Auditing & Assurance Services: A Systematic Approach - download pdf or read online

By William Messier Jr, Steven Glover, Douglas Prawitt

ISBN-10: 0077732502

ISBN-13: 9780077732509

The primary values imperative to the Messier Jr./Glover/Prawitt textual content comprise: scholar engagement, a scientific strategy, and selection making.Student Engagement: The authors think scholars are top served via buying a powerful knowing of the elemental recommendations that underlie the audit procedure and the way to use these options to numerous audit and coverage providers. The textual content is out there to scholars via straight forward writing and using attractive, proper real-world examples, illustrations, and analogies. The textual content explicitly encourages scholars to “stop and imagine” at small print within the textual content to assist them practice ideas lined and in addition is helping scholars see the appliance of innovations in a pragmatic atmosphere via “practice perception” boxes.

A Systematic process: The authors first introduce the 3 underlying thoughts of audit hazard, materiality, and facts, then stick to with a dialogue of audit making plans, the evaluation of regulate probability, and a dialogue of the character, timing, and quantity of proof essential to achieve the ideal point of detection possibility. those ideas are then utilized to every significant company technique and similar account balances utilizing a risk-based technique, (in following with the hot criteria followed by way of many of the auditing boards).

Decision Making: considering the fact that a lot of auditing perform contains the appliance of auditor judgment, the authors specialize in serious judgments and decision-making methods. If a scholar is aware those uncomplicated strategies and the way to use them to an audit engagement, she or he may be more suitable in modern day dynamic audit surroundings. the recent variation even incorporates a complete complicated module on expert Judgment.

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Extra info for Auditing & Assurance Services: A Systematic Approach

Sample text

What might an auditor do to obtain the information needed to develop and support that opinion? The auditor must first obtain a thorough understanding of the client, its business and industry, and its information system. The auditor must understand the risks the client faces, how it deals with those risks, and what remaining risks are most likely to result in a material misstatement in the financial statements. Armed with this understanding, the auditor plans procedures that will produce evidence helpful in developing and supporting his or her opinion on the financial statements.

In most situations, the auditor is able to obtain only persuasive evidence that the assertion is fairly stated. Sampling: Inferences Based on Limited Observations LO 1-6 You might ask why the auditor relies on concepts such as materiality and audit risk in designing an audit. Why not test all account balances and all transactions that occurred during the period so that audit risk can be driven to zero, even for immaterial misstatements? The main reason is the cost and infeasibility of such an audit.

Auditing and assurance services play an important role in ensuring the reliability, credibility, and relevance of business information. The following examples present situations that illustrate how auditing increases the reliability and credibility of an entity’s financial statements: Sara Thompson, a local community activist, has been operating a not-for-profit center that provides assistance to abused women and their children. She has financed most of her operations from private contributions.

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Auditing & Assurance Services: A Systematic Approach by William Messier Jr, Steven Glover, Douglas Prawitt


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