Holdings: Auditing & assurance services

Auditing & assurance services: a systematic approach

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Bibliographic Details
Main Author:	Messier, William F. (Author)
Format:	Book
Language:	English
Published:	Boston u.a. McGraw-Hill 2000
Edition:	2. ed.
Subjects:	Auditing Verzekeringswezen Wirtschaftsprüfung Revision > Wirtschaft
Online Access:	Inhaltsverzeichnis
Physical Description:	XXXIX, 806 S.
ISBN:	0072908289

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Record in the Search Index

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adam_text	Contents in Brief Preface xxxi PART I INTRODUCTION TO AUDITING AND ASSURANCE SERVICES i 1 An Introduction to Auditing and Assurance Services 3 2 An Overview of Financial Statement Auditing 39 PART II BASIC AUDITING CONCEPTS: MATERIALITY, AUDIT RISK, AND EVIDENCE 65 3 Materiality and Audit Risk 67 4 Evidential Matter, Types of Evidence, and Working Paper Documentation 112 PART III PLANNING THE AUDIT AND UNDERSTANDING INTERNAL CONTROL 143 5 Audit Planning and Types of Audit Tests 145 6 Internal Control in a Financial Statement Audit 186 7 The Effects of Information Technology on the Audit Function 230 PART IV STATISTICAL TOOLS FOR AUDITING 271 8 Audit Sampling: An Overview and Application to Tests of Controls 273 9 Audit Sampling: An Application to Substantive Tests of Account Balances 311 PART V AUDITING ACCOUNTING APPLICATIONS AND RELATED ACCOUNTS 347 10 Auditing the Revenue Cycle and Related Accounts 349 11 Auditing the Purchasing Cycle and Related Accounts 408 12 Auditing the Payroll Cycle and Related Accounts 451 13 Auditing the Inventory Cycle and Related Accounts 479 14 Auditing Selected Asset Accounts: Prepaid Expenses and Property, Plant, and Equipment 511 15 Auditing Long Term Liabilities, Stockholders Equity, and Income Statement Accounts 534 16 Auditing Cash and Investments 554 ix ! Contents in Brief PART VI COMPLETING THE AUDIT AND REPORTING I RESPONSIBILITIES 587 17 Completing the Engagement 589 18 Reports on Audited Financial Statements and Special Reporting Issues 618 PART VII PROFESSIONAL RESPONSIBILITIES 659 19 The Code of Professional Conduct and Quality Control Standards 661 20 Legal Liability 702 PART VIII ASSURANCE, ATTESTATION, AND OTHER FORMS OF SERVICES 739 21 Assurance, Attestation, and Other Forms of Services 741 Glossary 782 Index 787 \| I I 1 J I CONTENTS Preface xxxi Part I INTRODUCTION TO AUDITING AND ASSURANCE SERVICES i I An Introduction to Auditing and Assurance Services 3 The Demand for Auditing 5 Auditing, Attestation, and Assurance Services 7 Auditing 7 Attestation 9 Assurance 10 Types of Audits 11 Financial Statement Audits 11 Compliance Audits 12 Operational Audits 12 Forensic Audits 12 Types of Auditors 13 External Auditors 13 Internal Auditors 13 Government Auditors 14 Forensic Auditors 15 The Public Accounting Profession 15 Issues Currently Affecting the Profession 15 Public Accounting Firms 18 Types of Services 20 Organizations That Affect Financial Statement Audits 22 American Institute of Certified Public Accountants (AICPA) 22 Public Oversight Board 24 Financial Accounting Standards Board 25 Government Accounting Standards Board 25 Securities and Exchange Commission 25 Independence Standards Board 26 Generally Accepted Auditing Standards 26 General Standards 27 Standards of Field Work 28 Standards of Reporting 28 Statements on Auditing Standards 29 Review Questions 30 xi Contents Multiple Choice Questions from CPA Examinations 30 Problems 33 Discussion Cases 36 Internet Assignments 38 CASE ILLUSTRATION: EarthWear Clothiers 1 Company History and Background 2 Company History and Operations 2 Catalogs and Sales Operations 2 Customer Database 3 Product Development 3 Order Entry, Fulfillment, and Delivery 4 Merchandise Liquidation 5 Competition 5 Trademarks 5 Seasonality of Business 5 Employees 5 Executive Officers of the Company 6 Market Information 6 Shareholders 6 Independent Auditors 6 Consolidated Financial Statements 7 Notes to the Consolidated Financial Statements 12 Note A: Summary of Significant Accounting Policies 12 Note B: Stockholders Equity 12 Note C: Lines of Credit 13 Note D: Long Term Debt 13 Note E: Leases 13 Note F: Retirement Plans 13 Management s Discussion and Analysis 14 Management s Discussion and Analysis: Results of Operations for 2000 Compared to 1999 14 Management s Report on Financial Statements 15 Responsibility for the Consolidated Financial Statements 15 Independent Auditors Report 16 2 An Overview of Financial Statement Auditing 39 Generally Accepted Accounting Principles as an Audit Criterion 40 Financial Statements, Management Assertions, and Audit Objectives 42 The Auditor s Responsibility for Errors, Fraud, and Illegal Acts 43 Ethics and Independence 44 The Auditor as a Business and Industry Expert 45 I Contents xiii t Three Fundamental Concepts in Conducting an Audit 46 s Materiality 47 Audit Risk 48 Evidence 48 Sampling: Inferences Based on Limited Observations 49 Overview of the Audit Process 50 Client Acceptance and Retention 50 Establish the Terms of the Engagement 53 Plan the Audit 53 Consider Internal Control 54 Conduct Substantive Tests 54 Complete the Audit 55 Issue the Report 55 Audit Reporting 55 The Auditor s Standard Unqualified Audit Report 55 Departures from an Unqualified Audit Report 58 Other Types of Audit Reports 59 Review Questions 59 i Multiple Choice Questions from CPA Examinations 60 ! Problems 62 j Discussion Case 63 Internet Assignments 64 Part II BASIC AUDITING CONCEPTS: MATERIALITY, AUDIT RISK, AND EVIDENCE 65 5 3 Materiality and Audit Risk 67 I Materiality 68 Steps in Applying Materiality 68 An Example 73 Audit Risk 78 i The Audit Risk Model 80 Use of the Audit Risk Model 82 j Assessing Client Business Risk 84 j Assessing the Risk of Material Misstatement Due to Error or Fraud 86 1 The Auditor s Response to the Results of the Risk Assessments 94 Evaluation of Audit Test Results 94 Documentation of the Auditor s Risk Assessment and Response 95 Communications about Fraud to Management, the Audit Committee, and Others 95 Limitations of the Audit Risk Model 95 Contents APPENDIX: A Quantitative Approach to Allocating Materiality 96 Review Questions 98 Multiple Choice Questions from CPA Examinations 98 Problems 101 Discussion Cases 105 Internet Assignments 111 4 Evidential Matter, Types of Evidence, and Working Paper Documentation xiz The Relationship of Evidential Matter to the Audit Report 113 Management Assertions 114 Existence or Occurrence 115 Completeness 115 Rights and Obligations 115 Valuation or Allocation 116 Presentation and Disclosure 116 Audit Objectives 116 Validity 117 Completeness 117 Cutoff 117 Ownership 118 Accuracy 118 Valuation 118 Classification 118 Disclosure 118 Audit Procedures 118 Basic Concepts of Evidential Matter 119 The Nature of Evidential Matter 119 The Competence of Evidential Matter 120 The Sufficiency of Evidential Matter 121 The Evaluation of Evidential Matter 121 Types of Audit Evidence 122 Physical Examination 122 Re.performa.nce 122 Documentation 122 Confirmation 124 Analytical Procedures 124 Inquiries of Client Personnel or Management 125 Observation 125 Reliability of the Types of Evidence 126 Relationship of Evidence to Audit Objectives and Audit Activities 126 Contents XV j Working Papers 128 The Nature of Working Papers 128 Contents of Working Papers 128 Types of Working Papers 128 Format of Working Papers 132 Organization of Working Papers 133 Ownership of Working Papers 133 Review Questions 135 Multiple Choice Questions from CPA Examinations 135 Problems 138 Discussion Case 140 Internet Assignment 141 SCAD Assignment 141 Part III PLANNING THE AUDIT AND UNDERSTANDING INTERNAL CONTROL 143 5 Audit Planning and Types of Audit Tests 145 i Establishing the Terms of the Engagement 146 i The Audit Committee 146 I The Engagement Letter 147 Internal Auditors 147 Engagement Planning 150 Overview 150 Determine the Audit Staffing Requirements 151 1 Assess Independence 151 j Obtain Knowledge of the Client s Business and Industry 152 \| Establish Materiality and Audit Risk, and Assess Inherent Risk 152 ] Assess a Preliminary Level for Control Risk 152 j Assess the Possibility of Errors, Fraud, and Illegal Acts 153 I Identify Related Parties 156 : Conduct Preliminary Analytical Procedures 156 Develop an Overall Audit Strategy and Prepare Audit Programs 157 I Consider Additional Value Added Services 157 I Types of Audit Tests 159 I Tests of Controls 159 Substantive Tests 159 Dual Purpose Tests 160 Analytical Procedures 160 Types of Analytical Procedures 161 Purposes of Analytical Procedures 162 Contents Analytical Procedures Used in Planning the Audit 162 Analytical Procedures as a Substantive Test 164 Analytical Procedures Used in the Overall Review 167 Selected Financial Ratios Useful as Analytical Procedures 167 Short Term Liquidity Ratios 168 Activity Ratios 169 Profitability Ratios 170 Coverage Ratios 171 Review Questions 172 Multiple Choice Questions from CPA Examinations 172 Problems 176 Discussion Cases 180 Internet Assignments 185 SCAD Assignment 185 6 Internal Control in a Financial Statement Audit 186 Internal Control 187 Definition of Internal Control 187 Management s Perspective 187 The Auditor s Perspective 187 The Components of Internal Control 188 Control Environment 188 Risk Assessment 191 Control Activities 192 Information and Communication 193 Monitoring 193 The Effect of Entity Size on Internal Control 194 The Limitations of an Entity s Internal Control 194 Consideration of Internal Control in Planning and Performing an Audit 196 Planning an Audit Strategy 196 Understanding Internal Control 200 Documenting the Understanding of Internal Control 207 Tests of Controls 210 Assessing and Documenting the Level of Control Risk 212 Substantive Tests 212 Timing of Audit Procedures 213 Interim Tests of Controls 214 Interim Substantive Tests 214 Communication of Internal Control Related Matters 215 1 *f Contents xvii 1 APPENDIX: Flowcharting Techniques 217 • Symbols 217 Organization and Flow 217 Review Questions 219 Multiple Choice Questions from CPA Examinations 219 Problems 222 Discussion Case 225 Internet Assignment 226 SCAD Assignment 229 7 The Effects of Information Technology on the Audit Function 230 Changing Information Technology (IT) and Its Effect on Auditing 231 Distributed Data Processing, Networking, and Electronic Data Interchange 231 Real Time Systems 233 Intelligent Systems 233 End User Computing 234 Electronic (Internet) Commerce 234 The Complexity of IT Systems 235 I Low Complexity Systems 235 i Medium Complexity Systems 235 I Advanced Systems 236 Types of Controls in an IT Environment 236 General Controls 236 Application Controls 241 The Effect of IT on Internal Control 246 I Control Environment Factors 246 I Control Activities 247 I The Audit Process in an IT Environment 248 i Overview 248 Audit Strategy Decisions 249 Computer Assisted Audit Techniques 251 Generalized Audit Software 252 Custom Audit Software 253 I Test Data 254 I Integrated Test Facility 255 I Parallel Simulation 255 Concurrent Auditing Techniques 255 The Use of Microcomputers as an Audit Tool 256 Audit Tasks 257 Types of Microcomputer Software 258 Contents I Auditing Accounting Applications Processed by Outside Service Organizations 258 Review Questions 260 Multiple Choice Questions from CPA Examinations 260 i Problems 263 Discussion Case 269 Part IV STATISTICAL TOOLS FOR AUDITING 271 8 Audit Sampling: An Overview and Application to Tests of Controls 273 Introduction 274 Sampling Defined 274 Audit Evidence Choices That Do Not Involve Sampling 275 Terminology 276 Sampling Risk 276 Type I and Type II Errors 276 Precision 277 Types of Audit Sampling 277 Nonstatistical versus Statistical Sampling 277 Types of Statistical Sampling Techniques 278 Requirements of SAS No. 39 279 Planning 279 Sample Selection 279 Performance and Evaluation 280 Attribute Sampling Applied to Tests of Controls 281 Planning 281 Performance 286 Evaluation 288 An Example of an Attribute Sampling Plan 290 Determine the Objective of the Test (Step 1) 290 Define the Deviation from the Control Policy or Procedure (Step 2) 290 Define the Population (Step 3) 291 Define the Sampling Unit (Step 4) 291 Determine the Sample Size (Step 5) 291 Randomly Select the Sample Items (Step 6) 295 Perform the Audit Procedures (Step 7) 295 Calculate the Sample Results (Step 8) 295 Perform Error Analysis (Step 9) 300 Draw Final Conclusions (Step 10) 300 Nonstatistical Sampling for Tests of Controls 300 Determining the Sample Size 300 Randomly Selecting the Sample Items 301 Calculating the Sample Results 301 Review Questions 302 Multiple Choice Questions from CPA Examinations 303 Problems 306 Discussion Case 309 SCAD Assignment 310 9 Audit Sampling: An Application to Substantive Tests of Account Balances 311 A Sampling Plan for Substantive Tests of Account Balances 312 Planning 312 Performance 316 Evaluation 316 Monetary Unit Sampling 317 Advantages 318 Disadvantages 318 : Applying Monetary Unit Sampling 319 ; An Extended Example 323 j Nonstatistical Sampling for Tests of Account Balances 328 I Identifying Individually Significant Items 328 j Determining the Sample Size 328 Calculating the Sample Results 329 I An Example 330 I APPENDIX: Classical Variables Sampling 331 1 Advantages 332 J Disadvantages 332 I Applying Classical Variables Sampling 332 j Review Questions 337 j Multiple Choice Questions from CPA Examinations 337 I Problems 340 ; Discussion Case 344 PartV AUDITING ACCOUNTING APPLICATIONS AND RELATED ACCOUNTS 347 10 Auditing the Revenue Cycle and Related Accounts 349 Revenue Recognition 350 Overview of the Revenue Cycle 351 Types of Transactions and Financial Statement Accounts Affected 352 Types of Documents and Records 356 The Major Functions 359 Key Segregation of Duties 361 contents Inherent Risk Assessment 362 Industry Related Factors 364 The Complexity and Contentiousness of Revenue Recognition Issues 364 The Difficulty of Auditing Transactions and Account Balances 364 Misstatements Detected in Prior Audits 365 Control Risk Assessment 365 Understanding and Documenting Internal Control 365 Planning and Performing Tests of Controls 367 Assessing and Documenting the Control Risk 367 Internal Control Procedures and Tests of Controls—Revenue Transactions 367 Validity of Revenue Transactions 370 Completeness of Revenue Transactions 370 Timeliness of Recording of Revenue Transactions 371 Authorization of Revenue Transactions 371 Valuation of Revenue Transactions 371 Classification of Revenue Transactions 372 Posting and Summarization of Revenue Transactions 372 Internal Control Procedures and Tests of Controls— Cash Receipts Transactions 372 Validity of Cash Receipts Transactions 372 Completeness of Cash Receipts Transactions 374 Timeliness of Recording of Cash Receipts Transactions 375 Authorization of Cash Discounts 375 Valuation of Cash Transactions 376 Classification of Cash Receipts 376 Posting and Summarization of Cash Receipts Transactions 376 Internal Control Procedures and Tests of Controls—Sales Returns and Allowances Transactions 376 Relating the Assessed Level of Control Risk to Substantive Testing 377 Auditing Accounts Receivable and Related Accounts 377 Substantive Tests of Transactions 378 Analytical Procedures 379 Tests of Account Balances 381 Accuracy 381 Validity 383 Completeness 383 Cutoff 383 Ownership 385 Valuation 385 Classification 386 Disclosure 387 ^IS¥ lit fllJ A^A The Confirmation Process—Accounts Receivable 388 Types of Confirmations 389 Timing 390 Confirmation Procedures 391 Alternative Procedures 393 Auditing Other Receivables 393 Evaluating the Audit Findings—Accounts Receivable and Related Accounts 394 Review Questions 395 Multiple Choice Questions from CPA Examinations 396 Problems 399 Discussion Cases 407 SCAD Assignment 407 11 Auditing the Purchasing Cycle and Related Accounts 408 Expense and Liability Recognition 409 Overview of the Purchasing cycle 410 Types of Transactions and Financial Statement Accounts Affected 413 Types of Documents and Records 413 The Major Functions 416 The Key Segregation of Duties 418 Inherent Risk Assessment 418 Industry Related Factors 419 Misstatements Detected in Prior Audits 420 Control Risk Assessment 420 Understanding and Documenting Internal Control 420 Planning and Performing Tests of Controls 422 Assessing and Documenting the Control Risk 422 Internal Control Procedures and Tests of Controls—Purchase Transactions 422 Validity of Purchase Transactions 422 Completeness of Purchase Transactions 425 Timeliness of Recording of Purchase Transactions 425 Authorization of Purchase Transactions 426 Valuation of Purchase Transactions 426 Classification of Purchase Transactions 426 Posting and Summarization of Purchase Transactions 426 Internal Control Procedures and Tests of Controls—Cash Disbursement Transactions 427 Validity of Recorded Cash Disbursement Transactions 427 Completeness of Cash Disbursement Transactions 427 Timeliness of Recording of Cash Disbursement Transactions 427 11 Contents Authorization of Cash Disbursement Transactions 429 Valuation of Cash Disbursement Transactions 429 Classification of Cash Disbursement Transactions 430 Posting and Summarization of Cash Disbursement Transactions 430 Internal Control Procedures and Tests of Controls—Purchase Return Transactions 430 Relating the Assessed Level of Control Risk to Substantive Testing 431 Auditing Accounts Payable and Accrued Expenses 431 Substantive Tests of Transactions 431 Analytical Procedures 432 Tests of Account Balances 433 Accuracy 433 Validity 434 Completeness 435 Cutoff 436 Ownership 437 Valuation 437 Classification 438 Disclosure 438 Accounts Payable Confirmations 439 Evaluation the Audit Findings—Accounts Payable and Related Accounts 439 Review Questions 441 Multiple Choice Questions from CPA Examinations 442 Problems 444 Discussion Case 450 12 Auditing the Payroll Cycle and Related Accounts 451 Overview of the Payroll Cycle 452 Types of Transactions and Financial Statement Accounts Affected 452 Types of Documents and Records 454 The Major Functions 455 The Key Segregation of Duties 457 Inherent Risk Assessment 458 Control Risk Assessment 458 Understanding and Documenting Internal Control 459 Planning and Performing Tests of Controls 459 Assessing and Documenting the Control Risk 460 Internal Control Procedures and Tests of Controls—Payroll Transactions 460 Validity of Payroll Transactions 460 Authorization of Payroll Transactions 460 Valuation of Payroll Transactions 463 Classification of Payroll Transactions 463 Relating the Assessed Level of Control Risk to Substantive Testing 463 Auditing Payroll Related Accounts 463 Substantive Tests of Transactions 464 Analytical Procedures 465 Tests of Account Balances 465 Payroll Expense Accounts 466 Accrued Payroll Liabilities 466 Evaluating the Audit Findings—Payroll Related Accounts 469 Review Questions 470 Multiple Choice Questions from CPA Examinations 471 Problems 473 Discussion Case 478 Internet Assignment 478 13 Auditing the Inventory Cycle and Related Accounts 479 Overview of the Inventory Cycle 480 Types of Documents and Records 481 The Major Functions 484 The Key Segregation of Duties 485 Inherent Risk Assessment 486 Industry Related Factors 486 Engagement and Operating Characteristics 486 Control Risk Assessment 488 Understanding and Documenting Internal Control 488 Planning and Performing Tests of Controls 489 Assessing and Documenting the Control Risk 489 Internal Control Procedures and Tests of Controls—Inventory Transactions 489 Validity of Inventory Transactions 489 Completeness of Inventory Transactions 491 Authorization of Inventory Transactions 492 Valuation of Inventory Transactions 492 Classification of Inventory Transactions 492 Relating the Assessed Level of Control Risk to Substantive Testing 493 Auditing Inventory 493 Substantive Tests of Transactions 493 Analytical Procedures 494 Auditing Standard Costs 495 Materials 495 Labor 495 Overhead 496 Observing Physical Inventory 496 Tests of Account Balances 497 Accuracy 497 Validity 498 Completeness 498 Cutoff 499 Ownership 499 Valuation 499 Classification 499 Disclosure 500 Evaluating the Audit Findings—Inventory 501 Review Questions 502 Multiple Choice Questions from CPA Examinations 502 Problems 505 Discussion Case 509 Internet Assignment 510 14 Auditing Selected Asset Accounts: Prepaid Expenses and Property, Plant, and Equipment 511 Auditing Prepaid Expenses 512 Inherent Risk Assessment—Prepaid Expenses 512 Control Risk Assessment—Prepaid Expenses 512 Substantive Testing—Prepaid Insurance 513 Analytical Procedures 513 Substantive Tests of the Prepaid Insurance Account 513 Auditing Property, Plant, and Equipment 515 Types of Transactions 516 Overview of the Cycle 516 Inherent Risk Assessment—Property, Plant, and Equipment 516 Complex Accounting Issues 517 Difficult to Audit Transactions 518 Misstatements Detected in Prior Audits 518 Control Risk Assessment—Property, Plant, and Equipment 518 Validity and Authorization 518 Completeness 519 Segregation of Duties 520 Substantive Testing—Property, Plant, and Equipment 520 Analytical Procedures—Property, Plant, and Equipment 520 Tests of Account Balances—Property, Plant, and Equipment 521 Accuracy 521 x^unienis XXV Validity 521 Completeness 522 Cutoff 522 Ownership 524 Valuation 524 Classification 524 Disclosure 525 Evaluating the Audit Findings—Property, Plant, and Equipment 525 Review Questions 526 Multiple Choice Questions from CPA Examinations 526 Problems 529 Discussion Cases 532 15 Auditing Long Term Liabilities, Stockholders Equity, and Income Statement Accounts 534 Auditing Long Term Debt 535 Control Risk Assessment—Long Term Debt 536 Control Objectives and Related Procedures 536 Substantive Tests of Long Term Debt 537 Auditing Stockholders Equity 540 Control Risk Assessment—Stockholders Equity 540 Control Objectives and Related Procedures 541 Segregation of Duties 541 Auditing Capital Stock Accounts 542 Validity and Completeness 542 Valuation 542 Disclosure 543 Auditing Dividends 543 Auditing Retained Earnings 543 Auditing Income Statement Accounts 544 Assessing Control Risk for Accounting Cycles 544 Direct Tests of Balance Sheet Accounts 545 Analytical Procedures 545 Tests of Selected Account Balances 546 Review Questions 547 Multiple Choice Questions from CPA Examinations 547 Problems 549 Discussion Cases 551 16 Auditing Cash and Investments 554 Cash and the Effect of Other Accounting Cycles 555 Types of Bank Accounts 556 General Cash Account 556 Imprest Cash Accounts 556 Branch Accounts 557 Substantive Tests of Transactions—Cash 557 Analytical Procedures—Cash 558 Tests of Account Balances—Cash 558 The Effects of Control Procedures 558 Audit Objectives 558 Auditing the General Cash Account 559 Fraud Related Audit Procedures 563 Auditing a Payroll or Branch Imprest Account 56 7 Auditing a Petty Cash Fund 567 Disclosure Issues for Cash 568 Investments 570 Control Risk Assessment—Investments 570 Control Objectives and Related Procedures 570 Segregation of Duties 572 Substantive Tests of Investments 572 Validity 573 Valuation 574 Classification 575 Disclosure 575 Review Questions 575 Multiple Choice Questions from CPA Examinations 576 Problems 579 Internet Assignment 585 Part VI COMPLETING THE AUDIT AND REPORTING RESPONSIBILITIES 587 17 Completing the Engagement 589 Review for Contingent Liabilities 590 Audit Procedures for Identifying Contingent Liabilities 591 Legal Letters 592 Commitments 593 Review for Subsequent Events 595 Dual Dating 597 Audit Procedures for Subsequent Events 597 Final Evidential Evaluation Processes 598 Analytical Procedures 598 Going Concern Considerations 598 Representation Letter 599 Working Paper Review 599 Evaluating Audit Results 601 Evaluating Financial Statement Presentation and Disclosure 602 Independent Partner Review 602 Communications with the Audit Committee and Management 604 Subsequent Discovery of Facts Existing at the Date of the Auditor s Report 604 Review Questions 607 Multiple Choice Questions from CPA Examinations 608 Problems 611 Discussion Cases 614 Internet Assignments 617 18 Reports on Audited Financial Statements and Special Reporting Issues 6x8 The Auditor s Standard Unqualified Audit Report 619 Explanatory Language Added to the Standard Unqualified Audit Report 619 Opinion Based in Part on the Report of Another Auditor 620 Going Concern 622 Auditor Agrees with a Departure from Generally Accepted Accounting Principles 622 Lack of Consistency 622 Emphasis of a Matter 623 Departures from an Unqualified Audit Report 624 Conditions for Departure 625 Other Types of Audit Reports 625 The Effect of Materiality 625 Discussion of Conditions Requiring Other Types of Reports 626 Scope Limitation 626 Statements Not in Conformity with GAAP 628 Auditor Not Independent 629 Special Reporting Issues 630 Reports on Comparative Financial Statements 630 Different Reports on Comparative Financial Statements 631 A Change in Report on the Prior Period Financial Statements 631 Report by a Predecessor Auditor 633 Other Information in Documents Containing Audited Financial Statements 634 Going Concern Evaluation 634 Steps in the Going Concern Evaluation 634 Identifying and Assessing Going Concern Problems 635 Consideration of Management s Plans 637 Reporting on Going Concern Problems 637 Special Reports 638 Financial Statements Prepared on a Comprehensive Basis of Accounting Other Than GAAP 639 Specified Elements, Accounts, or Items of a Financial Statement 640 Compliance Reports Related to Audited Financial Statements 641 Special Purpose Financial Presentations 642 Financial Information Presented in Prescribed Forms or Schedules 644 Review Questions 644 Multiple Choice Questions from CPA Examinations 645 Problems 649 Discussion Cases 654 Part VII PROFESSIONAL RESPONSIBILITIES 659 19 The Code of Professional Conduct and Quality Control Standards 661 An Ethical Framework 662 Ethics and Professionalism 662 Theories of Ethical Behavior 662 Example—An Ethical Dilemma 664 Development of Moral Judgment 666 Code of Professional Conduct 667 Principles of Professional Conduct 669 Rules of Conduct 670 Independence, Integrity, and Objectivity 672 Independence 672 Integrity and Objectivity 679 General Standards and Accounting Principles 680 General Standards and Compliance with Standards 680 Accounting Principles 681 Responsibilities to Clients 682 Confidential Client Information 682 Contingent Fees 682 Other Responsibilities and Practices 683 Acts Discreditable 683 Advertising and Other Forms of Solicitation 684 Commissions and Referral Fees 685 Form of Organization and Name 685 Disciplinary Actions 686 Quality Control Standards 687 System of Quality Control 687 Elements of Quality Control 687 Monitoring Quality Control 688 Review Questions 690 Multiple Choice Questions from CPA Examinations 690 Problems 694 Discussion Cases 700 2O Legal Liability 702 The Legal Environment 703 Overview 703 Common Law—Clients 705 Breach of Contract 705 Negligence 705 Fraud 707 Common Law—Third Parties 708 Negligence 708 Fraud 713 Statutory Liability 714 Securities Act of 1993 714 Securities Exchange Act of 1934 716 Private Securities Litigation Reform Act of 1995 718 SEC Sanctions 719 Foreign Corrupt Practices Act 719 Racketeer Influenced and Corrupt Organizations Act 720 Criminal Liability 721 Approaches to Minimizing Legal Liability 721 At the Profession Level 721 At the Firm Level 722 APPENDIX: Summary of Significant Legal Cases 723 Continental Vending (United States v. Simon, 1970) 723 National Student Marketing (United States v. Natelli, 1975) 724 Equity Funding (United States v. Weiner, 1978) 725 ESM Government Securities, Inc. (In re Alexander Grant Co. Litigation, 1986) 726 MiniScribe 726 Phar Mor 727 Review Questions 729 Multiple Choice Questions from CPA Examinations 729 Problems 734 Discussion Case 738 PART VIII ASSURANCE, ATTESTATION, AND OTHER FORMS OF SERVICES 739 21 Assurance, Attestation, and Other Forms of Services 741 Assurance Services 742 The Demand for Assurance Services 744 Types of Assurance Services 744 CPA WebTrustSM Assurance 745 The Risks of Electronic Commerce 745 WebTrustSM principles and Criteria 746 The Assurance Process for WebTrus^ 746 CPA ElderCare 750 Types of ElderCare Services 750 The Assurance Process for ElderCare 751 Attestation Engagements 752 Types of Attestation Engagements 753 Attestation Standards 754 General Standards 755 Standards of Field Work 756 Standards of Reporting 756 Reporting on an Entity s Internal Control over Financial Reporting 756 Conditions for Conducting an Engagement 757 Examination Engagement 757 Reporting on Management s Assertion about Internal Control 758 Financial Forecasts and Projections 760 Types of Prospective Financial Statements 761 Examination Engagement 762 Agreed Upon Procedures 764 Compilation 766 Accounting and Review Services 766 Compilation of Financial Statements 768 Compilation with Full Disclosure 768 Compilation That Omits Substantially All Disclosures 769 Compilation When the Accountant Is Not Independent 769 Review of Financial Statements 770 Review Report 771 Conditions That May Result in Modification of a Compilation or Review Report 771 Review Questions 772 Multiple Choice Questions from CPA Examinations 773 Problems 776 Discussion Case 780 Internet Assignments 781
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id	DE-604.BV013560924
illustrated	Not Illustrated
indexdate	2024-07-09T18:48:00Z
institution	BVB
isbn	0072908289
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-009260742
oclc_num	40298448
open_access_boolean
owner	DE-20 DE-188
owner_facet	DE-20 DE-188
physical	XXXIX, 806 S.
publishDate	2000
publishDateSearch	2000
publishDateSort	2000
publisher	McGraw-Hill
record_format	marc
spelling	Messier, William F. Verfasser aut Auditing & assurance services a systematic approach William F. Messier Auditing and assurance services 2. ed. Boston u.a. McGraw-Hill 2000 XXXIX, 806 S. txt rdacontent n rdamedia nc rdacarrier Auditing gtt Verzekeringswezen gtt Auditing Wirtschaftsprüfung (DE-588)4066505-7 gnd rswk-swf Revision Wirtschaft (DE-588)4049674-0 gnd rswk-swf Revision Wirtschaft (DE-588)4049674-0 s DE-188 Wirtschaftsprüfung (DE-588)4066505-7 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009260742&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Messier, William F. Auditing & assurance services a systematic approach Auditing gtt Verzekeringswezen gtt Auditing Wirtschaftsprüfung (DE-588)4066505-7 gnd Revision Wirtschaft (DE-588)4049674-0 gnd
subject_GND	(DE-588)4066505-7 (DE-588)4049674-0
title	Auditing & assurance services a systematic approach
title_alt	Auditing and assurance services
title_auth	Auditing & assurance services a systematic approach
title_exact_search	Auditing & assurance services a systematic approach
title_full	Auditing & assurance services a systematic approach William F. Messier
title_fullStr	Auditing & assurance services a systematic approach William F. Messier
title_full_unstemmed	Auditing & assurance services a systematic approach William F. Messier
title_short	Auditing & assurance services
title_sort	auditing assurance services a systematic approach
title_sub	a systematic approach
topic	Auditing gtt Verzekeringswezen gtt Auditing Wirtschaftsprüfung (DE-588)4066505-7 gnd Revision Wirtschaft (DE-588)4049674-0 gnd
topic_facet	Auditing Verzekeringswezen Wirtschaftsprüfung Revision Wirtschaft
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009260742&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT messierwilliamf auditingassuranceservicesasystematicapproach AT messierwilliamf auditingandassuranceservices

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