Auditing and Assurance Services: An Integrated Approach, 11th Edition
©2006 |Pearson | Out of print
Alvin A. Arens, Michigan State University
Randal J. Elder, The University of North Carolina Greensboro
Mark S. Beasley, North Carolina State University
©2006 |Pearson | Out of print
For the core Auditing course for accounting majors.
Arens stays ahead of other auditing texts by consistently integrating current developments in the audit profession. Topics appear as they would during the audit planning and execution stage rather than as isolated pieces of information.
For the core Auditing course for accounting majors.
Arens stays ahead of other auditing texts by consistently integrating current developments in the audit profession. Topics appear as they would during the audit planning and execution stage rather than as isolated pieces of information.
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"How do you prepare your students to deal with most current auditing topics like Sarbanes-Oxley & SECTION 404 of that act?"
OTHER KEY POINTS OF DIFFERENTATION
Q: How do you motivate your students to read the book and come prepared to discuss what they have read?
A: Arens/Elder/Beasley believes an integrated approach to an important topic like fraud best motivates students to learn auditing. For example, not only is there a Fraud Chapter (11), but mid chapter fraud vignettes are integrated throughout each chapter so students see how recent accounting scandals tie into key concepts in each chapter.
Examples: pgs. 199 and 617
Q: How do you show students how concepts are applied in practice?
A: Arens/Elder/Beasley believes an integrated approach best prepares students to see how concepts are applied in practice. The integrated audit practice case (Pinnacle Manufacturing) spans multiples chapters and is used to illustrate concepts learned in these chapters.
Examples: pgs. 227, 441
Integration of SECTION 404 of the Sarbanes-Oxley Act of 2002 and related SEC and PCAOB rulemakings throughout every chapter.
NEW Mid -chapter fraud vignettes in each chapter.
The 11th edition provides extensive, integrated coverage of audits of internal control for public companies required by Section 404 of the Sarbanes-Oxley Act and related auditor responsibilities as outlined in the Public Company Accounting Oversight Board’s (PCAOB’s) Auditing Standard No. 2. The 10th edition includes material about Sarbanes-Oxley in several chapters and was current at the time the book was published in March 2004. However, considerable change has occurred since then, especially dealing with the PCAOB and Section 404 internal control audits.
In talking with practitioners, it has become clear that the requirements for an integrated audit of financial statements and an audit of internal controls over financial reporting has had the most significant effect on the auditing profession as anything in several decades. In talking with faculty teaching auditing, it has become equally clear that faculty want to be sure their students are up to date on what is happening at the PCOAB and in practice.
We have extensively integrated our coverage of Section 404 audits of internal controls and related Sarbanes-Oxley Act provisions throughout the 11th edition. Here is a brief overview of some of the chapters most affected by this new coverage:
Chapters Chapter Title and Description of New Coverage
1 The Demand for Audit and Other Assurance Services:
2 The CPA Profession:
3 Audit Reports:
10 Section 404 Audits of Internal Control and Control Risk:
All All Chapters: We have integrated discussion of implications related to the audit of internal controls throughout all chapters of the text, where appropriate. Thus, Section 404 audit implications are integrated throughout the book.
It is important to emphasize that our approach to covering Section 404 and the related PCAOB requirements has been to integrate the material throughout relevant sections of the text. We believe our approach will help professors emphasize coverage of these important professional issues as they cover the entire audit process. We hope our approach will ultimately improve student understanding of these major professional issues.
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.
II. THE AUDIT PROCESS.
6. Audit Responsibilities and Objectives.
7. Audit Evidence.
8. Audit Planning and Analytical Procedures.
9. Materiality and Risk.
10. Internal Control and Control Risk.
11. Fraud Detection.
12. The Impact of Information Technology on the Audit Process.
13. Overall Audit Plan and Audit Program.
III. APPLICATION OF THE AUDIT PROCESS TO THE SALES AND COLLECTION CYCLE.
14. Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions.
15. Audit Sampling for Tests of Controls and Substantive Tests of Transactions.
16. Completing the Tests in the Sales and Collection Cycle: Accounts Receivable.
17. Audit Sampling for Tests of Details of Balances.
IV. APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES.
18. Audit of the Payroll and Personnel Cycle.
19. Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable.
20. Completing the Tests in the Acquisition and Payment Cycle.
21. Audit of the Inventory and Warehousing Cycle.
22. Audit of the Capital Acquisition and Repayment Cycle.
23. Audit of Cash Balances.
V. COMPLETING THE AUDIT.
24. Completing the Audit.
VI. OTHER ASSURANCE AND NON-ASSURANCE SERVICES.
25. Other Audit, Attestation Services, and Compilation Engagements.
26. Internal and Governmental Financial Auditing and Operational Auditing.
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