9780072830385

The third edition of Messier employs the new audit approaches currently being used by auditing professionals, and soon to be adopted by the Auditing Standards Board. This approach places emphasis on understanding the entity (i.e., the organization or business being audited) and its environment (i.e. industry), and then assessing the business risks faced by the entity and how management controls those risks. This new audit process focuses on business processes instead of accounting cycles. This unique and innovative approach has been developed in response to changing market dynamics. The systematic approach, referred to in the subtitle of the text, reflects the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence; this allows Messier to build upon this model in subsequent chapters. These are central to everything an auditor does and a unique feature of Messier. As such, this approach facilitates student development of auditor judgment, a vital skill in today's auditing environment.

Part One: Introduction to Auditing and Assurance Services
1. An Introduction to Auditing and Assurance Services
2. The Public Accounting Profession and the Audit Process
Part Two: Basic Auditing Concepts: Materiality, Audit Risk, and Evidence
3. Materiality and Audit Risk
4. Evidential Matter, Types of Evidence, and Working Paper Documentation
Part Three: Planning the Audit and Understanding Internal Control
5. Audit Planning and Types of Audit Tests
6. Internal Control in a Financial Statement Audit
7. The Effects of Information Technology on the Audit Function
Part Four: Statistical Tools for Auditing
8. Audit Sampling: An Overview and Application to Tests of Controls
9. Audit Sampling: An Application to Substantive Tests of Account Balances
Part Five: Auditing Accounting Applications and Related Accounts
10. Auditing the Revenue Cycle and Related Accounts
11. Auditing the Purchasing Cycle and Related Accounts
12. Auditing the Payroll Cycle and Related Accounts
13. Auditing the Inventory Cycle and Related Accounts
14. Auditing Selected Asset Accounts: Prepaid Expenses and Property, Plant, and Equipment
15. Auditing Long-Term Liabilities, Stockholders’ Equity, and Income Statement Accounts
16. Auditing Cash and Investments
Part Six: Completing the Audit and Reporting Responsibilities
17. Completing the Engagement
18. Reports on Audited Financial Statements and Special Reporting Issues
Part Seven: Professional Responsibilities and Other Forms of Services
19. The Code of Professional Conduct and Quality Control Standards
20. Legal Liability
21. Attestation Engagements and Other Accounting Services

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Auditing and Assurance Services : A Systematic Approach with Enron Powerweb

Auditing and Assurance Services : A Systematic Approach with Enron Powerweb

0072830387

Summary

Table of Contents

1. An Introduction to Auditing and Assurance Services

2. The Public Accounting Profession and the Audit Process

Part Two: Basic Auditing Concepts: Materiality, Audit Risk, and Evidence

3. Materiality and Audit Risk

4. Evidential Matter, Types of Evidence, and Working Paper Documentation

Part Three: Planning the Audit and Understanding Internal Control

5. Audit Planning and Types of Audit Tests

6. Internal Control in a Financial Statement Audit

7. The Effects of Information Technology on the Audit Function

Part Four: Statistical Tools for Auditing

8. Audit Sampling: An Overview and Application to Tests of Controls

9. Audit Sampling: An Application to Substantive Tests of Account Balances

Part Five: Auditing Accounting Applications and Related Accounts

10. Auditing the Revenue Cycle and Related Accounts

11. Auditing the Purchasing Cycle and Related Accounts

12. Auditing the Payroll Cycle and Related Accounts

13. Auditing the Inventory Cycle and Related Accounts

14. Auditing Selected Asset Accounts: Prepaid Expenses and Property, Plant, and Equipment

15. Auditing Long-Term Liabilities, Stockholders’ Equity, and Income Statement Accounts

16. Auditing Cash and Investments

Part Six: Completing the Audit and Reporting Responsibilities

17. Completing the Engagement

18. Reports on Audited Financial Statements and Special Reporting Issues

Part Seven: Professional Responsibilities and Other Forms of Services

19. The Code of Professional Conduct and Quality Control Standards

20. Legal Liability

21. Attestation Engagements and Other Accounting Services

Supplemental Materials