Auditing and Assurance Services (14th Edition) by Arens, Alvin A. -- Read -- Imperial Library of Trantor

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PREFACE PART 1 THE AUDITING PROFESSION CHAPTER 1 THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES Learning Objectives Nature of Auditing Distinction Between Auditing and Accounting Economic Demand for Auditing Assurance Services Types of Audits Types of Auditors Certified Public Accountant Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 1-1: CPA Requirements CHAPTER 2 THE CPA PROFESSION Learning Objectives Certified Public Accounting Firms Activities of CPA Firms Structure of CPA Firms Sarbanes–Oxley Act and Public Company Accounting Oversight Board Securities and Exchange Commission American Institute of Certified Public Accountants (AICPA) International and U.S. Auditing Standards Generally Accepted Auditing Standards Statements on Auditing Standards Quality Control Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 2-1: International Auditing and Assurance Standards Board CHAPTER 3 AUDIT REPORTS Learning Objectives Standard Unqualified Audit Report Report on Internal Control Over Financial Reporting Under Section 404 of the Sarbanes–Oxley Act Unqualified Audit Report with Explanatory Paragraph or Modified Wording Departures from an Unqualified Audit Report Materiality Discussion of Conditions Requiring a Departure Auditor’s Decision Process for Audit Reports International Accounting and Auditing Standards Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 3-1: Research Annual Reports CHAPTER 4 PROFESSIONAL ETHICS Learning Objectives What Are Ethics? Ethical Dilemmas Special Need for Ethical Conduct in Professions Code of Professional Conduct Independence Independence Rule of Conduct and Interpretations Other Rules of Conduct Enforcement Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases Internet Problem 4-1: IESBA Code of Ethics CHAPTER 5 LEGAL LIABILITY Learning Objectives Changed Legal Environment Distinguishing Business Failure, Audit Failure, and Audit Risk Legal Concepts Affecting Liability Liability to Clients Liability to Third Parties Under Common Law Civil Liability Under the Federal Securities Laws Criminal Liability The Profession’s Response to Legal Liability Protecting Individual CPAs from Legal Liability Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 5-1: SEC Enforcement PART 2 THE AUDIT PROCESS CHAPTER 6 AUDIT RESPONSIBILITIES AND OBJECTIVES Learning Objectives Objective of Conducting an Audit of Financial Statements Management’s Responsibilities Auditor’s Responsibilities Financial Statement Cycles Setting Audit Objectives Management Assertions Transaction-Related Audit Objectives Balance-Related Audit Objectives Presentation and Disclosure-Related Audit Objectives How Audit Objectives Are Met Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 6-1: International and PCAOB Audit Objectives CHAPTER 7 AUDIT EVIDENCE Learning Objectives Nature of Evidence Audit Evidence Decisions Persuasiveness of Evidence Types of Audit Evidence Audit Documentation Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases ACL Problem Internet Problem 7-1: Use of Audit Software for Fraud Detection and Continuous Auditing CHAPTER 8 AUDIT PLANNING AND ANALYTICAL PROCEDURES Learning Objectives Planning Accept Client and Perform Initial Audit Planning Understand the Client’s Business and Industry Assess Client Business Risk Perform Preliminary Analytical Procedures Summary of the Parts of Audit Planning Analytical Procedures Five Types of Analytical Procedures Common Financial Ratios Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases Integrated Case Application — Pinnacle Manufacturing: Part I ACL Problem Internet Problem 8-1: Obtain Client Background Information CHAPTER 9 MATERIALITY AND RISK Learning Objectives Materiality Set Preliminary Judgment about Materiality Allocate Preliminary Judgment about Materiality to Segments (Tolerable Misstatement) Estimate Misstatement and Compare with Preliminary Judgment Audit Risk Audit Risk Model Components Assessing Acceptable Audit Risk Assessing Inherent Risk Relationship of Risks to Evidence and Factors Influencing Risks Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases Integrated Case Application — Pinnacle Manufacturing: Part II Internet Problem 9-1: Materiality and Tolerable Misstatement CHAPTER 10 SECTION 404 AUDITS OF INTERNAL CONTROL AND CONTROL RISK Learning Objectives Internal Control Objectives Management and Auditor Responsibilities for Internal Control COSO Components of Internal Control Obtain and Document Understanding of Internal Control Assess Control Risk Tests of Controls Decide Planned Detection Risk and Design Substantive Tests Section 404 Reporting on Internal Control Evaluating, Reporting, and Testing Internal Control for Nonpublic Companies Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part III Internet Problem 10-1: Disclosure of Material Weaknesses in Internal Control Over Financial Reporting CHAPTER 11 FRAUD AUDITING Learning Objectives Types of Fraud Conditions for Fraud Assessing the Risk of Fraud Corporate Governance Oversight to Reduce Fraud Risks Responding to the Risk of Fraud Specific Fraud Risk Areas Responsibilities When Fraud is Suspected Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part IV ACL Problem Internet Problem 11-1: Brainstorming About Fraud Risks CHAPTER 12 THE IMPACT OF INFORMATION TECHNOLOGY ON THE AUDIT PROCESS Learning Objectives How Information Technologies Improve Internal Control Assessing Risks of Information Technology Internal Controls Specific to Information Technology Impact of Information Technology on the Audit Process Issues for Different IT Environments Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case ACL Problem Internet Problem 12-1: Assessing IT Governance CHAPTER 13 OVERALL AUDIT PLAN AND AUDIT PROGRAM Learning Objectives Types of Tests Selecting Which Types of Tests to Perform Impact of Information Technology on Audit Testing Evidence Mix Design of the Audit Program Summary of Key Evidence-Related Terms Summary of the Audit Process Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases Internet Problem 13-1: Assessing Effects of Evidence Mix PART 3 APPLICATION OF THE AUDIT PROCESS TO THE SALES AND COLLECTION CYCLE CHAPTER 14 AUDIT OF THE SALES AND COLLECTION CYCLE: TESTS OF CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS Learning Objectives Accounts and Classes of Transactions in the Sales and Collection Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Sales Sales Returns and Allowances Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Cash Receipts Audit Tests for the Write-off of Uncollectible Accounts Additional Internal Controls over Account Balances and Presentation and Disclosure Effect of Results of Tests of Controls and Substantive Tests of Transactions Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part V ACL Problem Internet Problem 14-1: Revenue Recognition Fraud CHAPTER 15 AUDIT SAMPLING FOR TESTS OF CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS Learning Objectives Representative Samples Statistical Versus Nonstatistical Sampling and Probabilistic Versus Nonprobabilistic Sample Selection Nonprobabilistic Sample Selection Methods Probabilistic Sample Selection Methods Sampling for Exception Rates Application of Nonstatistical Audit Sampling Statistical Audit Sampling Sampling Distribution Application of Attributes Sampling Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part VI Internet Problem 15-1: Applying Statistical Sampling CHAPTER 16 COMPLETING THE TESTS IN THE SALES AND COLLECTION CYCLE: ACCOUNTS RECEIVABLE Learning Objectives Methodology for Designing Tests of Details of Balances Designing Tests of Details of Balances Confirmation of Accounts Receivable Developing Tests of Details Audit Program Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Integrated Case Application — Pinnacle Manufacturing: Part VII ACL Problem Internet Problem 16-1: Revenue Recognition CHAPTER 17 AUDIT SAMPLING FOR TESTS OF DETAILS OF BALANCES Learning Objectives Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and Substantive Tests of Transactions Nonstatistical Sampling Monetary Unit Sampling Variables Sampling Illustration Using Difference Estimation Summary Essential Terms Review Questions Multiple Choice Questions from CPA and CIA Examinations Discussion Questions and Problems Cases ACL Problem Internet Problem 17-1: Monetary Unit Sampling Considerations PART 4 APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES CHAPTER 18 AUDIT OF THE ACQUISITION AND PAYMENT CYCLE: TESTS OF CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS, AND ACCOUNTS PAYABLE Learning Objectives Accounts and Classes of Transactions in the Acquisition and Payment Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions Methodology for Designing Tests of Details of Balances for Accounts Payable Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 18-1: Identifying Accounts Payable Fraud CHAPTER 19 COMPLETING THE TESTS IN THE ACQUISITION AND PAYMENT CYCLE: VERIFICATION OF SELECTED ACCOUNTS Learning Objectives Types of Other Accounts in the Acquisition and Payment Cycle Audit of Property, Plant, and Equipment Audit of Prepaid Expenses Audit of Accrued Liabilities Audit of Income and Expense Accounts Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Cases Internet Problem 19-1: Centerpulse Ltd. Fraud CHAPTER 20 AUDIT OF THE PAYROLL AND PERSONNEL CYCLE Learning Objectives Accounts and Transactions in the Payroll and Personnel Cycle Business Functions in the Cycle and Related Documents and Records Methodology for Designing Tests of Controls and Substantive Tests of Transactions Methodology for Designing Tests of Details of Balances Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 20-1: Risks of Outsourcing the Payroll Function CHAPTER 21 AUDIT OF THE INVENTORY AND WAREHOUSING CYCLE Learning Objectives Business Functions in the Cycle and Related Documents and Records Parts of the Audit of Inventory Audit of Cost Accounting Analytical Procedures Physical Observation of Inventory Audit of Pricing and Compilation Integration of the Tests Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 21-1: Using Inventory Count Specialists CHAPTER 22 AUDIT OF THE CAPITAL ACQUISITION AND REPAYMENT CYCLE Learning Objectives Accounts in the Cycle Notes Payable Owners’ Equity Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 22-1: Overview of the NYSE CHAPTER 23 AUDIT OF CASH BALANCES Learning Objectives Cash in the Bank and Transaction Cycles Types of Cash Accounts Audit of the General Cash Account Fraud-Oriented Procedures Audit of the Imprest Payroll Bank Account Audit of Imprest Petty Cash Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 23-1: Check Clearing for the 21st Century Act PART 5 COMPLETING THE AUDIT CHAPTER 24 COMPLETING THE AUDIT Learning Objectives Perform Additional Tests for Presentation and Disclosure Review for Contingent Liabilities and Commitments Review for Subsequent Events Final Evidence Accumulation Evaluate Results Issue the Audit Report Communicate with the Audit Committee and Management Subsequent Discovery of Facts Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Case Internet Problem 24-1: Audit Committee Responsibilities PART 6 OTHER ASSURANCE AND NONASSURANCE SERVICES CHAPTER 25 OTHER ASSURANCE SERVICES Learning Objectives Review and Compilation Services Review of Interim Financial Information for Public Companies Attestation Engagements WebTrust and SysTrust Services Reports on Controls at Service Organizations Prospective Financial Statements Agreed-Upon Procedures Engagements Other Audits or Limited Assurance Engagements Summary Essential Terms Review Questions Multiple Choice Questions from CPA Examinations Discussion Questions and Problems Internet Problem 25-1: Accounting and Review Services Committee CHAPTER 26 INTERNAL AND GOVERNMENTAL FINANCIAL AUDITING AND OPERATIONAL AUDITING Learning Objectives Internal Financial Auditing Governmental Financial Auditing Operational Auditing Summary Essential Terms Review Questions Multiple Choice Questions from CPA, CIA, and CMA Examinations Cases Internet Problem 26-1: Institute of Internal Auditors APPENDIX: ACL INSTALLATION AND INSTRUCTIONS INDEX

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