The fourth edition of Auditing & Assurance Services is the most up-to-date auditing text on the market. All chapters and modules in the fourth edition have been revised to incorporate professional standards through SAS 116, AS7, international standards of auditing (ISAs), and unnumbered standards adopted through July 2009. New terminology from the AICPA?s Clarity Project has been incorporated throughout the book. In addition, all chapters include new problems, Kaplan CPA Review simulations, and comprehensive case questions. Fraud awareness, a thorough understanding of internal controls, and the ability to use technology effectively are the hallmarks of a successful auditor in business today. With Auditing & Assurance Services, 4th edition , students are prepared to take on auditing?s latest challenges. As a leader in fraud coverage, it is accompanied by the Apollo Shoes Case, the only standalone FRAUD audit case on the market (available online on the book?s OLC). The text is also designed to provide flexibility for instructors; the twelve chapters focus on the auditing process while the eight modules provide additional topics that can be taught at the instructor?s discretion without interrupting the flow of the text.
Chapter 2 has been revised to cover the new fundamental principles governing an audit and discuss the correspondence between these principles and the traditional ten generally accepted auditing standards.
Chapter 11 has been updated to consider the recent PCAOB guidance in Auditing Standard No. 7 (AS 7) on engagement quality review.
Chapter 5 has been updated with more emphasis on the top-down auditing requirements of PCAOB Auditing Standard No. 5 (AS 5).
All chapters and modules have been revised to incorporate professional standards through SAS 116 and unnumbered standards adopted by July 2009 and include international standards of auditing (ISAs).
All chapters feature new end-of-chapter material, including Kaplan CPA Review simulations.
3 new comprehensive cases have been added:
General Motors: Running on Empty
Saytam Computer Services, Ltd.: India?s Enron
PTL Club: The Harbinger of Things to Come
The text has been revised around the AS5 Auditing Standard. The new standard replaces Auditing Standard No. 2 (PCAOB 2004) and all related internal control audit guidance that had previously been issued by the PCAOB. The new standard makes significant changes to the way auditors audit internal control. The AS5 material is integrated throughout the text.
ACL software: Students can benefit from the kind of cutting-edge software they?ll use the first day on the job. Exercises to accompany ACL are included on the book?s OLC at www.mhhe.com/louwers4e
Text discussion of companies with which students are familiar, including eBay, Boeing, General Motors, Hershey?s, Disney, Wal-Mart, Overstock.com, Krispy Kreme, H&R Block and many others.
Fraud awareness emphasis throughout text by inclusion of FRAUD cases in EACH chapter pulled from recent headlines?including companies such as Bernard L. Madoff Investment Securities, Satyam, Parmalat, WorldCom, Enron, Freddie Mac, and Sunbeam.
An updated summary of recent major financial statement restatements, sentencing of key executives, and the effects of Sarbanes-Oxley due to fraud or inappropriate accounting.
Fraud awareness emphasis through 3 specific chapters/modules:
Chapters 3: Management Fraud and Auditor Risk
Chapter 6: Employee Fraud and the Audit of Cash
Module D focuses on the Certified Fraud Exam
Comprehensive case studies on Andersen, HealthSouth, GE, KPMG, General Motors, PTL Club, Saytam Computer Services, LTD., and Parmalat that cover multiple chapter topics.
Kaplan CPA audit simulations that allow students to go online and complete simulations similar to those in the new on-line CPA examination.
Discussion of the creation of the Public Companies Accounting Oversight Board (PCAOB) and its standard-setting and monitoring roles including discussion of the passage of the Sarbanes-Oxley Act of 2002.
Three modules dedicated to sampling, providing the instructor with flexibility to use an overview chapter to introduce basic sampling concepts, or more detailed chapters illustrating applications. Integrated coverage of sampling to the audit process (through testing internal controls or conducting substantive tests).
Integrates technology while students learn the audit process, including planning in an electronic environment, logical internal controls, and the use of Computer Assisted Audit Tools and Techniques (CAATTS) to gather evidence.
End-of-chapter materials include electronic workpapers that send students to the text website to work problems that mimic those on the New Uniform CPA Exam.
Integrated coverage of assurance services, reflecting the ever-expanding market for assurance services. Where applicable, each chapter discusses how the concepts and issues discussed in that chapter affect assurance engagements, recognizing the increasingly different and complex situations in which CPAs are requested to provide assurance on varying types of information.
Table of Contents
Auditing and Assurance Services, 4th Edition, Louwers/Ramsay/Sinason/Strawser/Thibodeau
Part I: The Contemporary Auditing Environment
Chapter 1: Auditing and Assurance Services
Chapter 2: Professional Standards
Chapter 3: Management Fraud and Audit Risk
Part II: The Financial Statement Audit
Chapter 4: Engagement Planning
Chapter 5: Risk Assessment: Internal Control Evaluation
Chapter 6: Employee Fraud and the audit of Cash
Appendix 6A Internal Control Questionnaires
Appendix 6B Audit Plan Questionnaires
Chapter 7: Revenue and Collection Cycle
Fraud Cases: Extended Audit Procedures (SAS 99)
Appendix 7A Internal Control Questionnaires
Appendix 7B Audit Plan
Chapter 8: Acquisition and Expenditure Cycle
Fraud Case(s): Extended Audit Procedures (SAS 99)
Appendix 8A Internal Control Questionnaires
Appendix 8B Audit Plans
Appendix 8B The Payroll Cycle
Chapter 9: Production Cycle
Fraud Case: Extended Audit Procedures (SAS 99)
Appendix 9A Internal Control Questionnaires
Appendix 9B Audit Plans
Chapter 10: Finance and Investment Cycle
Fraud Case: Extended Audit Procedures (SAS 99)
Appendix 10A Internal Control Questionnaires
Appendix 10B Substantive Audit Plans
Chapter 11: Completing the Audit
Chapter 12: Reports on Audited Financial Statements
Part III: Other Topics
Module A: Other Public Accounting Services
Module B: Professional Ethics
Module C: Legal Liability
Module D: Internal, Governmental, and Fraud Audits
Module E: Overview of Sampling
Module F: Attribute Sampling
Module G: Variables Sampling
Module H: Information Systems Auditing
Andersen: An Obstruction of Justice?
PTL Club?The Harbinger of Things to Come?
GM: Running on Empty?
Unhealthy Accounting at HealthSouth
KPMG: How Many Firms?
Something Went Sour at Parmalat
GE: How Much Are Auditors Paid?
Saytam Computer Services, Ltd.?India?s Enron
ACL Software CD to accompany Auditing & Assurance Services ISBN: 0077268288 Author(s): LOUWERS