Perhaps most importantly, this title is the only book on the market to fully integrate the Codification of the New Clarity Standards (including new section #’s) issued by the Auditing Standards Board. As these standards will be effective for year-end audits after December 15, 2012, they will be covered on the CPA exam beginning in July 2013, when many current students will be taking the CPA exam after completing 150 hours of coursework.

In addition, the Louwers book also brings the real world into the classroom through the addition of extensive Auditing Insights involving real issues facing today’s professionals as well as the updated Apollo Shoes Casebook, the only stand-alone fraud audit case on the market (available on the book’s website, www.mhhe.com/louwers5e).

Throughout the revised text, the Louwers author team has updated each chapter to include the latest pronouncements, technology and case material for your auditing classes:

• This edition has fully integrated the eight new standards adopted by the PCAOB. And, most importantly, the risk assessment chapter was restructured to incorporate the exacting risk assessment process as outlined in the new PCAOB risk standards.
• The book has fully integrated the latest updates from the International Standards of Auditing (ISAs) and the Auditing Standards Board (ASB).
• Each chapter now begins with a list of the AU/ISA Sections that are covered from the Codification of Statements on Auditing Standards published by the AICPA and the list of PCAOB Auditing Standards covered in that chapter.
• This edition incorporates the major changes to the structure and the content of the auditing section of the CPA examination for 2011 and has been designed to provide multiple opportunities for students to practice questions that they will encounter on the CPA exam. Each chapter has an abundance of multiple choice questions. In addition, to provide experience with the task-based exam approach, Kaplan CPA Simulations are included in the text problem material and are also accessible at www.mhhe.com/louwers5e. These multiple choice questions and simulations allow the student to gain skills and pick up additional knowledge for success on the CPA Examination.
• The education version of ACL software is included free with the book. Exercises for use with the ACL software are available on the book’s website.

The book is also fully integrated with McGraw-Hill’s Connect™ Accounting

The next evolution in online homework management and assessment, McGraw-Hill’s Connect™ Accounting is an online assignment and assessment solution that connects you with the tools and resources you’ll need to achieve success:

• Access to end-of-chapter material that provides immediate feedback and reports directly to your instructor’s reports.
• Access to lectures and study tools like PowerPoint® slides.

If you are interested in a straight-forward, interactive and eco-friendly knowledge acquisition process, the Louwers text can help. The book is now integrated fully with McGraw-Hill’s Connect™Plus Accounting, you also receive access to a searchable, integrated online version of the textbook to help you successfully complete your work whenever and wherever you choose. If your instructor chooses to use McGraw-Hill’s Connect™ Accounting with your course, you can purchase access from the Online Learning Center at www.mhhe.com/louwers5e.

Learn more about Auditing & Assurance Services, 5/e, by visiting www.mhhe.com/louwers5e today!

Part I: The Contemporary Auditing Environment

Chapter 1: Auditing and Assurance Services

Chapter 2: Professional Standards

Appendix 2A Attestation Standards

Part II: The Financial Statement Audit

Chapter 3: Engagement Planning

Chapter 4: Management Fraud and Audit Risk

Appendix 4A Selected Financial Ratios

Appendix 4B Sample Abridged Audit Plan

Chapter 5: Risk Assessment: Internal Control Evaluation

Appendix 5A Audit Plan

Chapter 6: Employee Fraud and the Audit of Cash

Appendix 6A Internal Control Questionnaires

Appendix 6B Audit Plans

Chapter 7: Revenue and Collection Cycle

Fraud Cases: Extended Audit Procedures (AU 240)

Appendix 7A Internal Control Questionnaires

Appendix 7B Audit Plan

Chapter 8: Acquisition and Expenditure Cycle

Fraud Case(s): Extended Audit Procedures (ISA/AU 320)

Appendix 8A Internal Control Questionnaires

Appendix 8B Audit Plans

Appendix 8B The Payroll Cycle

Chapter 9: Production Cycle

Fraud Case: Extended Audit Procedures (Standard 240)

Appendix 9A Internal Control Questionnaires

Appendix 9B Audit Plans

Chapter 10: Finance and Investment Cycle

Fraud Case: Extended Audit Procedures (AU 316)

Appendix 10A Internal Control Questionnaires

Appendix 10B Substantive Audit Plans

Chapter 11: Completing the Audit

Chapter 12: Reports on Audited Financial Statements

Part III: Stand-Alone Modules

Module A: Other Public Accounting Services

Module B: Professional Ethics

Module C: Legal Liability

Module D: Internal, Governmental, and Fraud Audits

Module E: Overview of Sampling

Module F: Attribute Sampling

Module G: Variables Sampling

Module H: Auditing in a Computerized Environment

Comprehensive Cases

Andersen: An Obstruction of Justice?

PTL Club—The Harbinger of Things to Come?

GM: Running on Empty?

Unhealthy Accounting at HealthSouth

KPMG: How Many Firms?

Something Went Sour at Parmalat

GE: How Much Are Auditors Paid?

Saytam Computer Services, Ltd.—India’s Enron

Index