By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser and Jay Thibodeau
As auditors, we are trained to investigate beyond appearances to determine the underlying facts—in other words, to look beneath the surface. Whether evaluating the Enron and World-Com scandals of the early 2000s, the financial crisis of 2007–2008, the Wirecard fraud in 2020 or present-day issues and challenges related to significant estimation uncertainty, understanding the auditor’s responsibility related to fraud, maintaining a clear perspective, probing for details, and understanding the big picture are indispensable to effective auditing.
With the availability of greater levels of qualitative and quantitative information (“Big Data”), the need for technical skills and challenges facing today’s auditor is greater than ever. The Louwers, Bagley, Blay, Strawser, and Thibodeau team has dedicated years of experience in the auditing field to this new edition of Auditing & Assurance Services, supplying the necessary investigative tools for future auditors.
PART ONE The Contemporary Auditing Environment
1 Auditing and Assurance Services
2 Professional Standards
PART TWO The Financial Statement Audit
3 Engagement Planning and Audit Evidence
4 The Audit Risk Model and Inherent Risk Assessment
5 Risk Assessment: Internal Control Evaluation
6 Employee Fraud and the Audit of Cash
7 Revenue and Collection Cycle
8 Acquisition and Expenditure Cycle
9 The Production Cycle and Auditing Inventory
10 Finance and Investment Cycle
11 Completing the Audit
12 Reports on Audited Financial Statements
PART THREE Stand-Alone Modules
A. Other Public Accounting Services
B. Professional Ethics
C. Legal Liability
D. Internal Audits, Governmental Audits, and Fraud Examinations
E. Attributes Sampling
F. Variables Sampling
G. Data and Analytics in Auditing
H. Information Technology Auditing
I. The Audit of Internal Control For Issuers
