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Auditing

Author: A H Millichamp; John R Taylor
Publisher: Andover, Hampshire : Cengage Learning EMEA, ©2012.
Edition/Format:   Print book : English : 10th edView all editions and formats
Summary:
This comprehensive textbook provides up-to-date coverage of auditing in an accessible style and clearly explains the key features of auditing in short, easily readable sections that promote effective learning.
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Genre/Form: Problems and exercises
Problems, exercises, etc
Document Type: Book
All Authors / Contributors: A H Millichamp; John R Taylor
ISBN: 9781408044087 1408044080
OCLC Number: 769546039
Notes: Previous edition: Cincinnati, Ohio: South-Western, 2008.
Description: xxii, 506 pages : illustrations ; 25 cm
Contents: Machine generated contents note: 1. Introduction to auditing --
the why of auditing --
Introduction --
Auditing theory, postulates and concepts --
Financial statements --
Why is there a need for an audit? --
Advantages and disadvantages of an audit --
International pressures and globalization --
Objectives of auditing --
Directors' responsibilities --
Auditors' responsibilities --
Types of Audit --
2. Corporate governance --
Introduction --
What is corporate governance? --
Agency theory --
Principles of corporate governance --
`comply or explain' --
framework v legislative approaches --
After Cadbury --
UK Corporate Governance Code --
Value of good corporate governance --
Substance over form --
Companies Act 2006 --
Report on the directors' responsibilities for the financial statements --
Auditors' responsibilities --
Auditors' duties in respect of compliance with the UK Corporate Governance Code --
Directors' remuneration disclosure --
Audit Committees --
Sarbanes-Oxley --
2002 --
3. The statutory framework for auditing --
Introduction --
The Companies Act 2006 --
Requirement to have auditors --
Who can be an auditor? --
Recognized supervisory bodies --
Qualifying bodies --
Professional body rules --
The rights and duties of an auditor under the Companies Act 2006 --
Appointment of auditors --
Remuneration of auditors --
The removal of an auditor --
Resignation of auditors --
Auditors' duties --
Auditors' rights --
The auditors' report --
Auditors' rights to attend meetings --
Powers of an auditor --
4. Accounting requirements of the Companies Act, 2006 --
Introduction --
Accounting and accounting records --
Statutory books --
Accounting requirements --
Accounting principles --
Content --
disclosure requirements --
True and fair override --
Procedure on completion of the financial statements --
Period allowed for filing accounts --
Abbreviated accounts --
Publication of accounts --
Summary accounts --
Dormant companies --
5. Auditing and accounting standards and guidelines --
Introduction --
Role of the Auditing Practices Board (`APB') --
International standards on auditing (`ISAs') --
Practice notes --
Bulletins --
Accounting standards --
The relevance of accounting standards to auditing --
6. Ethical standards and rules of professional conduct --
Introduction --
Principles-based or rules-based approach? --
Fundamental ethical principles --
Ethics --
general rules --
General ethical threats --
Threats to independence --
Commissions and fees --
Supply of non-audit services --
Conflicts of interest --
Advertising and publicity --
Ethics and quality issues --
The expectation gap --
Ethical standards --
smaller companies --
Insider dealing --
Money laundering --
Whistleblowing --
7. Quality control in audit firms --
Introduction --
Audit firm organization --
Planning, controlling and recording individual audits --
Reviews of audit firms' procedures in general and of particular audits --
8. Accepting appointment as auditors --
Introduction --
Client screening --
Other considerations --
Preconditions for an audit --
Professional etiquette --
Letters of Engagement --
9. Accounting systems and internal controls --
Introduction --
Internal control --
Control procedures --
Control activities in specific areas of a business --
Limitations of internal controls --
10. Audit planning, audit risk and materiality --
Introduction --
Objectives --
Meeting audit objectives --
Required procedures --
Influences on an audit --
Planning the audit --
Internal control system review --
Audit strategies --
Planning the audit work --
Analytical review procedures --
The timing of audit work --
11. Audit evidence and using the work of an expert --
Introduction --
Assertions --
Reliability of audit evidence --
Basic techniques for collecting evidence --
Using the work of an auditors' expert --
12. Audit testing, sampling and analytical review procedures --
Introduction --
Relationship to audit risk and materiality --
Forms of audit testing --
Audit sampling --
Sampling approaches --
Sampling methods --
Analytical review procedures --
13. Systems-based auditing --
Introduction --
Professional scepticism --
Testing system components --
The purchases and expenses system --
The revenues (sales) system --
The payroll system --
Significant deficiencies --
The audit of small entities --
14. Business risk approach to auditing --
Introduction --
External risks --
Internal risks --
The client's approach to risk --
Actions to mitigate risk --
Why use a business risk approach to auditing? --
Understanding the business risk approach --
The implications of the business risk approach for the audit --
15. The audit of assets --
Introduction --
Aspects to be verified --
Verification of non-current assets --
Current assets --
Inventory and work in progress --
Cut-off --
Receivables --
Bank balances --
Loans --
Cash --
16. The audit of liabilities --
Introduction --
Verification procedures --
Trade payables --
Accruals --
Provisions --
Bank overdrafts and short-term loans --
Amounts due to group and related companies --
Long-term liabilities --
Share capital and reserves --
Unrecorded liabilities --
Contingent liabilities --
Auditing accounting estimates --
17. Auditing and computers --
Introduction --
Auditors and management information systems --
Audit risk and It systems --
The control environment --
The audit approach to computerized systems --
18. Audit working papers --
Introduction --
Purposes --
Evidence of work carried out --
Nature and content of working papers --
Departure from basic principles --
Content of working papers --
Sample working papers --
Professional judgement --
The audit programme --
Standardization of working papers --
Finalization --
Smaller audits --
Ownership of books and papers --
Accountant's lien --
Retention of working papers --
19. Internal audit --
Introduction --
Role of internal audit --
Differences between internal and external audit --
Public sector --
External auditors and internal audit --
Outsourcing internal audit services --
20. Errors, frauds and unlawful acts --
Introduction --
Errors and misstatements --
Fraud and other irregularities --
Responsibility for prevention and detection of fraud and error --
The audit approach --
Audit tests and fraud --
Reporting --
Small companies --
Unlawful acts of clients and their staff --
Audit issues arising from non-compliance --
21. Related parties --
Introduction --
Disclosure --
The auditors' duties re related parties --
Detailed audit procedures --
Control of the entity --
Smaller organizations --
Qualified audit reports --
22. Use of service organizations --
Introduction --
Why do firms outsource? --
Audit planning issues --
Accounting records --
Audit evidence --
Reports by service organization's auditors --
Ethical threats --
23. Subsequent events and going concern --
Introduction --
Subsequent events --
Adjusting and non-adjusting events --
Audit tests for a subsequent events review --
Going concern --
Indicators of problems --
Consequences of going concern --
Directors' duties --
The auditors' procedures --
If events are identified --
Effect on audit reports --
Going concern and small organizations --
24. Management representations --
Introduction --
Contents of a letter --
Reliance on Letter of Representation --
Example of a management representation letter --
Refusal to co-operate --
25. The final review stage of the audit --
Introduction --
Opening Balances and Comparative Figures --
The Auditors' Interest --
Uncorrected Errors or Misstatements --
Final Accounts Review --
Procedures --
26. Auditors' reports to shareholders --
Introduction --
The auditors' opinion --
Contents of an auditors' report --
When is an unqualified report appropriate? --
Independent auditor's report to the members of XYZ Limited --
Modified audit reports --
Sample wording of modified audit reports --
Listed companies --
special provisions --
Emphasis of matter reports --
Audit reporting --
special circumstances --
Auditors' liability in respect of audit reports --
27. Auditors' reports to directors and management --
Introduction --
Communication with those charged with governance --
Significant deficiencies in internal control --
The Management Letter --
Response by management --
The report and third parties --
Example of a Management Letter --
28. Group accounts --
Introduction --
Audit considerations --
Planning issues --
Component auditors --
Communication --
Auditing investments in subsidiaries and other undertakings --
Auditing the consolidation --
Modified auditors' reports --
Overseas subsidiaries --
Joint audits --
Support letters to subsidiaries --
Transnational audits --
29. Auditors' liability --
Introduction --
Criminal law --
Civil liability under the common law --
Duty of care --
Liability for negligence --
Minimizing risk to audit firms --
Limited liability partnerships (LLPs) --
Limiting auditors' liability --
The future --
30. Review engagements and non-audit assurance assignments --
Introduction --
Review engagements --
Direct reporting engagements --
Negative assurance --
Prospective financial information --
Forensic auditing --
Assurance engagements --
Levels of assurance --
31. Value for money, performance evaluation, environmental reporting and corporate social responsibility reporting assignments --
Introduction Note continued: Value for money --
Performance evaluation --
Environmental reporting --
Corporate social responsibility reporting --
32. Current issues --
Introduction --
Clarity project --
Corporate reporting --
Self regulation --
Dominance of the `Big 4' --
Banks --
Small firm audit exemption --
Audit challenges --
Corporate governance --
New opportunities, new problems.
Responsibility: Alan Millichamp & John Taylor.

Abstract:

This comprehensive textbook provides up-to-date coverage of auditing in an accessible style and clearly explains the key features of auditing in short, easily readable sections that promote effective learning.

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