and
the National Association of Securities Dealers (NASD). New
discussion about the importance of ongoing client-performed
risk assessments of the impact economic, industry,
regulatory, and operating conditions have on an entity's
internal control, which are highlighted in COSO's Internal
Control-Integrated Framework. Strengthened integration of
the discussion of control activities as described in COSO's
Internal Control-Integrated Framework.
11. The Impact of Information Technology on the Audit Process.
Chapter is entirely
rewritten to highlight effects of information technology
developments on the audit process and now follows the
initial chapter on internal control. New descriptions of
how IT-based accounting systems enhance internal control
while at the same time introduce new risks that must be
addressed by IT specific internal controls. Extensive
discussion about internal controls specific to information
technology, including expanded discussion of key general
and application controls and their interrelationship.
Discussion of how the strength of general controls affects
the auditor's testing of application controls, including
discussion of how the evaluation and testing of client
general controls affects the auditor's testing of
application controls used to reduce control risk. New
information about the test data, parallel simulation, and
embedded audit module techniques for auditing electronic
evidence. Overviews of audit issues specific to
environments involving microcomputers, networks, database
management systems, and outsourced computer service
centers.
12. Overall Audit Plan and Audit Program.
Revised chapter
introduction provides a stronger bridge from material
presented in preceding chapters to the process of
developing an audit plan and audit program. New series of
figures illustrate the relationships between tests of
controls, substantive tests of transactions, analytical
procedures, and tests of detail balances. New discussions
of how computerized accounting systems affect each type of
audit test. Expanded discussion of how analytical
procedures can be effective at indicating increased
likelihood of material misstatements. New discussion of SAS
No. 80, which provides guidance for auditors of entities
that transmit, process, maintain, or access significant
information electronically.
III. APPLICATION OF THE AUDIT PROCESS TO THE SALES AND COLLECTION CYCLE.
13. Audit of
the Sales and Collection Cycle: test of Controls and
Substantive tests of Transactions.
14. Audit Sampling for Tests of Controls and Substantive Tests of Transactions.
15. Completing the Tests in the Sales and Collection Cycle: Accounts Receivable.
16. Audit Sampling for Tests of Details of Balances.
Revised chapter
introduction provides a stronger link between the opening
vignette and the chapter material by highlighting how the
assessment of control risk and the design of tests of
controls and substantive tests of transactions fit in the
overall audit plan. New in-chapter vignette discusses how
the use of lockbox systems and electronic funds transfer
affects the auditor's assessment of control risk for cash
receipts. New in-chapter vignette highlights the realities
of sales revenue misstatements using a real company
example.
14. Audit Sampling for Tests of Controls and Substantive Tests of Transactions.
Revised chapter
introduction provides stronger link to Chapter 13 and to
the opening vignette. Discussion of probabilistic vs.
nonprobabilistic sample selection is expanded. Revised
discussion of random number generation reflects the more
common use of software applications to select random
numbers with less emphasis on the use of random number
tables. Updated problem material incorporates
computer-generation of random numbers rather than the use
of random number tables.
15. Completing the Tests in the Sales and Collection Cycle: Accounts Receivable.
Revised chapter
introduction links the chapter material to the four phases
of the audit process. Reorganized discussion of the
methodology for designing tests of details of balances for
accounts receivable ties more closely to the four phases of
the audit process. Expanded discussion highlights use of
analytical procedures in the audit of accounts receivable.
New figure illustrates a typical working paper for the
audit of the allowance for uncollectible accounts. New
in-chapter vignette explores an actual company's problems
with estimating uncollectible accounts receivable.
16. Audit Sampling for Tests of Details of Balances.
Revised chapter
introduction highlights audit sampling issues for tests of
details of balances. An in-chapter sampling application
example is more thoroughly integrated throughout the
chapter material. New table highlights in a more
understandable form the calculation of adjusted
misstatement bounds when using monetary unit sampling.
Better guidance is provided to students for completing
problems using a nonstatistical sampling approach.
IV. APPLICATION OF THE AUDITING PROCESS TO OTHER CYCLES.
17. Audit of
the Payroll and Personnel Cycle.
18. Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable.
19. Completing the tests in the Acquisition and Payment Cycle.
20. Audit of the Inventory and Warehousing Cycle.
21. Audit of the Capital Acquisition and Repayment Cycle.
22. Audit of Cash Balances.
Revised section on
internal control in the payroll and personnel cycle
emphasizes computer-based controls and reliance on outside
processing. Presentation of the cycle has been streamlined
and organized consistent with presentation of other
transaction cycles.
18. Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable.
New chapter-opening
vignette on the acquisitions and payment cycle. Revised
coverage of internal controls in the cycle includes greater
emphasis on computerized controls.
19. Completing the tests in the Acquisition and Payment Cycle.
New chapter-opening
vignette related to controls over accounts in the
acquisitions and payments cycle. Streamlined discussion of
accounts, key business functions, and audit techniques for
auditing transactions and accounts in this cycle.
20. Audit of the Inventory and Warehousing Cycle.
Revised figure on various
audit tests in the cycle to help students understand the
interrelation of tests in the cycle and relation to other
cycles.
21. Audit of the Capital Acquisition and Repayment Cycle.
Presentation of cycle has
been reorganized consistent with coverage of other cycles,
while maintaining emphasis on the unique features of the
cycle.
22. Audit of Cash Balances.
Clearer figure outlining
relationship of all transaction cycles to the cash account.
Expanded discussion of the consideration of fraud when
auditing cash balances.
V. COMPLETING THE AUDIT.
23. Completing
the Audit.
Revised vignette
highlights the importance of careful review of the audit by
experienced and knowledgeable personnel. Expanded
discussion of the use of analytical procedures during the
final review stage of the audit. Updated discussions to
highlight new provisions of SAS No. 85 on obtaining a
management representation letter.
VI. OTHER ASSURANCE AND NON-ASSURANCE SERVICES.
24. Other
Audit, Attestation Services, and Compilation
Engagements.
25. Internal and Governmental Financial Auditing and Operational Auditing.
New section on CPA
WebTrust reports. Revised coverage of reports on
internal control over financial reporting. New section on
reports on internal control for service
organizations.
25. Internal and Governmental Financial Auditing and Operational Auditing.
Revised opening vignette
demonstrates how internal auditors can have a significant
impact on a company's operational efficiency and
effectiveness, as well as earnings and cash flows. Revised
discussion of the responsibility of internal auditors.
Substantial revisions to section on governmental financial
auditing, including coverage of Single Audit Act Amendments
of 1996 and revised OMB Circular A-133.
Caractéristiques techniques
| PAPIER | |
| Éditeur(s) | Prentice Hall |
| Auteur(s) | Alvin A. Arens, James K. Loebbecke |
| Parution | 01/01/2000 |
| Nb. de pages | 828 |
| Format | 215 x 275 |
| Poids | 1700g |
| EAN13 | 9780130869159 |
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