Auditing and Assurance Services

• NEW: Guidance looks at the latest auditing standards (SAS No. 142, Audit Evidence, SAS No. 145) and auditor reports (Ch. 3).
• REVISED: Content highlights significant revisions to the CPA exam and licensure process (Ch. 1).
• NEW: Material covers how data analytics and other advanced technologies are being used in all phases of an audit.
• UPDATED: Coverage of other important developments in the field include professional skepticism and auditor judgment (Ch. 6), risk assessment procedures (Chs. 8 to 12), internal controls (Chs. 11 and 12), SOC reports (Chs. 12 and 25), auditing asset impairment (Ch. 19), financial instruments (Ch. 23), and preparation service engagements (Ch. 25).
• NEW: Opening and Mid-Chapter Vignettes help students connect important auditing concepts to real-world situations.
• NEW: Research Problems involve conducting internet-based research to address various audit issues. These expose students to actual audit-related decisions and help them to develop their critical-thinking skills.
  

PART 1: THE AUDITING PROFESSION

1. The Demand for Audit and Other Assurance Services
2. The CPA Profession
3. Audit ReportsProfessional Ethics
4. Legal Liability

PART 2: THE AUDIT PROCESS

1. Audit Responsibilities and Objectives
2. Audit Evidence
3. Audit Planning and Materiality
4. Assessing the Risk of Material Misstatement
5. Assessing and Responding to Fraud Risks
6. Internal Control and Coso Framework
7. Assessing Control Risk and Reporting on Internal Controls
8. Overall Audit Strategy and Audit Program

PART 3: APPLICATION OF THE AUDIT PROCESS TO THE SALES AND COLLECTION CYCLE

1. Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions
2. Audit Sampling for Tests of Controls and Substantive Tests of Transactions
3. Completing the Tests in the Sales and Collection Cycle: Accounts Receivable
4. Audit Sampling for Tests of Details of Balances

PART 4: APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES

1. Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable
2. Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts
3. Audit of the Payroll and Personnel Cycle
4. Audit of the Inventory and Warehousing Cycle
5. Audit of the Capital Acquisition and Repayment Cycle
6. Audit of Cash and Financial Instruments

PART 5: COMPLETING THE AUDIT

1. Completing the Audit

PART 6: OTHER ASSURANCE AND NONASSURANCE SERVICES

1. Other Assurance Services
2. Internal and Governmental Financial Auditing and Operational Auditing

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