Auditing An International Approach

,

Auditing An International Approach

,

  • Producent: Prentice Hall
  • Rok produkcji: 2007
  • ISBN: 9780273657736
  • Ilość stron: 688
  • Oprawa: Miękka
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This new book analyses the role of external auditors in a rapidly changing environment and the need to expand their role beyond traditional financial statement audits. It presents external auditing in an innovative manner, with heavy emphasis on theoretical and international issues. The focus is on coverage of fundamental issues with regard to the framework and conceptual structure of auditing, rather than the details of traditional audit approaches. The book provides a carefully balanced presentation of auditing theory and practice. This book is suitable for undergraduate and postgraduate students studying courses in auditing as a part of an accounting or business-related degree. It will also be of interest to practitioners, researchers and managers who are interested in current issues of auditing.Contents Preface List of figures and tables 1. An introduction to auditing and assurance Learning objectives Introduction Questions about the critical role of auditors The nature and objectives of auditing Recent changes in the audit environment A theoretical approach towards auditing Debating the historical perspective of auditing concepts The demand for assurance services: An economic explanation Attestation services Concluding remarks Review Questions Discussion Questions Bibliography Notes 2. Demand for and supply of external audit services Learning objectives Introduction Debating audit expectations Demand and supply of audit Parties demanding financial statement information The problem of "Information asymmetry" The economics of information Supply of financial statement information (mandatory and voluntary disclosures) Factors affecting corporate financial disclosure External auditors and supply and demand of financial information Demand for auditing Conditions creating demand for auditing Theoretical explanations of the demand for audit services Concluding remarks Review questions Discussion questions Bibliography Notes 3. Auditing, organization and governance Leaning objectives Introduction Auditing and organizations The economics of corporate governance The governance malaise Essential elements of corporate governance Corporate governance and corporate reporting External auditing and corporate governance as a multidisciplinary field Concluding remarks Review questions Discussion questions Bibliography Notes 4. The audit committee, internal and external auditing Learning Objectives Introduction Overview of governance mechanisms An overview of audit committee and its place in corporate governance structure Basic functions of the audit committee Evolution of the role of the audit committee Audit committee independence Economic determinants of audit committee independence Oversight role of the audit committee in corporate financial reporting The relationship between the audit committee and internal auditing Oversight role of the audit committee in the area of the company's financial risks and internal control The audit committee and independent auditors Audit committee and compliance with laws and codes of conduct Concluding remarks Review questions Discussion questions Appendices Bibliography Notes 5. International Auditing and Assurance Services Learning objectives Introduction Generally Accepted Auditing Standards in the US The IFAC and the international harmonization of auditing standards International Standards on Auditing (ISAs) The role of the International Auditing Practices Committee in setting International Standards on Auditing The role, composition, and objectives of the IAASB The frameworkof International Standards on Auditing General principles of an audit The International Standard on Assurance Engagements (ISAE 3000) Principles and essential procedures for assurance engagements Harmonization of accounting standards Concluding remarks Review questions Discussion questions Bibliography Notes 6. Auditing in the European Context Learning objectives Introduction European directives in statutory auditing Eighth European Directive (1984) and approved new Eighth Company Law on statutory audits (2005) Major features of the approved directive on audits of company accounts Other European Commission's actions in statutory auditing Summary of the European Commission priorities in auditing European Commission's strategy with regard to US regulations European Federation of Accountants (FEE) Concluding remarks Review questions Discussion questions Bibliography Notes 7. Auditor Independenceand Professional Ethics - International Issues Learning Objectives Introduction The fundamental ethical principles of the audit profession Auditor independence in question Concluding remarks Review questions Discussion questions Bibliography Notes 8. Audit Risk, Materiality and Business Risk Management Learning objectives Introduction Different types of audit risk The Audit Risk Model (ARM) at the planning stage The external auditor's risk assessment procedures Business risk Concluding remarks Review questions Discussion questions Appendix Bibliography Notes 9. Audit Sampling Techniques Learning objectives Introduction Uncertainty and audit sampling Evidence and sampling Sampling risk Non-sampling risk Statistical and non-statistical sampling Comparison between statistical and non-statistical sampling approaches General discussions on audit sampling Audit sampling techniques Steps involved in statistical sampling Concluding remarks Review questions Discussion question Bibliography Notes 10. Evidence and Decision-Making in Auditing Learning objectives Introduction The concept of audit evidence Auditing as a decision-making process Heuristics and biases Concluding remarks Review questions Discussion questions Bibliography Notes 11. Internal Control over Financial Reporting and IT Environment Learning objectives Introduction The need for control Internal control definition Internal control framework Relationship of objectives and internal control components "Tone at the top" or "control environment": The most pervasive component of internal control The auditor's understanding of control environment Limitations on internal control effectiveness The auditor's understanding of external environment Reporting on internal control over financial reporting Assessing the reliability of internal controls Reporting on internal control EnterpriseRisk Management (ERM) Effectiveness of internal control in an information technology environment New developments in the audit of internal control within theIT environment Major features of the COSO report in the area of IT The US Sarbanes-Oxley Act on IT controls The IFAC on information technology and audits of internal control TheIFAC's guideline on monitoring internal control systems Concluding remarks Review questions Discussion questions Bibliography Notes 12. Audit Reporting Learning objectives Introduction Reporting Standards Types of audit reports The standard audit report Forming the opinion on the financial statements Departures from standard audit report Departures from an unqualified audit report Qualified reports Some other reporting responsibilities of external auditor Auditor's report in the European countries Concluding remarks Review questions Discussion questions Problems Cases Appendix (Auditors' reports in the European countries) Bibliography Notes 13. Information Technology and Auditing Learning objectives Introduction An overview of information technology environment Major challenges facing the auditors in an IT environment Auditing and electronic commerce and electronic-business Reliability of accounting information and IT risks Audit risk in an e-commerce environment Information technology risk management Planning the audit in a computer environment Auditor's concerns regarding risk assessment in an IT environment Computer assisted audit techniques (CAATs) Concluding remarks Review questions Discussion questions Bibliography Notes 14. Continuous Auditing and Continuous Reporting Learning objectives Introduction An overall assessment of IT in organizations IT controls and the auditor COBIT framework Information technology advances and assurance services Continuous reporting An overview of XBRL An overview of continuous audit: assurance in a real-time economy Continuous assurance Continuous monitoring Similarities and major differences between continuous monitoring and continuous auditing Concluding remarks Appendix Review questions Discussion questions Bibliography Notes 15. Quality Control and Oversight Systems in Auditing International Issues Learning objectives Introduction An overview of quality control in auditing at international level Standard setting in auditing Ethical standards Public oversight of the auditing profession Self-regulation Monitoring, disciplinary schemes and sanctions The position of the IFAC on quality control for audit and assurance services Quality control in the European Union Audit quality control in the United Kingdom Audit quality control in the United States Concluding remarks Review questions Discussion questions Bibliography Notes 16. Auditor Liability in a Changing Environment Learning objectives Introduction Company accounts: Who is liable? Economic analysis of auditor's liability The increasing litigation risk against auditors Changes in the legal environment The different types of audit professional liability Concluding remarks Review questions Discussion questions Bibliography Notes 17.TheIndependent Auditor, Stock Market and Lending Decisions Learning objectives Introduction The auditor's role in corporate financial reporting The critical role of auditors and changing audit environment Auditors and the capital market An overview of market efficiency Demand for capital market research in accounting and auditing Event studies in accounting and auditing Studies on the relationship between audit opinion and stock price Problems of research design Significant contributions to market research on audit reports in the 1980s Complementary studies on capital market research in auditing in the 1990s Lending decisions, accounting information and the independent auditor Future research dircetions Concluding remarks Review questions Discussion questions Bibliography Notes 18. Corporate Fraud, Corporate Scandals and the External Auditing Learning objectives Introduction Fraud and error in financial statements The importance of the concept of fraud in corporate reporting and auditing Auditor's responsibilities for detecting material misstatement due to fraud Audit procedure for information to identify the risks of material misstatement due to fraud Red Flags of Fraud "Warning signals" Temptation to manage earnings The audit profession and corporate financial failures Concluding remarks Appendix Review questions Discussion questions Bibliography Notes 19. Auditing: Looking Ahead Learning objectives Introduction How the audit profession got to where it is today The bubble economy: does it do more harm than good? Audit concentration Implications of firms moving into consulting services Major challenges facing the audit profession in recent years Regulator's reaction to audit concentration Regulation and oversight: Is the auditing profession unable to regulate itself? Audit education for the 21st century Research in auditing as an imperative Auditors facing a world of change The revolving door: auditor tenure and audit quality Economics of audit pricing: A major challenge for the audit market and regulators The litigation crisis in auditing Globalization of capital markets, and harmonization of accounting and auditing standards Where do we go from here? Concluding remarks Review questions Discussion questions Bibliography Notes Glossary Index

Szczegóły

Tytuł: Auditing An International Approach

Autor: Bahram Soltani, B Soltani

Producent: Prentice Hall

ISBN: 9780273657736

Rok produkcji: 2007

Ilość stron: 688

Oprawa: Miękka

Waga: 1.3 kg

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