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ISBN-10 ‏ : ‎ 0471726346
ISBN-13 ‏ : ‎ 978-0471726340
Author: Karen L. Hooks

Auditing and Assurance Services: Understanding the Integrated Audit, by Karen L. Hooks of Florida Atlantic University, presents the auditing profession’s requirement to focus on the integrated audit in the wake of the Sarbanes-Oxley Act (SOX). It also represents the impact of the PCAOB on the auditing of public companies. As the first auditing textbook fully authored after the passage of Sarbanes-Oxley, this book requires students to consider the double-impact of internal controls and financial statements in their considerations.

The author stresses the need for auditors to understand the risks associated with their audit clients and the industries in which they function. Therefore, the cycle chapters each highlight an industry to demonstrate how new public auditors must possess a very strong understanding of risk. Highlighted industries include: health care providers, retail enterprises, the automotive industry, and the land development and home building industry.

Table of Content:

Part I: Introduction
Chapter 1: An Introduction to Auditing
INTRODUCTION
FINANCIAL STATEMENTS, INTERNAL CONTROL, AND INTEGRATED AUDITS
DEFINITION OF AN AUDIT
AUDITING INTERNAL CONTROL OVER FINANCIAL REPORTING
PURPOSE AND VALUE OF AN AUDIT
Misstated Financial Statements
Different Benefits to Different Parties
Remote Owners and Complex Transactions
Internal Operations and Management
SERVICES PROVIDED BY AUDITORS
STANDARDS SETTERS AND GOVERNING AUTHORITIES
Federal-Level Authority
PCAOB Authority
INTERNAL AUDITORS
OTHER AUDIT SERVICES
ACCOUNTANTS WHO ARE NOT AUDITORS
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: WORKING IN A CPA FIRM
Services Provided by CPA Firms
Common Firm Structures
Firm Size
Hierarchy within the Firm
Activity Assignments
Chapter 2: Overview of an Integrated Audit
INTRODUCTION
INTEGRATED AUDITS
PRELIMINARY REQUIREMENTS FOR AN AUDIT
OVERVIEW OF AN INTEGRATED AUDIT
Preliminary Engagement Procedures
Planning and Risk Assessment
Tests of ICFR Operating Effectiveness and Substantive Procedures
Wrap-Up, Completion, and Reporting
FUNDAMENTAL CONCEPTS
Management Assertions
Audit Evidence
Auditors’ Use of Management Assertions
More Audit Concepts and Their Relationships
PRELIMINARY ENGAGEMENT PROCEDURES
AUDIT PLANNING AND RISK ASSESSMENT
Preliminary Audit Strategy
Understanding the Company
Assessing Risk
Audit Planning
TESTS OF ICFR OPERATING EFFECTIVENESS
SUBSTANTIVE PROCEDURES ON ACCOUNTS AND DISCLOSURES
WRAP-UP, COMPLETION, AND REPORTING
NONPUBLIC COMPANY AUDITS
AUDITING STANDARDS
General Standards
Training and Proficiency
Independence
Due Professional Care
Standards of Field Work
Planning and Supervision
Understanding
Evidence
Reporting Standards
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: AICPA GENERALLY ACCEPTED AUDITING STANDARDS (AU 150.02)
General Standards
Standards of Field Work
Standards of Reporting
Part II: The Audit Environment
Chapter 3: The Auditor’s Role in Society
INTRODUCTION
SOCIETY’S RELIANCE ON AUDITORS
Auditors’ Clients and Other Constituents
INFLUENCES ON BEHAVIOR
What Is Right?
Moral Development
Ethical Orientation
AUDITING AS A PROFESSION
Community of Peers
Entry and Membership
External Regulation
Individual Characteristics
Social Contracts
ETHICAL DECISION MAKING
MORAL DILEMMAS
EXTERNAL REGULATION
AICPA CODE OF PROFESSIONAL CONDUCT
Principles of Professional Conduct
Rules of Conduct
PCAOB RULES OF THE BOARD
AUDITOR INDEPENDENCE
INDEPENDENCE REQUIREMENTS OF SOX AND THE SEC
SERVICES THAT IMPAIR FIRM INDEPENDENCE
PUBLIC ACCOUNTING FIRMS AND QUALITY CONTROL
PCAOB OVERSIGHT OF FIRMS
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
Chapter 4: Legal Environment Affecting Audits
INTRODUCTION
AUDITORS AND RISK
WHO CAN SUE THE AUDITOR?
Privity
Near Privity
Foreseen Third Parties
Foreseeable Third Parties
EVENTS INVOLVED IN A LEGAL ACTION
Arbitration, Negotiations, and Settlements
Step 1: The Complaint
Step 2: The Answer
Step 3: Discovery
Step 4: Court Proceedings
Step 5: After the Proceedings
CAUSES OF ACTION, DEFENSES, AND POTENTIAL DAMAGES
Negligence and Gross Negligence
Cause of Action
Defenses
Other Defenses
Damages
Relevant Cases
Fraud
Cause of Action
Defenses
Damages
Relevant Cases
Breach of Contract
Cause of Action
Defenses
Damages
Relevant Case
STATUTORY CIVIL LAW
Cause of Action, Securities Act of 1933
Defenses
Relevant Cases
Cause of Action, Securities Exchange Act of 1934
Defenses
Damages
Relevant Cases
GOVERNMENT CIVIL ACTIONS
SEC Rules of Practice
Racketeer Influenced and Corrupt Organization Act (RICO)
Foreign Corrupt Practices Act of 1977
Sarbanes-Oxley Act of 2002, the Civil Statutes
CRIMINAL ACTIONS
Securities Act of 1933 and Securities Exchange Act of 1934, Fraud
Relevant Cases
Title 18 § U.S.C. 1512, Obstruction of Justice
Sarbanes-Oxley Act of 2002
JURISDICTION
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: UNITED STATES COURT SYSTEMS
Stare Decisis
Subject Matter Jurisdiction
Private Securities Litigation Reform Act of 1995 and the Securities Litigation Uniform Standards Act
PART III: Executing an Integrated Audit
Chapter 5: Client Acceptance and Continuance and Preliminary Engagement Procedures
INTRODUCTION
CLIENT ACCEPTANCE AND CONTINUANCE
GUIDANCE IN THE PROFESSIONAL LITERATURE AND STANDARDS
OPPORTUNITY FOR A NEW CLIENT
Independence
INVESTIGATING THE POTENTIAL CLIENT
Published Financial Information
Performance Information
Accounting Practices and Disclosures
Management and Board of Directors Integrity
Company Leadership
Audit Committee and Board of Directors Involvement and Qualifications
Potential Client Business Activities
Financial Statement Restatements
Public Information Releases by Management
Organizational Structure
Financial Difficulty and Going Concern
Multiple Business Locations
Client Accounting Function
Management’s Use of Information
SOURCES OF INFORMATION
Publicly Available Information
Interviewing the Potential Client
Communication with the Predecessor Auditor
Business Resources
Media and Data Searches; Other Investigations
FIRM RESOURCES AND EXPERTISE
ECONOMIC CONSIDERATIONS
PROPOSING ON THE ENGAGEMENT
AFTER THE SELECTION
Terms of the Engagement and Engagement Letter
Confirming Independence
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: INDUSTRY DESCRIPTIONS
Manufacturing
Retailing
Health Care
Banking
Service
Real Estate Development and Construction
Hospitality
Conclusion
Problem
APPENDIX B: AUDIT COMMITTEES AND CORPORATE GOVERNANCE
The Value of Audit Committees
Composition of Audit Committees
Audit Committee Charter
Responsibilities of Audit Committees
Reports to Audit Committees
Conclusion
Problem
Chapter 6: Audit Planning and Risk Assessment
INTRODUCTION
OVERVIEW OF THE PLANNING AND RISK ASSESSMENT PROCESS
ESTABLISHING THE OVERALL AUDIT STRATEGY
Scope of the Engagement
Accounting Presentation
Entity Structure
Information Technology
Client Outsourcing
Work of Others
First-Year and Continuing Audits
Timing
Materiality and Risk
Fraud Risk
Recent Significant Developments
Sources of Information
Planning Meeting and Planning Memorandum
PLANNING THE AUDIT RESOURCES
Assignments of the Audit Team
Timing of Audit Work
Interim and Year End
Roll Forward
High-Risk Areas
Engagement Budget
AUDIT PLAN
Nature, Timing, and Extent
Top Down Approach
Different Types of Audit Procedures
COMMUNICATION ON PLANNING
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: USING THE WORK OF OTHERS
Internal Auditors and Others
Responsibility Shared between Independent Auditors
Deciding to Rely on the Work of Others
Competence and Objectivity
Effect on the Independent Auditor’s Work
Nature of Controls
Risk
Judgment Required in the Audit Work
Estimates and Judgment Affecting the Account
Evaluating and Testing the Effectiveness of Other’s Work
Direct Assistance to the Auditor
Conclusion
Key Terms
Multiple Choice
Discussion Question
Chapter 7: Understanding Internal Control over Financial Reporting and Auditing Design Effectiveness
INTRODUCTION
INTERNAL CONTROL AND RELIABLE FINANCIAL REPORTING
What is ICFR?
MANAGEMENT’S MOTIVATION FOR GOOD INTERNAL CONTROL
THE FINANCIAL STATEMENT AUDIT AND INTERNAL CONTROL OVER FINANCIAL REPORTING
DEFINITIONS OF INTERNAL CONTROL
COMPONENTS OF INTERNAL CONTROL
Control Environment
Integrity and Ethical Values
Commitment to Competence
Board of Directors or Audit Committee Participation
Management’s Philosophy and Operating Style
Organizational Structure
Assignment of Authority and Responsibility
Human Resources Policies
Risk Assessment
Control Activities
Information and Communication
Monitoring
MANAGEMENT’S RESPONSIBILITIES FOR ICFR
Foreign Corrupt Practices Act
SOX
SEC Interpretive Guidance
BACKGROUND TO AN AUDIT OF ICFR
MANAGEMENT ASSERTIONS AND AUDIT PROCEDURES
Management Assertions
Existence or Occurrence
Completeness
Accuracy
Cutoff
Classification
Ownership, Rights, Obligations
Valuation, Allocation
ICFR Tests and Time Period Covered
AUDITOR’S UNDERSTANDING AND ASSESSMENT OF DESIGN EFFECTIVENESS OF ICFR
Evidence Related to ICFR
Audit Documentation
Documentation of the Company’s ICFR
ENTITY-LEVEL CONTROLS
Audit Committee and Those in Governance
Fraud Risk Assessment
Information Technology
Period-End Financial Reporting Process
IDENTIFYING SIGNIFICANT ACCOUNTS, DISCLOSURES, AND RELEVANT ASSERTIONS
Analyzing the Relevance of Assertions
Classes of Transactions
Likely Sources of Misstatements
IT Related to Likely Sources of Misstatement
ASSESSING DESIGN EFFECTIVENESS AND CHOOSING THE CONTROLS TO TEST
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: SPECIFICS OF IT GENERAL CONTROLS
Introduction
Approaches to Understanding ITGC
IT Control Environment
Policies
Licensing Agreements
Passwords
Use of Company Resources, Internet, and E-mail
Physical Control over Portable Resources
Social Engineering
Control Breakdowns
Third-party Service Providers
Segregation of Duties
Monitoring
Software Acquisition
Hardware and Network Technology Acquisition
Program Development
Program Changes
Computer Operations
Policies and Procedures
Batch Processing and End User Computing
Backup Management
Data Center Controls
Capacity Planning and Performance Issue Management
Recovery
Access to Programs and Data
Software and Interface Controls
Contingency Controls
Backup Procedures
Service Interruption, Disaster, and Recovery
Human Resources
Hiring Policies
Training
Termination Policies and Controls
Physical Facilities and Controls
ITGC and the Integrated Audit
Key Terms
Multiple Choice
Discussions Questions
Problem
Activity Assignment
APPENDIX B: ENTERPRISE RISK MANAGEMENT, INTEGRATED FRAMEWORK
Introduction
Objectives
Components
Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response
Control Activities
Information and Communication
Monitoring
Roles and Responsibilities
Limitations of Enterprise Risk Management
APPENDIX C: INTERNAL CONTROL OVER FINANCIAL REPORTING IN SMALLER PUBLIC COMPANIES
SEC Interpretive Release
PCAOB Guidance
Entity-Level Controls
Risk of Management Override
Segregation of Duties
IT Controls
Financial Reporting Competencies
Documentation
Chapter 8: Planning and Testing Operating Effectiveness of Internal Control over Financial Reporting
INTRODUCTION
SELECTING THE CONTROLS TO TEST
TESTING METHODS
CAATs
PLANNING THE TESTS
Define the Error and Identify Evidence Related to the Error
Plan the Timing and Extent of Testing
TIMING OF TESTS
Benchmarking
Document Availability
Updating Interim Audit Work
EXTENT OF TESTS
Period-End Reporting Process
FRAUD
ILLEGAL ACTS
RELATED PARTY TRANSACTIONS
SAMPLING
Sampling Risk
Planning the Sample
Approaches to Sampling
Nonsampling Risk
Sampling and ICFR Testing
AUDIT RISK MODEL
Other Risks
Audit Risk Model
Inherent Risk
Control Risk
IT Considerations
Using the Audit Risk Model for Planning
AUDIT DOCUMENTATION
Permanent Files
Current Files
Organization, Indexing, and Cross Referencing
Tick Marks
EVALUATING THE RESULTS
Severity of the Deficiency
AS 5 Definitions of Significant Deficiency, Material Weakness
Evaluating Deficiencies
ADDITIONAL DOCUMENTATION CONSIDERATIONS
“BIG PICTURE” TOPICS AND OPERATING EFFECTIVENESS
Entity-Level Controls
Soft Controls and Personnel Qualifications
Preventive and Detective Controls
Materiality
IMPACT OF MULTIPLE LOCATIONS AND BUSINESS UNITS
IMPACT OF OUTSOURCING
ICFR EFFECTIVENESS AND THE FINANCIAL STATEMENT AUDIT
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: TESTING IT APPLICATION CONTROLS AND COMPUTER-ASSISTED AUDIT SOFTWARE
Testing IT Controls
Test Data Approach
Parallel Simulation
Integrated Test Facility
Using Computer-Assisted Audit Software to Facilitate Testing
Key Terms
Multiple Choice
Activity Assignments
APPENDIX B: STATISTICAL TECHNIQUES AND TESTS OF CONTROLS
Chapter 9: Substantive Procedures and the Financial Statement Audit
INTRODUCTION
TRANSACTION CYCLES AND ACCOUNT BALANCES
Organizing the Audit Tasks
Management Assertions, Audit Objectives, and Evidence
MATERIALITY AND REASONABLE ASSURANCE
Impacts of Sampling
Sampling Error
Analytical Procedures
Audit Risk Model
PERFORMING SUBSTANTIVE TESTS AND PROCEDURES
Conclusions as a Result of Substantive Tests and Procedures: Evaluating Results
Substantive Analytical Procedures
Tolerable Misstatement and Unadjusted Differences
Misstatements from Fraud or Error
AUDIT DOCUMENTATION
Working Trial Balance, Lead Schedules, and Detailed Work Papers
IMPORTANT CONSIDERATIONS IN A FINANCIAL STATEMENT AUDIT
Estimates
Fair Value Measurements and Disclosures
Illegal Acts
Related Party Transactions
Going Concern
Cutoff Issues and Substantive Procedures at Interim Dates
AREAS ADDRESSED IN A FINANCIAL STATEMENT AUDIT
Cash
Receivables
Inventory
Investments, Emphasis on Marketable Securities
Prepaid Assets
Long-Term Productive Assets
Current Payables
Long-Term Debt
Owners’ Equity
Revenue and Expenses
SUMMARY OF SUBSTANTIVE TESTS AND PROCEDURES
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: STATISTICAL TECHNIQUES AND TESTS OF DETAILS OF BALANCES
Classical Variables Sampling
Sampling Without Replacement
An Example Using Classical Variables Sampling
Monetary Unit Sampling
MUS with Anticipated Misstatements
An Example Using Monetary Unit Sampling
Key Terms
Multiple Choice
Chapter 10: Auditing Revenue Processes: Sales, Billing, and Collection in the Health-Care Provider a
INTRODUCTION
OVERVIEW
HEALTH-CARE PROVIDERS
RETAILING
BUSINESS PROCESSES, DOCUMENTS, AND INTERNAL CONTROLS
Revenue Recognition
Sales
Managing Bad Debts
Documents and Processes
Potential Misstatements and Controls
MANAGEMENT ASSERTIONS IN AN INTEGRATED AUDIT
Design Effectiveness
Operating Effectiveness
Financial Statement Assertions
AUDIT TESTS AND PROCEDURES
TESTS OF CONTROLS
Tests of Controls for Sales
Tests of Controls for Sales Returns and Allowances
Tests of Controls for Cash Receipts
SUBSTANTIVE PROCEDURES: DUAL PURPOSE TESTS, ANALYTICAL PROCEDURES, AND TESTS OF DETAILS OF BALANCES
Dual Purpose Tests
Substantive Analytical Procedures
TESTS OF DETAILS OF BALANCES
External Confirmations
Accounts Receivable Confirmations
Confirmations of Other Financial Statement Accounts
Bank Confirmations
Aging of Accounts Receivable
Cash
AUDITING SALES, BILLING, AND COLLECTIONS IN THE HEALTH-CARE PROVIDER INDUSTRY
AUDITING SALES, BILLING, AND COLLECTIONS IN THE RETAIL INDUSTRY
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
Chapter 11: Completing the Integrated Audit and Reporting
INTRODUCTION
FINAL AUDIT PROCEDURES
Unusual Year-End Transactions
Contingent Liabilities and Commitments
Inquiry of a Client’s Lawyer
Management’s Written Representations
Subsequent Events Review
New Information after the Date of the Audit Report
Going Concern
Other Published Information
Other Financial Statements and Financial Statement Disclosures
Communications
Final Review
Review of Audit Documentation
Engagement Quality Review
REPORTING
Dating the Report
Dating the Report with New Information after the Audit Report Date
New Information after the Financial Statements Are Released
Integrated Audit Opinion Dates
Reissuing an Audit Report
REPORTING ON THE AUDIT OF THE FINANCIAL STATEMENTS
Introductory Paragraph
Scope Paragraph
Opinion Paragraph
FINANCIAL STATEMENT AUDIT REPORTS THAT DIFFER FROM UNQUALIFIED, STANDARD REPORTS
Explanatory Language
Opinion Based in Part on the Report of Another Auditor
Substantial Doubt about an Entity’s Ability to Continue as a Going Concern
Changes Affecting Consistency within or between Periods
Consistency: Change in Accounting Principle
Consistency: Changes in the Method of Applying an Accounting Principle
Consistency: Accounting Changes Expected to Have a Material Future Effect
Consistency: Correction of a Material Misstatement in Previously Issued Financial Statements
Emphasis of a Matter
Departure from a Promulgated Accounting Principle
Qualified, Adverse, and Disclaimer Financial Statement Audit Reports
Qualified Opinion for a Departure from Generally Accepted Accounting Principles
Qualified Financial Statement Audit Opinion Because of a Scope Limitation
Adverse Opinion
Disclaimer of Opinion
REPORTING ON AN AUDIT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
Audit Reports on ICFR that are not Unqualified
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
PART IV: ADDITIONAL TRANSACTION CYCLES AND OTHER TOPICS
Chapter 12: Auditing Acquisition and Payments Processes: Purchases, Cash Disbursements, and Related
INTRODUCTION
OVERVIEW
ACQUISITION AND PAYMENT ASPECTS OF RETAILING
ACQUISITION AND PAYMENT ASPECTS OF MANUFACTURING
ACQUISITION AND PAYMENT CONSIDERATIONS OF OTHER ENVIRONMENTS
THE AUTOMOTIVE INDUSTRY: AN OVERVIEW
Business Risks Associated with Purchasing Activities
Reliance on Vendors
Managing Acquisition-Related Costs
Types of Acquisitions and Payments
BUSINESS PROCESSES, DOCUMENTS, AND INTERNAL CONTROL
Documents and Processes
Potential Misstatements and Controls
Segregation of Duties
Safeguarding Assets
Accounting Processes
Cutoff
Cash Disbursement Procedures
AUDIT TESTS AND PROCEDURES
TESTS OF CONTROLS FOR PURCHASES AND EXPENDITURE TRANSACTIONS
TESTS OF CONTROLS FOR PURCHASE RETURNS AND DISCOUNTS
TESTS OF CONTROLS FOR CASH DISBURSEMENTS
DUAL PURPOSE TESTS
SUBSTANTIVE ANALYTICAL PROCEDURES
TESTS OF DETAILS OF BALANCES
Accounts Payable Confirmations
Search for Unrecorded Liabilities
Tests of Details of Balances for Accounts Payable
AUDIT OF PREPAID EXPENSES AND ACCRUED LIABILITIES
AUDIT OF EXPENSES
Account Analysis
Allocation Analysis
AUDIT OF PROPERTY, PLANT AND EQUIPMENT
Additions and Disposals
Impaired Value
Depreciation
AUDIT OF INTANGIBLE ASSETS
AUDITING ACQUISITIONS AND PAYMENTS IN THE AUTOMOTIVE INDUSTRY
ICFR
Inventory Costing and Period Expenses
Estimated Accounts
Long-Term Assets
Accounts Payable and Accrued Liabilities
Disclosures
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
Chapter 13: Auditing Human Resources Processes: Personnel and Payroll in the Services Industries
INTRODUCTION
OVERVIEW
HUMAN RESOURCES ASPECTS OF PUBLIC ACCOUNTING
BUSINESS PROCESSES, DOCUMENTS, AND INTERNAL CONTROLS
Balance Sheet and Income Statement Effects
Government Required Records and Reports
Integration with Cost Accounting Records
Documents and Processes
Use of an Imprest Payroll Account
Potential Misstatements and Controls
USING AN OUTSIDE SERVICE PROVIDER FOR PAYROLL: OVERVIEW
User Company Functions
Inputs to the Outside Service Provider
Processing by the Service Provider
Outputs of the Service Provider
User Company Controls
REPORTS ON THE PROCESSING OF TRANSACTIONS BY A SERVICE ORGANIZATION
AUDIT TESTS AND PROCEDURES
TESTS OF CONTROLS FOR HUMAN RESOURCES TRANSACTIONS
TESTS OF CONTROLS FOR PAYROLL CASH DISBURSEMENTS
DUAL PURPOSE TESTS
SUBSTANTIVE ANALYTICAL PROCEDURES
TESTS OF DETAILS OF BALANCES
HUMAN RESOURCES RELATED DISCLOSURES
AUDIT OF SHARE-BASED COMPENSATION
AUDITING HUMAN RESOURCES IN THE SERVICES INDUSTRIES
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: AN ENGAGEMENT TO ISSUE A REPORT ON THE PROCESSING OF TRANSACTIONS BY A SERVICE ORGANIZAT
Types of Engagements
Responsibilities of the Service Auditor
Performing the Engagement
Service Organization’s Report
Service Auditor Activities for a Report on Controls in Place
Service Auditor Activities for a Report on Controls Placed in Operation and Tests of Operating Effec
Service Auditor Reports
Type I Report
Type II Report
Conclusion
Chapter 14: Auditing Inventory Processes: Tracking and Costing Products in the Land Development and
INTRODUCTION
OVERVIEW
LAND DEVELOPMENT AND HOME BUILDING INDUSTRY
Costing Inventory
Allocation of Common Costs
Inventory Valuation
Variable Interest Entities
Revenue Recognition
INVENTORY IN THE MANUFACTURING ENVIRONMENT: OVERVIEW
BUSINESS PROCESSES, DOCUMENTS, AND INTERNAL CONTROLS
ACCOUNTING FOR INVENTORY
Valuing Inventory
Documents and Processes
Potential Misstatements and Controls
AUDIT TESTS AND PROCEDURES
Tests of Controls
Dual Purpose Tests
Substantive Analytical Procedures
TESTS OF DETAILS OF BALANCES
Inventory Observation
Auditing Estimates
Tests of Account Balances
Auditing Inventory Disclosures
AUDITING INVENTORY IN THE LAND DEVELOPMENT AND HOME BUILDING INDUSTRY
Specific Identification of Costs of Inventory
Estimates and Allocations
Valuation
Risks of Construction Defects and Long-Term Product Problems
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
Chapter 15: Auditing Assets, Liabilities, and Equity Related to the Financing Cycle
INTRODUCTION
OVERVIEW
ASSETS AND THE FINANCING CYCLE
Cash and Near Cash
What is a Cash Equivalent?
Auditing Cash and Near Cash
Disclosure
Investments
Investment Transactions
Accounting for Investments
Valuing Investments
Tests of Controls and Dual Purpose Tests
Substantive Analytical Procedures
Tests of Details of Balances
Auditing Other Comprehensive Income
Auditing the Consolidation Process
Auditing Disclosures
LIABILITIES AND THE FINANCING CYCLE
Long-Term Debt
Other Long-Term Accounts
Tests of Controls and Dual Purpose Tests
Substantive Analytical Procedures
Tests of Details of Balances
Debt Covenants
Auditing Pensions and Postretirement Benefits Accounts
Using the Work of a Specialist
Auditing Taxes
Auditing Disclosures
EQUITY AND THE FINANCING CYCLE
Equity Transactions and Activities
Tests of Controls and Dual Purpose Tests
Substantive Analytical Procedures
Tests of Details of Balances
Auditing Mergers and Acquisitions
Auditing Retained Earnings
Auditing Disclosures
AUDITING RELATED PARTY TRANSACTIONS
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
Chapter 16: Topics Beyond the Integrated Audit
INTRODUCTION
FORENSIC ACCOUNTING
Differences between Audit and Forensic Accounting
Fraud Triangle
Evidence
Career Paths
INTERNAL AUDITING
Code of Ethics
Professional Standards
SOX Compliance
Internal Audit Careers
STATE AND LOCAL GOVERNMENT AUDITS
Single Audit Act
GOVERNMENT AUDITING STANDARDS AND THE YELLOW BOOK
GOVERNMENT ACCOUNTABILITY OFFICE (GAO) ACTIVITIES
GAO Careers
COMPILATION AND REVIEW ENGAGEMENTS
Compilations
Reviews
ATTEST ENGAGEMENTS
SEC-RELATED ENGAGEMENTS
Letters for Underwriters
Interim Financial Information
Activities Related to Registration Statements
CONCLUSION
Key Terms
Multiple Choice
Discussion Questions
Problems
Activity Assignments
APPENDIX A: INSTITUTE OF INTERNAL AUDITORS, CODE OF ETHICS
APPENDIX B: INSTITUTE OF INTERNAL AUDITORS, INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF
APPENDIX C: YELLOW BOOK ETHICAL PRINCIPLES
APPENDIX D: ILLUSTRATIVE INQUIRIES FOR A SSARS REVIEW ENGAGEMENT
Index
Text Credits
Endpapers

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Test Bank for Auditing and Assurance Services Understanding the Integrated Audit, 1st edition: Hooks

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