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Principles of Auditing and Other Assurance Services

ISBN: 9780073010847 | 0073010847
Edition: 15th
Format: Hardcover
Publisher: MCG IRWIN
Pub. Date: 7/29/2005

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SummaryTable of Contents
Whittington/Pany' s Principles of Auditing, is a market leader in the auditing discipline and the only text in this market which uses the balance sheet approach (vs. the cycles approach). Until October 2002, Ray Whittington was a member of the Audit Standards Board and prior to Ray being on the ASB Kurt Pany was on the board. This has had a major impact on this revision of the text as Whittington has been involved in the audit standards creation process. Principles of Auditing presents concepts clearly and proactively monitors changes in auditi... MORE
The Role of the Public Accountant in the American Economy
1(30)
What Are Assurance Services?
2(1)
... MORE
The Attest Function
2(3)
Assurance and Nonassurance Services
4(1)
Financial Statement Audits
5(7)
What Creates the Demand for Audits?
6(2)
Major Auditing Developments of the 20th Century
8(1)
The Accounting Profession's Credibility Crisis
9(1)
Types of Audits
10(1)
Types of Auditors
11(1)
The Public Accounting Profession
12(10)
American Institute of Certified Public Accountants
12(2)
The CPA Examination
14(1)
State Boards of Accountancy
15(1)
Financial Accounting Standards Board
15(1)
Governmental Accounting Standards Board
15(1)
Federal Accounting Standards Advisory Board
15(1)
The Public Company Accounting Oversight Board
15(1)
Securities and Exchange Commission
16(1)
Other Types of Professional Services
16(2)
Organization of the Public Accounting Profession
18(1)
Industry Specialization
19(1)
Responsibilities of the Professional Staff
19(2)
Professional Development for Public Accounting Firm Personnel
21(1)
Seasonal Fluctuations in Public Accounting Work
21(1)
Relationships with Clients
21(1)
Chapter Summary
22(1)
Key Terms Introduced or Emphasized in Chapter 1
23(1)
Review Questions
24(1)
Questions Requiring Analysis
24(1)
Multiple Choice Questions
25(2)
Problems
27(2)
In-Class Team Case
29(1)
Research and Discussion Case
29(1)
Suggested References
29(2)
Professional Standards
31(28)
Auditing Standards for Public and Nonpublic Companies
32(5)
AICPA Generally Accepted Auditing Standards (GAAS)
32(1)
General Standards---Auditor Qualifications and Quality of Work
33(1)
Standards of Fieldwork---Accumulating and Evaluating Evidence
33(2)
Standards of Reporting
35(1)
AICPA Statements on Auditing Standards (SASs)
35(2)
The Auditors' Responsibility for Detecting Misstatements
37(1)
Errors and Fraud
37(1)
Illegal Acts by Clients
37(1)
The Auditors' Reports
38(6)
The Introductory Paragraph of the Auditors' Report
38(2)
The Scope Paragraph of the Auditors' Report
40(1)
The Opinion Paragraph of the Auditors' Report
40(3)
Other Types of Auditors' Reports
43(1)
Public Company Audit Reports
43(1)
The Attestation Standards
44(2)
Quality Control in CPA Firms
46(1)
Regulation of Accounting Firms
46(2)
Public Company Accounting Oversight Board
46(1)
Peer Review and Inspections
47(1)
International Accounting and Auditing Standards
48(1)
Chapter Summary
49(1)
Key Terms Introduced or Emphasized in Chapter 2
50(1)
Review Questions
51(1)
Questions Requiring Analysis
52(1)
Multiple Choice Questions
53(1)
Problems
54(3)
In-Class Team Case
57(1)
Research and Discussion Case
57(1)
Suggested References
58(1)
Professional Ethics
59(38)
The Nature of Ethics
60(3)
What Are Ethical Dilemmas?
60(1)
A Framework for Ethical Decisions
60(1)
Making Ethical Decisions---A Professional Example
61(2)
The Need for Professional Ethics
63(1)
Professional Ethics in Public Accounting
64(1)
The AICPA Code of Professional Conduct
64(19)
Analysis of Independence
67(9)
Analysis of Integrity and Objectivity
76(1)
Analysis of General Standards
76(1)
Analysis of Compliance with Standards
76(1)
Analysis of Accounting Principles
77(1)
Analysis of Confidential Client Information
78(1)
Analysis of Contingent Fees
79(1)
Analysis of Acts Discreditable
80(1)
Analysis of Advertising and Other Forms of Solicitation
80(1)
Analysis of Commissions and Referral Fees
81(1)
Analysis of Form of Organization and Name
81(1)
Alternative Practice Structures
81(1)
The CPA as Tax Advisor---Ethical Problems
82(1)
Enforcement of Professional Ethics
83(1)
Ethics for Internal Auditors
83(2)
Chapter Summary
85(1)
Key Terms Introduced or Emphasized in Chapter 3
86(1)
Review Questions
87(1)
Questions Requiring Analysis
88(1)
Multiple Choice Questions
89(2)
Problems
91(3)
In-Class Team Cases
94(1)
Research and Discussion Case
95(1)
Suggested References
95(2)
Legal Liability of CPAs
97(28)
The Scope of CPA Liability
98(2)
Litigation Placed in Perspective
98(1)
Sources of CPA Liability
98(2)
CPAs' Liability to Their Clients under Common Law
100(2)
The Elements of Duty and Breach of Duty
101(1)
The Element of Losses (Damages)
101(1)
The Element of Causation (Proximate Cause)
101(1)
Auditors' Common Law Liability to Third Parties
102(3)
Ultramares (Known User) Approach
103(1)
Restatement of Torts (Foreseen User) Approach
103(1)
Rosenblum (Foreseeable User) Approach
104(1)
Summary of Third-Party Liability Approaches
104(1)
Liability to Third Parties under Statutory Law
105(8)
Securities Act of 1933
105(1)
Securities Exchange Act of 1934
106(2)
Comparison of the 1933 and 1934 Acts
108(1)
Racketeer Influenced and Corrupt Organizations Act
108(1)
Auditors' Criminal Liability under the Securities Acts
109(1)
Criminal Liability under Other Statutes
110(1)
SEC and Public Company Accounting Oversight Board Regulation
110(1)
CPAs' Liability for Accounting and Review Services
111(1)
CPAs' Posture in the Age of Litigation
112(1)
Chapter Summary
113(1)
Key Terms Introduced or Emphasized in Chapter 4
114(1)
Review Questions
115(1)
Questions Requiring Analysis
116(3)
Multiple Choice Questions
119(1)
Problems
120(3)
In-Class Team Case
123(1)
Research and Discussion Case
124(1)
Suggested References
124(1)
Audit Evidence and Documentation
125(44)
The Relationship of Audit Risk to Audit Evidence
126(4)
Financial Statement Assertions
126(1)
Audit Risk at the Assertion Level
127(2)
Audit Risk Illustrated
129(1)
Measuring Audit Risk
129(1)
Audit Evidence
130(7)
Types of Audit Evidence
131(6)
Audit Procedures
137(2)
Nature of Substantive Audit Procedures
137(1)
Timing of Substantive Audit Procedures
137(1)
Extent of of Substantive Audit Procedures
138(1)
Cost of Audit Procedures
139(1)
Analytical Procedures
139(4)
Nature of Analytical Procedures
139(3)
Timing of Analytical Procedures
142(1)
Extent of Analytical Procedures
143(1)
Audit Evidence for Subjective Areas
143(1)
Evidence on Accounting Estimates
143(11)
Evidence on Fair Market Values
144(1)
Evidence on Related Party Transactions
145(1)
Audit Documentation
145(1)
Confidential Nature of Working Papers
146(1)
Ownership of Audit Working Papers
147(1)
Working Papers and Auditors' Liability
147(1)
Types of Working Papers
148(2)
Organization of Working Papers
150(1)
Guidelines for Preparation of Working Papers
151(1)
Computer-Generated Working Papers
152(1)
Review of Audit Working Papers
152(2)
Chapter Summary
154(1)
Key Terms Introduced or Emphasized in Chapter 5
155(1)
Review Questions
156(1)
Questions Requiring Analysis
157(3)
Multiple Choice Questions
160(1)
Problems
161(6)
In-Class Team Case
167(1)
Research and Discussion Cases
167(1)
Suggested References
168(1)
Planning the Audit; Linking Audit Procedures to Risk
169(54)
Obtaining Clients
170(4)
Submitting a Proposal
171(1)
Communication with Predecessor Auditors
172(1)
First-Year Procedures
173(1)
Use of the Client's Staff
173(1)
Other CPAs
174(1)
Arranging for Specialists
174(1)
Engagement Letters
174(1)
Audit Planning
174(9)
Obtaining an Understanding of the Client's Business and Its Environment
175(2)
Sources of Information
177(2)
Developing an Overall Audit Strategy
179(4)
Audit Risk
183(6)
Assessing Inherent Risks
184(1)
Addressing the Risks of Material Misstatement Due to Fraud
184(3)
Responding to Risks of Material Misstatement
187(1)
Documenting the Audit Planning Process and Risk Assessments
188(1)
Linking Audit Procedures to Risks
189(10)
The Audit Trail
190(1)
Transaction Cycles (Classes of Transactions)
191(1)
Organization of the Audit Program
191(3)
Objectives of Audit Programs
194(1)
General Objectives of Audit Programs for Assets
194(2)
Substantiation of Account Balances
196(1)
An Illustration of Audit Program Design
197(2)
Audit Process
199(2)
Timing of Audit Work
201(1)
Chapter Summary
201(1)
Key Terms Introduced or Emphasized in Chapter 6
202(1)
Review Questions
203(1)
Questions Requiring Analysis
204(2)
Multiple Choice Questions
206(1)
Problems
207(2)
Ethics Case
209(1)
Appendix 6A Selected Internet Addresses
210(1)
Appendix 6B Examples of Fraud Risk Factors
210(3)
Appendix 6C Illustrative Audit Case: Keystone Computers & Networks, Inc.
213(1)
Part I: Audit Planning
213(8)
Appendix 6C Problems
221(2)
Internal Control
223(46)
The Meaning of Internal Control
224(3)
The Foreign Corrupt Practices Act of 1977
225(1)
Means of Achieving Internal Control
226(1)
The Control Environment
227(3)
Integrity and Ethical Values
227(1)
Commitment to Competence
227(1)
Board of Directors or Audit Committee
227(1)
Management Philosophy and Operating Style
227(1)
Organizational Structure
228(1)
Assignment of Authority and Responsibility
229(1)
Human Resource Policies and Procedures
230(1)
Risk Assessment
230(1)
The Accounting Information System
231(1)
Control Activities
231(3)
Performance Reviews
231(1)
Information Processing Controls
232(1)
Physical Controls
232(1)
Segregation of Duties
233(1)
Monitoring of Controls
234(1)
Limitations of Internal Control
234(1)
Enterprise Risk Management
234(1)
The Auditors' Consideration of Internal Control
235(1)
Obtaining an Understanding of Internal Control to Plan the Audit
236(6)
The Control Environment
236(1)
Risk Assessment
236(1)
The Accounting Information System
236(1)
Control Activities
237(1)
Monitoring of Controls
238(1)
Sources of Information about Internal Control
238(1)
Documenting the Understanding of Internal Control
238(4)
Assessing Control Risk
242(7)
Determining the Planned Assessed Level of Control Risk and Designing Additional Tests of Controls and the Planned Substantive Tests
243(1)
Performing Additional Tests of Controls
243(1)
Reassessing Control Risk and Modifying Planned Substantive Tests
244(1)
Documenting Information on the Assessed Level of Control Risk
245(1)
Decision Aids for Audit Program Modification
245(1)
Consideration of the Work of Internal Auditors
245(3)
Communication of Control-Related Matters
248(1)
Internal Control Reporting by Public Companies and Their Auditors
249(4)
Overall Approach for an Audit of Internal Control
251(2)
Internal Control in the Small Company
253(1)
Chapter Summary
254(1)
Key Terms Introduced or Emphasized in Chapter 7
254(2)
Review Questions
256(1)
Questions Requiring Analysis
257(2)
Multiple Choice Questions
259(2)
Problems
261(3)
In-Class Team Case
264(2)
Appendix 7A Antifraud Programs and Control Measures
266(3)
Consideration of Internal Control in an Information Technology Environment
269(34)
Nature of IT-Based Systems
271(4)
Characteristics of Various Types of IT-Based Systems
271(2)
Impact of IT on the Audit Trail
273(2)
Internal Control in an IT Environment
275(9)
Organizational Structure of the Information System Function
275(2)
Computer-Based Fraud
277(1)
Internal Auditing in an IT Environment
278(1)
Control Activities in an IT System
278(2)
General Control Activities
280(2)
Application Control Activities
282(1)
User Control Activities
283(1)
Control in Microcomputer Systems
283(1)
The Auditors' Consideration of Internal Control in an IT Environment
284(5)
Obtaining an Understanding of IT-Based System Controls
284(1)
Documenting IT-Based System Controls
284(1)
Assessing Control Risk---Testing IT-Based System Controls
285(4)
Substantive Testing with Computers
289(1)
Using Audit Software: An Illustration
290(1)
Computer Service Centers and Outsourced Computer Processing
290(2)
Chapter Summary
292(1)
Key Terms Introduced or Emphasized in Chapter 8
293(2)
Review Questions
295(1)
Questions Requiring Analysis
296(1)
Multiple Choice Questions
296(2)
Problems
298(2)
In-Class Team Case
300(3)
Audit Sampling
303(48)
Comparison of Statistical and Nonstatistical Sampling
304(5)
Selecting a Random Sample
305(2)
Other Methods of Sample Selection
307(1)
Stratification
307(1)
Types of Statistical Sampling Plans
308(1)
Allowance for Sampling Risk (Precision)
308(1)
Sample Size
309(1)
Audit Sampling for Tests of Controls
309(1)
Sampling Risk for Tests of Controls
310(1)
Attributes Sampling
310(9)
Determine the Objective of the Test
311(1)
Define the Attributes and ``Deviation'' Conditions
311(1)
Define the Population
311(1)
Specify the Risk of Assessing Control Risk Too Low and the Tolerable Deviation Rate
312(1)
Estimate the Expected Population Deviation Rate
312(1)
Determine the Sample Size
312(2)
Select the Sample
314(1)
Test the Sample Items
314(1)
Evaluate the Sample Results
314(1)
Document the Sampling Procedure
315(1)
Detailed Illustration of Attributes Sampling
315(2)
Other Statistical Attributes Sampling Approaches
317(2)
Nonstatistical Attributes Sampling
319(1)
Audit Sampling for Substantive Tests
319(1)
Sampling Risk for Substantive Tests
319(1)
Classical Variables Sampling
320(8)
Mean-per-Unit Estimation
320(1)
Controlling Sampling Risk
320(1)
Determination of Sample Size
321(1)
Evaluation of Sample Results
322(1)
Illustration of Mean-per-Unit Estimation
322(3)
Difference and Ratio Estimation
325(2)
Illustration of Difference and Ratio Estimation
327(1)
Nonstatistical Sampling for Substantive Tests
328(2)
Illustration of Nonstatistical Sampling
328(2)
Chapter Summary
330(1)
Key Terms Introduced or Emphasized in Chapter 9
330(2)
Review Questions
332(1)
Questions Requiring Analysis
333(2)
Multiple Choice Questions
335(1)
Problems
336(3)
In-Class Team Case
339(1)
Appendix 9A Probability-Proportional-to-Size (PPS) Sampling
340(5)
Appendix 9B Audit Risk
345(1)
Key Terms Introduced or Emphasized in Chapter 9 Appendixes
346(1)
Questions and Problems for Chapter 9 Appendixes
347(1)
In-Class Team Case for Chapter 9 Appendixes
348(1)
Integrating Problem for Chapter 9 and the Appendixes
349(2)
Cash and Financial Investments
351(46)
Cash
352(8)
Sources and Nature of Cash
352(1)
The Auditors' Objectives in the Audit of Cash
352(1)
How Much Audit Time for Cash?
352(1)
Internal Control over Cash Transactions
353(1)
Internal Control over Cash Receipts
353(2)
Internal Control over Cash Disbursements
355(5)
Audit Documentation for Cash
360(1)
Audit of Cash
360(12)
Interim Audit Work on Cash
372(1)
Financial Investments
372(2)
The Need for Specialized Knowledge
372(1)
The Auditors' Objectives in Examination of Financial Investments
373(1)
Internal Control over Financial Investments
373(1)
Internal Control Questionnaire
374(1)
Audit Program for Financial Investments
374(5)
Inherent Risks of Financial Investments
375(1)
Substantive Tests for Financial Investments
375(4)
Chapter Summary
379(1)
Key Terms Introduced or Emphasized in Chapter 10
380(1)
Review Questions
380(2)
Questions Requiring Analysis
382(2)
Multiple Choice Questions
384(1)
Problems
385(4)
In-Class Team Case
389(1)
Research and Discussion Case
389(1)
Ethics Case
390(1)
CPA Simulation
390(5)
Suggested References
395(2)
Accounts Receivable, Notes Receivable, and Revenue
397(66)
Receivables
398(8)
Sources and Nature of Accounts Receivable
398(1)
Sources and Nature of Notes Receivable
398(1)
The Auditors' Objectives in Auditing Receivables and Revenue
398(1)
Internal Control of Accounts Receivable and Revenue
399(1)
Control Environment
399(1)
Risk Assessment
399(1)
Monitoring
399(1)
Revenue Cycle---Accounting System and Control Activities
400(3)
Internal Control over Notes Receivable
403(2)
Audit Documentation for Receivables and Revenue
405(1)
Audit of Receivables and Revenue
406(21)
Interim Audit Work on Receivables and Revenue
426(1)
Chapter Summary
427(1)
Key Terms Introduced or Emphasized in Chapter 11
428(1)
Review Questions
428(1)
Questions Requiring Analysis
429(2)
Multiple Choice Questions
431(2)
Problems
433(4)
In-Class Team Case
437(2)
Ethics Cases
439(1)
CPA Simulation
440(1)
Appendix 11A Illustrative Audit Case: Keystone Computers & Networks, Inc.
441(1)
Part II: Consideration of Internal Control
441(14)
Appendix 11A Problems
455(1)
Appendix 11B Illustrative Audit Case: Keystone Computers & Networks, Inc.
456(1)
Part III: Substantive Tests---Accounts Receivable and Revenue
456(5)
Appendix 11B Problems
461(2)
Inventories and Cost of Goods Sold
463(38)
Sources and Nature of Inventories and Cost of Goods Sold
464(1)
The Auditors' Approach to Auditing Inventories and Cost of Goods Sold
464(1)
Internal Control over Inventories and Cost of Goods Sold
465(1)
Control Environment
465(1)
Risk Assessment
466(1)
Monitoring
466(1)
Purchases and Production Cycles---Accounting Systems and Control Activities
466(4)
Audit Documentation for Inventories and Cost of Goods Sold
470(1)
Audit of Inventories and Cost of Goods Sold
470(18)
Problems Associated with Inventory of First-Year Audit Clients
487(1)
Chapter Summary
488(1)
Key Terms Introduced or Emphasized in Chapter 12
488(1)
Review Questions
489(1)
Questions Requiring Analysis
490(2)
Multiple Choice Questions
492(1)
Problems
493(4)
In-Class Team Case
497(1)
Ethics Case
498(1)
Research and Discussion Case
498(1)
CPA Simulation
498(2)
Suggested References
500(1)
Property, Plant, and Equipment: Depreciation and Depletion
501(26)
The Auditors' Approach to Auditing Property, Plant, and Equipment
502(1)
Contrast with Audit of Current Assets
502(1)
Internal Control over Plant and Equipment
503(1)
Audit Documentation
504(1)
Initial Audits and Repeat Engagements
504(1)
Audit of Property, Plant, and Equipment
504(9)
Depreciation
513(3)
The Auditors' Perspective toward Depreciation
513(1)
The Auditors' Objectives in Auditing Depreciation
513(1)
Audit Program---Depreciation Expense and Accumulated Depreciation
513(1)
Testing the Client's Provision for Depreciation
514(1)
Examination of Natural Resources
514(1)
Examination of Intangible Assets
515(1)
Examination of Plant, Equipment, and Intangibles in Advance of the Balance Sheet Date
516(1)
Chapter Summary
516(1)
Key Terms Introduced or Emphasized in Chapter 13
516(1)
Review Questions
516(1)
Questions Requiring Analysis
517(2)
Multiple Choice Questions
519(1)
Problems
520(4)
In-Class Team Case
524(3)
Accounts Payable and Other Liabilities
527(34)
Accounts Payable
528(3)
Sources and Nature of Accounts Payable
528(1)
The Auditors' Approach to Auditing Accounts Payable
528(1)
Internal Control over Accounts Payable
529(1)
Audit Documentation for Accounts Payable
530(1)
Audit Program
531(10)
Other Liabilities
541(5)
Amounts Withheld from Employees' Pay
542(1)
Sales Taxes Payable
542(1)
Unclaimed Wages
542(1)
Customers' Deposits
542(1)
Accrued Liabilities
542(4)
Balance Sheet Presentation
546(1)
Time of Examination
546(1)
Chapter Summary
546(1)
Key Terms Introduced or Emphasized in Chapter 14
547(1)
Review Questions
547(1)
Questions Requiring Analysis
548(1)
Multiple Choice Questions
549(2)
Problems
551(2)
In-Class Team Case
553(1)
CPA Simulation
554(2)
Appendix 14A Illustrative Audit Case: Keystone Computers & Networks, Inc.
556(1)
Part IV: Consideration of Internal Control
556(3)
Appendix 14A Problems
559(2)
Debt and Equity Capital
561(26)
Interest-Bearing Debt
562(2)
Sources and Nature of Interest-Bearing Debt
562(1)
The Auditors' Approach to Auditing Interest-Bearing Debt
562(1)
Assessment of the Inherent Risks Related to Interest-Bearing Debt
562(1)
Internal Control over Interest-Bearing Debt
563(1)
Audit Documentation
563(1)
Audit of Interest-Bearing Debt
564(6)
Time of Examination---Interest-Bearing Debt
569(1)
Equity Capital
570(2)
Sources and Nature of Owners' Equity
570(1)
The Auditors' Approach to Auditing Owners' Equity
570(1)
Internal Control over Owners' Equity
570(2)
Audit Documentation for Owners' Equity
572(1)
Audit Program---Capital Stock
572(3)
Retained Earnings and Dividends
575(1)
Financial Statement Presentation of Stockholders' Equity
576(1)
Time of Examination---Stockholders' Equity
576(1)
Audit of Partnerships and Sole Proprietorships
576(1)
Chapter Summary
577(1)
Key Terms Introduced or Emphasized in Chapter 15
577(1)
Review Questions
578(1)
Questions Requiring Analysis
579(1)
Multiple Choice Questions
580(2)
Problems
582(2)
In-Class Team Case
584(3)
Auditing Operations and Completing the Audit
587(36)
Auditing Operations
588(1)
The Auditors' Approach to Examining Operations
588(1)
Revenue
589(1)
Relationship of Revenue to Balance Sheet Accounts
589(1)
Miscellaneous Revenue
589(1)
Expenses
589(4)
Relationship of Expenses to Balance Sheet Accounts
590(1)
Substantive Tests for Selling, General, and Administrative Expenses
590(3)
The Audit of Payroll
593(4)
Internal Control over Payroll
593(2)
Documentation of Internal Control for Payroll
595(1)
Audit Program for Payroll
595(1)
Audit of the Statement of Cash Flows
596(1)
Completing the Audit
597(12)
Search for Unrecorded Liabilities
597(1)
Review the Minutes of Meetings
597(1)
Perform Final Analytical Procedures
597(1)
Perform Procedures to Identify Loss Contingencies
597(4)
Perform the Review for Subsequent Events
601(3)
Obtain Representation Letter
604(1)
Evaluate Audit Findings
604(3)
Review the Engagement
607(1)
Responsibilities for Other Information in the Financial Report
608(1)
Opinion Formulation and Report Issuance
609(1)
Communicate with the Audit Committee
609(1)
Post-Audit Responsibilities
609(1)
The Auditors' Subsequent Discovery of Facts Existing at the Date of Their Report
609(1)
Subsequent Discovery of Omitted Audit Procedures
610(1)
Chapter Summary
610(1)
Key Terms Introduced or Emphasized in Chapter 16
611(1)
Review Questions
611(1)
Questions Requiring Analysis
612(2)
Multiple Choice Questions
614(1)
Problems
615(5)
In-Class Team Case
620(1)
Research and Discussion Case
621(1)
Suggested References
621(2)
Auditors' Reports
623(34)
Financial Statements
624(1)
Financial Statement Disclosures
624(1)
Comparative Financial Statements
625(1)
The Auditors' Standard Report---Nonpublic Clients
625(1)
The Auditors' Standard Report---Public Clients
626(1)
Expression of an Opinion
627(13)
The Unqualified Opinion
628(4)
Qualified Opinions
632(3)
Adverse Opinions
635(1)
Disclaimer of Opinion
635(2)
Summary of Auditors' Reports
637(1)
Two or More Report Modifications
637(1)
Different Opinions on Different Statements
637(1)
Reporting on Comparative Financial Statements
637(3)
Reports to the SEC
640(1)
Chapter Summary
640(1)
Key Terms Introduced or Emphasized in Chapter 17
641(1)
Review Questions
641(1)
Questions Requiring Analysis
642(1)
Multiple Choice Questions
643(2)
Problems
645(7)
In-Class Team Cases
652(2)
Research and Discussion Case
654(1)
Suggested References
655(2)
Integrated Audits of Public Companies
657(30)
Overview
658(1)
Management's Responsibility for Internal Control
658(5)
Management's Assessment and Evaluation Process
659(4)
The Auditors' Responsibility for Reporting on Internal Control in PCAOB Audits
663(17)
Plan the Engagement
663(2)
Evaluate Management's Assessment Process
665(1)
Obtain an Understanding of Internal Control over Financial Reporting
665(5)
Test and Evaluate Design Effectiveness of Internal Control over Financial Reporting
670(1)
Test and Evaluate Operating Effectiveness of Internal Control over Financial Reporting
670(4)
Form an Opinion on the Effectiveness of Internal Control over Financial Reporting
674(3)
Audit Report Modifications
677(1)
Other Communication Requirements
678(2)
Chapter Summary
680(1)
Key Terms Introduced or Emphasized in Chapter 18
680(1)
Review Questions
681(1)
Questions Requiring Analysis
682(1)
Multiple Choice Questions
682(2)
Problems
684(1)
In-Class Team Case
685(2)
Additional Assurance Services: Historical Financial Information
687(26)
Special Reports
688(4)
Financial Statements Prepared for Use in Other Countries
692(1)
Audits of Personal Financial Statements
692(1)
Reviews of the Interim Information of Public Companies
693(3)
Review Services for Nonpublic Companies
696(3)
Accountants' Reports on Comparative Statements
699(1)
Letters for Underwriters
700(1)
Condensed Financial Statements
700(1)
Accounting Services
700(3)
Compilation Engagements for Financial Statements of Nonpublic Companies
701(2)
Other ``Association'' with the Financial Statements of Public Companies
703(1)
Chapter Summary
703(1)
Key Terms Introduced or Emphasized in Chapter 19
704(1)
Review Questions
704(1)
Questions Requiring Analysis
705(1)
Multiple Choice Questions
706(2)
Problems
708(3)
In-Class Team Case
711(1)
Research and Discussion Case
712(1)
Suggested References
712(1)
Additional Assurance Services: Other Information
713(24)
Assurance Services
714(2)
The Demand for Assurance Services
715(1)
Attestation Standards
716(6)
The Criteria
717(2)
Attestation Risk and Materiality
719(1)
The Character of the Engagement
719(3)
Assurance Service Examples
722(8)
Assurance on Internal Control over Financial Reporting
722(2)
Assurance on Prospective Financial Statements
724(1)
Assurance on Compliance
725(1)
Assurance on Management's Discussion and Analysis
725(1)
Trust Services
726(2)
ElderCare/PrimePlus Services
728(1)
CPA Performance View
729(1)
CPA Risk Advisory Services
729(1)
Future Assurance Services
729(1)
Chapter Summary
730(1)
Key Terms Introduced or Emphasized in Chapter 20
730(1)
Review Questions
731(1)
Questions Requiring Analysis
732(1)
Multiple Choice Questions
733(2)
Problems
735(1)
In-Class Team Case
736(1)
Research and Discussion Case
736(1)
Internal, Operational, and Compliance Auditing
737(28)
Internal Auditing
738(6)
What Is the Purpose of Internal Auditing?
738(1)
Evolution of Internal Auditing
738(1)
The Internal Auditors' Role in Sarbanes-Oxley Compliance
739(1)
Professional Standards of Internal Auditing
740(4)
Certification of Internal Auditors
744(1)
Operational Auditing
744(4)
Objectives of Operational Audits
744(1)
General Approach to Operational Audits
745(3)
Compliance Auditing
748(10)
Attesting to Compliance with Laws and Regulations
748(2)
Compliance Auditing of Government Entities and Organizations Receiving Federal Financial Assistance
750(7)
Compliance Auditing---A Summary
757(1)
Chapter Summary
758(1)
Key Terms Introduced or Emphasized in Chapter 21
759(1)
Review Questions
760(1)
Questions Requiring Analysis
760(2)
Multiple Choice Questions
762(1)
Problems
763(1)
In-Class Team Case
764(1)
Index765

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