Auditing and assurance services: an integrated approach
Buku ini diterbitkan tahun 2012 oleh Pearson Education, Inc. New Jersey, merupakan buku edisi Empat belas.
Judul: Auditing and assurance services: an integrated approach
Oleh: Alvin A. Arens, et al
Penerbit: Pearson Education, Inc. New Jersey
Tahun: 2012
Jumlah Halaman: 889 hal.
Penulis:
ALVIN A. ARENS
PricewaterhouseCoopers
Emeritus Professor
Michigan State University
RANDAL J. ELDER
Syracuse University
MARK S. BEASLEY
North Carolina State University
Deloitte Professor of Enterprise Risk Management
Lingkup Pembahasan:
Buku ini bertujuan untuk mengintegrasikan konsep diakui konsep audit paling penting yang diakui secara internasional secara logis untuk membantu siswa dalam memahami pengambilan keputusan audit dan akumulasi bukti dalam kompleks, audit global saat ini lingkungan Hidup. Misalnya, perkembangan yang terkait dengan audit internasional dan isu-isu yang mempengaruhi audit dalam lingkungan global dan ekonomi stabil dijelaskan dalam seluruh buku dan ditekankan dalam memilih sketsa pertengahan bab dan masalah pekerjaan. Konsep-konsep kunci terkait dengan penilaian risiko ditekankan dalam standar yang dikeluarkan oleh Auditing Standards Board (ASB) and the International Auditing and Assurance Standards Board (IAASB) yang diintegrasikan ke dalam semua bab perencanaan, serta masing-masing bab berurusan dengan siklus transaksi tertentu dan akun terkait. pengendalian internal terkait dengan tes kontrol dan substantif tes transaksi yang dilakukan dalam audit laporan keuangan dan audit terpadu atas laporan keuangan dan pengendalian internal atas pelaporan keuangan, dengan penekanan pada persyaratan Standar Auditing PCAOB. Tes kontrol dan substantif tes transaksi, pada gilirannya, berhubungan dengan tes rincian saldo laporan keuangan untuk wilayah. Audit sampling diterapkan pada evaluasi bukti audit bukan diperlakukan sebagai topik yang terpisah. penilaian risiko, teknologi, penipuan, dan audit pengendalian intern masalah yang terintegrasi di seluruh bab.
Daftar Isi:
PART 1 THE AUDITING PROFESSION HE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES
CHAPTER 1 THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES
Learning Objectives 3 1
Nature of Auditing 4
Distinction Between Auditing and Accounting 6
Economic Demand for Auditing 6
Assurance Services 8
Types of Audits 12
Types of Auditors 15
Certified Public Accountant 17
Summary 18
Essential Terms 18
Review Questions 19
Multiple Choice Questions from CPA Examinations 20
Discussion Questions and Problems 21
Internet Problem 1-1: CPA Requirements 24
Chapter 2 THE CPA PROFESSION
Learning Objectives 25
Certified Public Accounting Firms 26
Activities of CPA Firms 27
Structure of CPA Firms 28
Sarbanes–Oxley Act and
Public Company Accounting Oversight Board 30
Securities and Exchange Commission 30
American Institute of Certified Public Accountants (AICPA) 31
International and U.S. Auditing Standards 32
Generally Accepted Auditing Standards 34
Statements on Auditing Standards 36
Quality Control 37
Summary 39
Essential Terms 39
Review Questions 40
Multiple Choice Questions from CPA Examinations 41
Discussion Questions and Problems 42
Internet Problem 2-1: International Auditing and Assurance Standards Board 44
Chapter 3 AUDIT REPORTS
Learning Objectives 45
Standard Unqualified Audit Report 46
Report on Internal Control Over Financial Reporting Under Section 404 of the
Sarbanes–Oxley Act 49
Unqualified Audit Report with Explanatory Paragraph or Modified Wording 51
Departures from an Unqualified Audit Report 55
Materiality 56
Discussion of Conditions Requiring a Departure 59
Auditor’s Decision Process for Audit Reports 62
International Accounting and Auditing Standards 65
Summary 65
Essential Terms 66
Review Questions 66
Multiple Choice Questions from CPA Examinations 68
Discussion Questions and Problems 69
Internet Problem 3-1: Research Annual Reports 74
Chapter 4 PROFESSIONAL ETHICS
Learning Objectives 77
What Are Ethics? 78
Ethical Dilemmas 79
Special Need for Ethical Conduct in Professions 82
Code of Professional Conduct 84
Independence 87
Independence Rule of Conduct and Interpretations 90
Other Rules of Conduct 95
Enforcement 103
Summary 103
Essential Terms 104
Review Questions 104
Multiple Choice Questions from CPA Examinations 105
Discussion Questions and Problems 106
Cases 109
Internet Problem 4-1: IESBA Code of Ethics 112
Chapter 5 LEGAL LIABILITY
Learning Objectives 113
Changed Legal Environment 114
Distinguishing Business Failure, Audit Failure, and Audit Risk 115
Legal Concepts Affecting Liability 116
Liability to Clients 118
Liability to Third Parties Under Common Law 121
Civil Liability Under the Federal Securities Laws 123
Criminal Liability 127
The Profession’s Response to Legal Liability 130
Protecting Individual CPAs from Legal Liability 130
Summary 131
Essential Terms 132
Review Questions 133
Multiple Choice Questions from CPA Examinations 133
Discussion Questions and Problems 135
Case 139
Internet Problem 5-1: SEC Enforcement 139
PART 2 THE AUDIT PROCESS
Chapter 6 AUDIT RESPONSIBILITIES AND OBJECTIVES
Learning Objectives 141
Objective of Conducting an Audit of Financial Statements 142
Management’s Responsibilities 143
Auditor’s Responsibilities 144
Financial Statement Cycles 148
Setting Audit Objectives 152
Management Assertions 153
Transaction-Related Audit Objectives 156
Balance-Related Audit Objectives 158
Presentation and Disclosure-Related Audit Objectives 161
How Audit Objectives Are Met 161
Summary 163
Essential Terms 164
Review Questions 165
Multiple Choice Questions from CPA Examinations 166
Discussion Questions and Problems 167
Case 171
Internet Problem 6-1: International and PCAOB Audit Objectives 172
Chapter 7 AUDIT EVIDENCE
Learning Objectives 173
Nature of Evidence 174
Audit Evidence Decisions 175
Persuasiveness of Evidence 176
Types of Audit Evidence 179
Audit Documentation 188
Summary 196
Essential Terms 196
Review Questions 197
Multiple Choice Questions from CPA Examinations 198
Discussion Questions and Problems 199
Cases 204
ACL Problem 206
Internet Problem 7-1: Use of Audit Software for Fraud Detection and Continuous
Auditing 206
Chapter 8 AUDIT PLANNING AND ANALYTICAL PROCEDURES
Learning Objectives 209
Planning 210
Accept Client and Perform Initial Audit Planning 211
Understand the Client’s Business and Industry 215
Assess Client Business Risk 220
Perform Preliminary Analytical Procedures 222
Summary of the Parts of Audit Planning 223
Analytical Procedures 223
Five Types of Analytical Procedures 226
Common Financial Ratios 230
Summary 233
Essential Terms 234
Review Questions 234
Multiple Choice Questions from CPA Examinations 236
Discussion Questions and Problems 237
Cases 243
Integrated Case Application — Pinnacle Manufacturing: Part I 245
ACL Problem 247
Internet Problem 8-1: Obtain Client Background Information 248
Chapter 9 MATERIALITY AND RISK
Learning Objectives 249
Materiality 250
Set Preliminary Judgment about Materiality 251
Allocate Preliminary Judgment about Materiality to Segments (Tolerable Misstatement) 254
Estimate Misstatement and Compare with Preliminary Judgment 257
Audit Risk 258
Audit Risk Model Components 261
Assessing Acceptable Audit Risk 263
Assessing Inherent Risk 266
Relationship of Risks to Evidence and Factors Influencing Risks 268
Summary 274
Essential Terms 274
Review Questions 275
Multiple Choice Questions from CPA Examinations 276
Discussion Questions and Problems 278
Cases 284
Integrated Case Application — Pinnacle Manufacturing: Part II 287
Internet Problem 9-1: Materiality and Tolerable Misstatement 288
Chapter 10 SECTION 404 AUDITS OF INTERNAL CONTROL AND CONTROL RISK
Learning Objectives 289
Internal Control Objectives 290
Management and Auditor Responsibilities for Internal Control 291
COSO Components of Internal Control 294
Obtain and Document Understanding of Internal Control 302
Assess Control Risk 307
Tests of Controls 312
Decide Planned Detection Risk and Design Substantive Tests 315
Section 404 Reporting on Internal Control 315
Evaluating, Reporting, and Testing Internal Control for Nonpublic Companies 317
Summary 319
Essential Terms 320
Review Questions 322
Multiple Choice Questions from CPA Examinations 324
Discussion Questions and Problems 326
Case 331
Integrated Case Application — Pinnacle Manufacturing: Part III 332
Internet Problem 10-1: Disclosure of Material Weaknesses in
Internal Control Over Financial Reporting 333
Chapter 11 FRAUD AUDITING
Learning Objectives 335
Types of Fraud 336
Conditions for Fraud 337
Assessing the Risk of Fraud 341
Corporate Governance Oversight to Reduce Fraud Risks 345
Responding to the Risk of Fraud 349
Specific Fraud Risk Areas 351
Responsibilities When Fraud is Suspected 356
Summary 360
Essential Terms 361
Review Questions 361
Multiple Choice Questions from CPA Examinations 362
Discussion Questions and Problems 363
Case 368
Integrated Case Application — Pinnacle Manufacturing: Part IV 369
ACL Problem 369
Internet Problem 11-1: Brainstorming About Fraud Risks 370
Chapter 12 THE IMPACT OF INFORMATION TECHNOLOGY ON THE AUDIT
PROCESS
Learning Objectives 371
How Information Technologies Improve Internal Control 372
Assessing Risks of Information Technology 372
Internal Controls Specific to Information Technology 374
Impact of Information Technology on the Audit Process 380
Issues for Different IT Environments 386
Summary 390
Essential Terms 390
Review Questions 392
Multiple Choice Questions from CPA Examinations 392
Discussion Questions and Problems 394
Case 399
ACL Problem 401
Internet Problem 12-1: Assessing IT Governance 402
Chapter 13 OVERALL AUDIT PLAN AND AUDIT PROGRAM
Learning Objectives 403
Types of Tests 404
Selecting Which Types of Tests to Perform 409
Impact of Information Technology on Audit Testing 412
Evidence Mix 413
Design of the Audit Program 414
Summary of Key Evidence-Related Terms 423
Summary of the Audit Process 424
Essential Terms 428
Review Questions 429
Multiple Choice Questions from CPA Examinations 430
Discussion Questions and Problems 431
Cases 436
Internet Problem 13-1: Assessing Effects of Evidence Mix 439
PART 3 APPLICATION OF THE AUDIT PROCESS TO THE SALES AND COLLECTION CYCLE
Chapter 14 AUDIT OF THE SALES AND COLLECTION CYCLE: TESTS OF
CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS
Learning Objectives 441
Accounts and Classes of Transactions in the Sales and Collection Cycle 442
Business Functions in the Cycle and Related Documents and Records 443
Methodology for Designing Tests of Controls and Substantive Tests of Transactions
for Sales 447
Sales Returns and Allowances 458
Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Cash
Receipts 459
Audit Tests for the Write-off of Uncollectible Accounts 463
Additional Internal Controls over Account Balances and Presentation and Disclosure 464
Effect of Results of Tests of Controls and Substantive Tests of Transactions 464
Summary 465
Essential Terms 466
Review Questions 466
Multiple Choice Questions from CPA Examinations 467
Discussion Questions and Problems 469
Case 474
Integrated Case Application — Pinnacle Manufacturing: Part V 475
ACL Problem 476
Internet Problem 14-1: Revenue Recognition Fraud 476
Chapter 15 AUDIT SAMPLING FOR TESTS OF CONTROLS AND SUBSTANTIVE
TESTS OF TRANSACTIONS
Learning Objectives 477
Representative Samples 478
Statistical Versus Nonstatistical Sampling and Probabilistic Versus Nonprobabilistic Sample
Selection 479
Nonprobabilistic Sample Selection Methods 480
Probabilistic Sample Selection Methods 482
Sampling for Exception Rates 484
Application of Nonstatistical Audit Sampling 485
Statistical Audit Sampling 501
Sampling Distribution 501
Application of Attributes Sampling 502
Summary 507
Essential Terms 508
Review Questions 509
Multiple Choice Questions from CPA Examinations 510
Discussion Questions and Problems 512
Case 516
Integrated Case Application — Pinnacle Manufacturing: Part VI 516
Internet Problem 15-1: Applying Statistical Sampling 518
Chapter 16 COMPLETING THE TESTS IN THE SALES AND COLLECTION CYCLE:
ACCOUNTS RECEIVABLE
Learning Objectives 519
Methodology for Designing Tests of Details of Balances 520
Designing Tests of Details of Balances 526
Confirmation of Accounts Receivable 532
Developing Tests of Details Audit Program 538
Essential Terms 541
Review Questions 542
Multiple Choice Questions from CPA Examinations 543
Discussion Questions and Problems 544
Case 550
Integrated Case Application — Pinnacle Manufacturing: Part VII 551
ACL Problem 556
Internet Problem 16-1: Revenue Recognition 556
Chapter 17 AUDIT SAMPLING FOR TESTS OF DETAILS OF BALANCES
Learning Objectives 557
Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and
Substantive Tests of Transactions 558
Nonstatistical Sampling 559
Monetary Unit Sampling 567
Variables Sampling 578
Illustration Using Difference Estimation 583
Summary 589
Essential Terms 590
Review Questions 590
Multiple Choice Questions from CPA Examinations 592
Discussion Questions and Problems 593
Cases 598
ACL Problem 599
Internet Problem 17-1: Monetary Unit Sampling Considerations 599
PART 4 APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES
Chapter 18 AUDIT OF THE ACQUISITION AND PAYMENT CYCLE: TESTS OF
CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS, AND ACCOUNTS
PAYABLE
Learning Objectives 601
Accounts and Classes of Transactions in the Acquisition and Payment Cycle 602
Business Functions in the Cycle and Related Documents and Records 603
Methodology for Designing Tests of Controls and Substantive Tests of Transactions 606
Methodology for Designing Tests of Details of Balances for Accounts Payable 612
Summary 620
Essential Terms 621
Review Questions 621
Multiple Choice Questions from CPA Examinations 623
Discussion Questions and Problems 624
Case 630
Internet Problem 18-1: Identifying Accounts Payable Fraud 632
Chapter 19 COMPLETING THE TESTS IN THE ACQUISITION AND PAYMENT
CYCLE: VERIFICATION OF SELECTED ACCOUNTS
Learning Objectives 633
Types of Other Accounts in the Acquisition and Payment Cycle 634
Audit of Property, Plant, and Equipment 634
Audit of Prepaid Expenses 641
Audit of Accrued Liabilities 644
Audit of Income and Expense Accounts 646
Summary 649
Essential Terms 650
Review Questions 650
Multiple Choice Questions from CPA Examinations 651
Discussion Questions and Problems 653
Cases 655
Internet Problem 19-1: Centerpulse Ltd. Fraud 657
Chapter 20 AUDIT OF THE PAYROLL AND PERSONNEL CYCLE
Learning Objectives 659
Accounts and Transactions in the Payroll and Personnel Cycle 660
Business Functions in the Cycle and Related Documents and Records 660
Methodology for Designing Tests of Controls and Substantive Tests of Transactions 664
Methodology for Designing Tests of Details of Balances 668
Summary 672
Essential Terms 673
Review Questions 673
Multiple Choice Questions from CPA Examinations 674
Discussion Questions and Problems 675
Case 679
Internet Problem 20-1: Risks of Outsourcing the Payroll Function 680
Chapter 21 AUDIT OF THE INVENTORY AND WAREHOUSING CYCLE
Learning Objectives 681
Business Functions in the Cycle and Related Documents and Records 682
Parts of the Audit of Inventory 684
Audit of Cost Accounting 686
Analytical Procedures 689
Physical Observation of Inventory 689
Audit of Pricing and Compilation 693
Integration of the Tests 697
Summary 699
Essential Terms 699
Review Questions 700
Multiple Choice Questions from CPA Examinations 701
Discussion Questions and Problems 702
Case 708
Internet Problem 21-1: Using Inventory Count Specialists 710
Chapter 22 AUDIT OF THE CAPITAL ACQUISITION AND REPAYMENT CYCLE
Learning Objectives 711
Accounts in the Cycle 712
Notes Payable 713
Owners’ Equity 716
Summary 723
Essential Terms 723
Review Questions 724
Multiple Choice Questions from CPA Examinations 725
Discussion Questions and Problems 726
Internet Problem 22-1: Overview of the NYSE 730
Chapter 23 AUDIT OF CASH BALANCES
Learning Objectives 731
Cash in the Bank and Transaction Cycles 732
Types of Cash Accounts 734
Audit of the General Cash Account 735
Fraud-Oriented Procedures 742
Audit of the Imprest Payroll Bank Account 746
Audit of Imprest Petty Cash 747
Summary 747
Essential Terms 748
Review Questions 748
Multiple Choice Questions from CPA Examinations 749
Discussion Questions and Problems 750
Internet Problem 23-1: Check Clearing for the 21st Century Act 755
PART 5 COMPLETING THE AUDIT
Chapter 24 COMPLETING THE AUDIT
Learning Objectives 757
Perform Additional Tests for Presentation and Disclosure 758
Review for Contingent Liabilities and Commitments 759
Review for Subsequent Events 764
Final Evidence Accumulation 767
Evaluate Results 771
Issue the Audit Report 776
Communicate with the Audit Committee and Management 776
Subsequent Discovery of Facts 778
Summary 779
Essential Terms 779
Review Questions 780
Multiple Choice Questions from CPA Examinations 781
Discussion Questions and Problems 783
Case 787
Internet Problem 24-1: Audit Committee Responsibilities 787
PART 6 OTHER ASSURANCE AND NONASSURANCE SERVICES
Chapter 25 OTHER ASSURANCE SERVICES
Learning Objectives 789
Review and Compilation Services 790
Review of Interim Financial Information for Public Companies 795
Attestation Engagements 796
WebTrust and SysTrust Services 799
Reports on Controls at Service Organizations 800
Prospective Financial Statements 801
Agreed-Upon Procedures Engagements 803
Other Audits or Limited Assurance Engagements 804
Summary 806
Essential Terms 807
Review Questions 808
Multiple Choice Questions from CPA Examinations 809
Discussion Questions and Problems 810
Internet Problem 25-1: Accounting and Review Services Committee 81
Chapter 26 INTERNAL AND GOVERNMENTAL FINANCIAL AUDITING AND
OPERATIONAL AUDITING
Learning Objectives 815
Internal Financial Auditing 816
Governmental Financial Auditing 819
Operational Auditing 821
Summary 829
Essential Terms 829
Review Questions 830
Multiple Choice Questions from CPA, CIA, and CMA Examinations 831
Cases 833
Internet Problem 26-1: Institute of Internal Auditors 837
APPENDIX: ACL INSTALLATION AND INSTRUCTIONS 838
INDEX 843
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