Auditing An Assertions Approach

, by Taylor, Donald H.; Glezen, G. William

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ISBN: 9780471134213 | 047113421X
Cover: Hardcover
Copyright: 10/30/1996

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Presents auditing concepts and procedures within the context of audit assertions, as described in Statements on Auditing Standards. It includes the basic approach to reasoning from audit assertions to audit objectives to audit procedures and numerous examples of computer generated audit working papers. A new aspect of this edition is the introduction of value-added business advice as an integral part of the audit. Public accounting firms are placing increased emphasis on adding value to an audit.

The Audit Function

(19)

Why Study Auditing?

(1)

Broad Definition of Auditing

(1)

The Difference Between Accounting and Auditing

(1)

Types of Audits---By Objective

(1)

Financial Statement Audit

(1)

Compliance Audit

(1)

Operational Audit

(1)

Comparative Illustration

(1)

Types of Audits---By Auditor Affiliation

(2)

External Auditors

(1)

Internal Auditors

(1)

Government Auditors

(1)

Comparative Illustration

(1)

Theoretical Framework of Auditing

(1)

Why Financial Statements Are Audited

(3)

The Needs of Creditors and Investors

(1)

Stewardship or Agency Theory

(1)

Motivational Theory

(1)

Limitations of an Audit

(1)

Integrity of Auditors

(1)

Commentary

(1)

Appendix: History of Auditing

(2)

Primitive Auditing

(1)

Auditing in Ancient Greece and Rome

(1)

Auditing in the Medieval Period

(1)

Auditing During the Industrial Revolution

(1)

Early Auditing in the United States

(1)

Glossary of Terms

(1)

References

(1)

Review Questions

(1)

Objective Questions

(1)

Discussion/Case Questions

(4)

The Public Accounting Profession and Auditing Standards

(32)

Different Career Paths in Accounting

(1)

Licensing Requirements to Practice Public Accounting

(2)

The CPA Certificate

(1)

Other Licensing Requirements

(1)

The Structure of CPA Firms

(1)

Form of Organization of CPA Firms

(1)

Sizes of CPA Firms

(1)

Hierarchy of Personnel in CPA Firms

(1)

Services Provided by CPA Firms

(2)

Auditing

(1)

Review

(1)

Tax Services

(1)

Management Consulting Services

(1)

Accounting Services

(1)

Quality Control

(3)

System of Quality Control

(1)

Self-Regulation of the Accounting Profession

(1)

The Audit Report

(1)

Management's Responsibilities

(1)

Generally Accepted Auditing Standards

(7)

The General Standards

(1)

The Standards of Field Work

(1)

The Standards of Reporting

(3)

The Broad Attest Services---Attestation Standards

(2)

Historical Background

(1)

The Attestation Standards

(2)

Organizations that Affect the Public Accounting Profession

(3)

State Boards of Accounting

(1)

State Societies of Certified Public Accountants

(1)

American Institute of Certified Public Accountants

(1)

The Securities and Exchange Commission

(1)

The Evolving Practice of Public Accounting

(1)

Commission on Auditors' Responsibilities

(1)

Investigations by the U.S. Congress

(1)

The Treadway Commission

(1)

Glossary of Terms

(2)

References

(1)

Review Questions

(1)

Objective Questions

(2)

Discussion/Case Questions

(4)

The Auditor's Ethical Environment

(37)

Ethical Trends in Our Society

(1)

General Concepts of Ethics

(1)

A General Model for Making Ethical Decisions

(1)

Summary of Discussion of Ethical Concepts

(1)

The Accounting Profession's Code of Professional Conduct

(19)

The Principles of Professional Conduct

(4)

Rules of Professional Conduct

(14)

International Standards on Auditing---Ethics

(1)

Integrity, Objectivity, and Independence

(1)

Confidentiality

(1)

Professional Competence, Due Care, and Technical Services

(1)

Summary

(1)

Glossary of Terms

(1)

References

(1)

Review Questions

(1)

Objective Questions

(2)

Discussion/Case Questions

(9)

The Auditor's Legal Environment

(40)

Introduction

(1)

The Litigation Explosion

(1)

The Expectation Gap

(1)

The Auditor's Liability Under Common Law

(6)

Standards of Proof---Ordinary Negligence

(2)

Standards of Proof---Gross Negligence

(1)

Standards of Proof---Fraud

(1)

Summary of Standards of Proof and Relationships of Parties

(1)

Standards of Proof---Breach of Contract

(1)

The Evolution of Liability for Ordinary Negligence Under Common Law

(7)

Auditor Responsibilities in the Early Part of the Century

(1)

An Emerging Class of Third Parties

(1)

The Ultramares Case---A Reaffirmation of Privity

(2)

The Extension of Auditor's Liability to Primary Beneficiaries

(1)

The Extension of Auditor's Liability to Foreseen Parties

(2)

The Extension of Auditor's Liability to Foreseeable Parties

101

(1)

The Narrowing of Auditor's Liability for Ordinary Negligence

101

(1)

Present-Day Situation on Auditor's Liability for Ordinary Negligence

102

(1)

The Auditor's Liability Under Statutory Law

103

(1)

The Effect of Statutory Law on the Auditor's Liability to Third Parties

104

(5)

The Securities Act of 1933---New Securities Offerings

104

(2)

The Barchris Construction Corporation Case-An Application of the Securities Act of 1933

106

(1)

The Securities Exchange Act of 1934---Continuing Securities Trading

106

(3)

Additional Cases that Changed the Auditor's Legal Environment

109

(2)

The McKesson & Robbins Case---A Fraud that Changed Auditing Standards

109

(1)

The Continental Vending Case---Criminal Exposure

109

(1)

The 1136 Tenants' Corporation Case---A Misunderstanding Resulting in Negligence

110

(1)

The ZZZZ Best Case---A Question of Auditor Disclosure

111

(1)

The ESM Government Securities Case---Ethical Behavior of Auditors

111

(1)

The Present-Day Legal Environment

111

(2)

Responses by Auditors---More Attention and Care

112

(1)

Responses by Auditors---The Coalition to Eliminate Abusive Securities Suits

112

(1)

The Future of Auditor Liability

113

(2)

Prospects for the Future

113

(1)

Litigation Guidelines

114

(1)

Summary

115

(1)

Appendix: Summary of Cases and Their Importance

115

(2)

Glossary of Terms

117

(1)

References

118

(1)

Review Questions

118

(1)

Objective Questions

119

(1)

Discussion/Case Questions

120

(8)

The Auditor's Responsibility---Fraudulent Financial Reporting

128

(23)

Introduction

129

(1)

Errors and Fraud in the Financial Statements

129

(6)

Definition of Errors

129

(1)

Definition of Fraud

130

(1)

The Auditor's Responsibility to Detect Errors and Fraud

131

(3)

The Auditor's Responsibility if Errors and Fraud Are Detected

134

(1)

Fraudulent Financial Reporting

135

(6)

Definition and Reasons for Fraudulent Financial Reporting

135

(1)

Types of Fraudulent Financial Reporting

136

(1)

Risk Factors Relating to Fraudulent Financial Reporting

137

(1)

Risk Factors Relating to Missappropriation of Assets

138

(1)

The Auditor's Responsibility for Detecting Fraudulent Financial Reporting

139

(2)

Illegal Acts

141

(2)

Responsibility for Detection

141

(1)

Responsibility for Reporting

142

(1)

A Summary of the Auditor's Detection and Reporting Responsibilities

143

(1)

Glossary of Terms

143

(1)

References

144

(1)

Review Questions

144

(1)

Objective Questions

144

(2)

Discussion/Case Questions

146

(5)

Audit Objectives and Audit Documentation

151

(26)

Overall Audit Objective

151

(1)

Assertions for Account Balances and Disclosures

152

(2)

Other Audit Assertions

154

(1)

Derivation of Audit Procedures from Audit Objectives

154

(1)

Audit Procedures for Control Risk Assessment and Substantive Tests

155

(2)

Control Risk Assessment Procedures

156

(1)

Tests of Details of Transactions and Balances

156

(1)

Analytical Procedures

156

(1)

Tests with Dual Purposes

157

(1)

Audit Documentation

157

(13)

Definition and Purposes of Working Papers

157

(1)

Ownership of Working Papers

158

(1)

Importance of Working Papers

158

(1)

Types of Working Papers

159

(4)

Form and Indexing

163

(6)

Client Assistance

169

(1)

Security of Working Papers

169

(1)

International Standards on Auditing

170

(1)

Glossary of Terms

170

(1)

References

170

(1)

Review Questions

171

(1)

Objective Questions

171

(2)

Discussion/Case Questions

173

(4)

Basic Auditing Concepts

177

(31)

The Sections of an Audit

177

(2)

The Audit Is Planned

178

(1)

The Internal Control Is Studied and Tested

178

(1)

Substantive Tests Are Performed

178

(1)

The Audit Report Is Issued

179

(1)

An Explanation of Assurances Provided by Auditors

179

(3)

Assurances Provided by the Auditor

179

(2)

Summary of Assurances Provided by the Auditor

181

(1)

The Use of Materiality in Planning and Performing an Audit

182

(5)

Materiality Considerations

183

(1)

Preliminary Estimates of Materiality in Planning

184

(2)

Use of Materiality in Evaluating Audit Evidence

186

(1)

The Use of Audit Risk in Planning an Audit

187

(7)

The Overall Planned Audit Risk

187

(1)

Assertions in Financial Statements

188

(2)

Setting Detection Risk for Each Assertion

190

(4)

Summary of Audit Risk for Planning the Audit

194

(1)

The Use of Audit Risk in Evaluating Evidence

194

(2)

Glossary of Terms

196

(1)

References

196

(1)

Review Questions

197

(1)

Objective Questions

197

(3)

Discussion/Case Questions

200

(8)

Planning the Audit

208

(35)

Acceptance of Clients

208

(7)

Audit Committees

210

(1)

Preacceptance Procedures

211

(2)

Continuation of Existing Clients

213

(1)

Engagement Letters

213

(2)

The Planning Process

215

(4)

Inherent Risk

215

(2)

Anticipated Reliance on Internal Control

217

(1)

Preliminary Judgment about Materiality

217

(1)

Potential Problem Areas

218

(1)

Type of Report to Be Issued

219

(1)

Sources of Planning Information

219

(2)

General Sources

219

(1)

Analytical Procedures

220

(1)

Development of an Audit Strategy

221

(1)

The Audit Program

222

(1)

Use of the Audit Risk Model in Planning

223

(1)

Scheduling the Audit Work

224

(3)

The Economics of Public Accounting

225

(1)

Segments of an Audit

225

(2)

Planning the First-Time Audit

227

(1)

International Standards on Auditing

228

(1)

Appendix: Illustration of the Property and Equipment and Accumulated Depreciation Section of an Audit Program

228

(4)

Glossary of Terms

232

(1)

References

232

(1)

Review Questions

232

(1)

Objective Questions

233

(2)

Discussion/Case Questions

235

(8)

Internal Control---Obtaining an Understanding

243

(39)

General Discussion

244

(1)

The Role of Tests of Controls

245

(1)

Discussion of Internal Control

245

(4)

Components of Internal Control

245

(4)

Limitations of Internal Control

249

(1)

Obtaining an Understanding of Internal Control---General Discussion

249

(2)

The Level of Understanding

249

(1)

Procedures to Obtain an Understanding

250

(1)

Documenting the Understanding of Internal Control

251

(4)

Flowcharts

252

(1)

Internal Control Questionnaires

253

(2)

The Audit Strategy

255

(4)

The Primarily Substantive Approach---Flowchart

256

(1)

The Primarily Substantive Approach---Discussion

256

(2)

The Lower Control Risk Approach---Flowchart

258

(1)

The Lower Control Risk Approach---Discussion

258

(1)

Comparison of the Two Audit Strategies

259

(1)

An Illustration of Accounts Receivable Assertions

260

(1)

Value-Added Considerations When Obtaining an Understanding of Internal Control

260

(1)

Appendix: The Relationship Among Transaction Cycles, Controls, and Assertions

260

(5)

Glossary of Terms

265

(1)

References

266

(1)

Review Questions

266

(1)

Objective Questions

267

(1)

Discussion/Case Questions

268

(14)

Internal Control---Testing, Assessing Control Risk, and Designing Substantive Tests

282

(39)

The Purpose of Tests of Controls

283

(1)

Procedures for Performing Tests of Controls

283

(2)

Inquiry of Appropriate Company Personnel

283

(1)

Inspection of Documents

284

(1)

Observation of the Application of the Policy or Procedure

284

(1)

Reperformance of the Policy or Procedure

284

(1)

Timing of Tests of Controls

285

(1)

The Use of Sampling to Perform Tests of Controls

286

(7)

Identification---Tests of Controls on Which Sampling Can Be Used

286

(1)

Definition---The Definition of a Deviation from an Internal Control Procedure

287

(1)

Definition---Definition of the Population

288

(1)

Selection---Methods of Selecting the Sample

289

(1)

Determination---Determining the Sample Size

290

(1)

Performance---Performing the Sampling Plan

291

(1)

Evaluation---Evaluating the Sample Results

292

(1)

Nonstatistical and Statistical Sampling

293

(1)

The Assessment of Control Risk

293

(2)

The Assessed Level of Control Risk

293

(1)

Documentation of the Assessed Level of Control Risk

294

(1)

Assessing Control Risk by Assertion

295

(1)

Evaluating the Level of Planned Substantive Tests

295

(1)

Communicating Internal Control Related Matters Noted in the Audit

296

(2)

Examples of Reportable Conditions

297

(1)

Communicating Reportable Conditions

297

(1)

Material Weaknesses

297

(1)

Engagements to Report on Internal Control

298

(1)

Appendix A: Example of a Test of Controls---Nonstatistical Sampling

298

(3)

Appendix B: Example of a Test of Controls---Statistical Sampling---Estimation Sampling for Attributes

301

(6)

Glossary of Terms

307

(1)

References

308

(1)

Review Questions

308

(1)

Objective Questions

308

(2)

Discussion/Case Questions

310

(11)

Obtaining an Understanding of Internal Control in a Computer Environment

321

(32)

Internal Control

322

(6)

Different Approach in a Computer System

322

(1)

Control Environment

323

(1)

Methods of Processing Transactions

324

(4)

Obtaining an Understanding of the Computer System

328

(1)

Computer Control Procedures

328

(9)

Organization and Operation Controls

329

(3)

Systems Development and Documentation Controls

332

(1)

Access Controls

333

(1)

Data and Procedural Controls

333

(1)

Commentary on General Controls

334

(1)

Input, Processing, and Output Controls

334

(3)

Appropriate Controls for an Online System

337

(1)

Control Considerations in Minicomputer and Microcomputer Systems

337

(2)

Obtaining an Understanding of Computer Control Procedures

339

(2)

Obtaining an Understanding of Computer Control Procedures---An Illustration

341

(1)

Summary

341

(1)

Glossary of Terms

341

(1)

References

342

(1)

Review Questions

342

(1)

Objective Questions

342

(3)

Discussion/Case Questions

345

(8)

Testing Controls and Gathering Evidence in a Computer Environment

353

(25)

Tests of Controls that Do Not Require Use of the Computer

354

(3)

Illustration of Tests of Controls

354

(1)

Discussion of Tests of Controls

354

(3)

Tests of Controls that Require Use of the Computer

357

(5)

Test Data

357

(3)

Integrated Test Facility

360

(1)

Online Audit Monitor

360

(2)

Parallel Simulation

362

(1)

Assessment of Control Risk

362

(1)

Definition of Computer-Assisted Audit Programs

363

(1)

Detailed Functions of Computer-Assisted Audit Programs

363

(2)

Description of Computer-Assisted Audit Programs

365

(1)

Audit Objectives and Computer Capabilities

366

(1)

The Use of Microcomputers to Gather and Document Audit Evidence

367

(1)

Microcomputer Systems in Audit Engagements

368

(1)

Critique of Computer-Assisted Audit Programs

369

(1)

The Auditors' Computer Proficiency

369

(1)

Fraud Detection

369

(1)

Expert Systems

370

(1)

Glossary of Terms

370

(1)

References

370

(1)

Review Questions

370

(1)

Objective Questions

371

(2)

Discussion/Case Questions

373

(5)

Evidence of Financial Statement Assertions

378

(44)

The Philosophy of Evidence Gathering

379

(4)

The Third Standard of Fieldwork

379

(1)

Guidelines for Evidence Gathering

379

(1)

The Competency of Audit Evidence

380

(1)

The Sufficiency of Audit Evidence

381

(2)

The Evaluation of Evidence

383

(1)

Evidence Gathering

383

(4)

The Means of Gathering Audit Evidence

384

(2)

The Characteristics of Audit Evidence

386

(1)

Audit Objectives

387

(1)

Audit Procedures

388

(3)

Obtaining Audit Evidence by Inquiry

390

(1)

Confirmations

390

(1)

Auditing Accounting Estimates

391

(1)

Analytical Procedures as Substantive Tests

392

(2)

Nature of Assertion

393

(1)

Plausibility and Predictability of the Relationship

393

(1)

Availability and Reliability of Data

393

(1)

Precision of the Expectation

393

(1)

A Business Approach to Gathering Evidence

394

(6)

Ratio Analysis

395

(1)

Regression Analysis

396

(3)

Relationships among Accounts

399

(1)

Evidence of Related Party Transactions

400

(1)

Evidence for the Consideration of an Entity's Ability to Continue as a Going Concern

401

(2)

Review and Evaluation of Evidence

403

(3)

The Review Process

403

(1)

Known, Projected, and Likely Misstatements

404

(2)

Communicating Audit Findings

406

(2)

Issuing the Audit Report

406

(2)

Communicating with the Audit Committee

408

(1)

Omitted Audit Procedures

408

(1)

Glossary of Terms

409

(1)

References

409

(1)

Review Questions

410

(1)

Objective Questions

410

(3)

Discussion/Case Questions

413

(9)

Sampling for Substantive Tests of Account Balances---Nonstatistical and Statistical

422

(48)

Sampling for Substantive Tests

423

(1)

Defining the Population

424

(1)

Sampling Techniques

425

(1)

Determining the Sample Size

425

(6)

Variation in the Population

425

(1)

Considerations in Setting the Risk of Incorrect Acceptance

426

(3)

Considerations in Setting the Risk of Incorrect Rejection

429

(1)

Tolerable Misstatement the Auditor Is Willing to Accept

429

(1)

The Expected Misstatement in the Population

430

(1)

Size of the Population

431

(1)

Method of Sample Selection

431

(1)

Performing the Sampling Plan

431

(1)

Evaluating Sample Results

432

(1)

Quantitative Evaluation

432

(1)

Qualitative Evaluation

433

(1)

An Illustration of a Substantive Test Using Nonstatistical Sampling

433

(5)

The Sampling Plan

433

(3)

Selection of the Sample

436

(2)

Qualitative Evaluation of the Sample Results

438

(1)

Classical Statistical Sampling Methods

438

(3)

Mean Estimation

438

(1)

Ratio Estimation

439

(1)

Difference Estimation

440

(1)

Application of Mean Estimation

441

(8)

Steps in Applying Mean Estimation

441

(1)

Estimation of an Accounts Receivable Balance

441

(8)

Probability Proportional to Size Sampling

449

(10)

Characteristics of PPS

450

(1)

An Illustration of PPS---Assuming No Misstatements Are Found

450

(3)

A More Detailed Illustration of PPS

453

(5)

Anticipating Misstatements in PPS Sampling

458

(1)

Summary

459

(1)

Glossary of Terms

459

(1)

References

460

(1)

Review Questions

460

(1)

Objective Questions

461

(2)

Discussion/Case Questions and Problems

463

(7)

Auditing the Working Capital Assertions---Part I

470

(37)

Cash

471

(9)

Audit Objectives

472

(1)

Audit Procedures and Working Papers

472

(7)

Value-Added Audit Considerations for Cash

479

(1)

Receivables

480

(11)

Audit Objectives

481

(1)

Audit Procedures and Working Papers

481

(9)

Value-Added Audit Considerations for Accounts Receivable

490

(1)

Prepayments

491

(4)

Audit Objectives

491

(1)

Audit Procedures and Working Papers

491

(4)

Glossary of Terms

495

(1)

References

495

(1)

Review Questions

495

(1)

Objective Questions

496

(3)

Discussion/Case Questions and Problems

499

(8)

Auditing the Working Capital Assertions---Part II

507

(36)

Inventories

508

(14)

Audit Objectives

509

(1)

Audit Procedures and Working Papers

509

(12)

Value-Added Audit Considerations for Inventories

521

(1)

Current Liabilities

522

(11)

Audit Objectives

523

(1)

Audit Procedures and Working Papers

523

(10)

Glossary of Terms

533

(1)

References

533

(1)

Review Questions

533

(1)

Objective Questions

534

(2)

Discussion/Case Questions and Problems

536

(7)

Auditing the Capital Asset and Financing Base Assertions

543

(38)

Property and Equipment and Accumulated Depreciation

544

(9)

Audit Objectives

544

(1)

Audit Procedures and Working Papers

545

(7)

Value-Added Audit Considerations for Property and Equipment

552

(1)

Long-Term Investments and Intangibles

553

(5)

Audit Objectives

554

(1)

Audit Procedures and Working Papers

554

(4)

Long-Term Liabilities

558

(5)

Audit Objectives

559

(1)

Audit Procedures and Working Papers

559

(4)

Value-Added Audit Considerations for Long-Term Debt

563

(1)

Equity Accounts

563

(7)

Audit Objectives

565

(1)

Audit Procedures and Working Papers

565

(4)

Value-Added Audit Considerations for the Equity Accounts

569

(1)

Glossary of Terms

570

(1)

References

570

(1)

Review Questions

570

(1)

Objective Questions

571

(3)

Discussion/Case Questions

574

(7)

Auditing the Operations, Contingencies, and Subsequent Events Assertions

581

(34)

Revenue and Expense

582

(7)

Audit Objectives

582

(1)

Audit Procedures and Working Papers

582

(6)

Value-Added Audit Considerations for Revenue and Expense

588

(1)

Minutes

589

(1)

Commitments and Contingencies

590

(5)

Audit Objectives

591

(1)

Audit Procedures and Working Papers

591

(3)

Value-Added Considerations for Contingencies

594

(1)

Subsequent Events

595

(8)

Audit Objectives

596

(1)

Audit Procedures and Working Papers

596

(7)

Glossary of Terms

603

(1)

References

603

(1)

Review Questions

603

(1)

Objective Questions

604

(2)

Discussion/Case Questions and Problems

606

(9)

The Standard Audit Report

615

(29)

The Standards of Reporting

616

(1)

The Standard Audit Report

617

(9)

Title of the Report

618

(1)

Addressing the Report

618

(1)

Audit of Financial Statements

618

(1)

Responsibilities of Management

618

(1)

Generally Accepted Auditing Standards

619

(1)

Reasonable Assurance

619

(1)

Materially Misstated

620

(1)

Appropriateness of Auditing Procedures

620

(1)

The Auditor's Opinion

620

(1)

Fair Presentation

621

(1)

Geneally Accepted Accounting Principles

622

(1)

Consistent Application of Accounting Principles

623

(2)

Report Date

625

(1)

Auditor's Name

626

(1)

Report Coverage of Prior-Year Financial Statements

626

(2)

Prior-Year Audited by Current Auditors

626

(1)

Prior-Year Financial Statements Not Audited

627

(1)

Prior-Year Financial Statements Audited by Predecessor Auditors

627

(1)

Reports on Financial Statements Prepared for Use in Other Countries

628

(1)

Annual Reports and Other Documents Containing Audited Financial Statements

629

(1)

Required Supplementary Information

629

(1)

Other Information

629

(1)

Effect of Events Subsequent to Issuance of the Audit Report

630

(1)

International Standards on Auditing

630

(1)

Glossary of Terms

631

(1)

References

631

(1)

Review Questions

631

(1)

Objective Questions

632

(3)

Discussion/Case Questions

635

(9)

Modifications of the Standard Audit Report

644

(31)

Modifications Other Than Qualifications, Disclaimers, or Adverse Opinions

645

(6)

Reference to Other Auditors' Participation in an Audit

645

(1)

Emphasis of a Matter Included in the Financial Statements

646

(2)

Rule 203 Matter

648

(1)

Inconsistent Application of Accounting Principles

649

(1)

Going Concern

650

(1)

Modifications Resulting in Qualifications, Disclaimers, or Adverse Opinions

651

(4)

Qualified Reports

651

(2)

Disclaimers of Opinion

653

(2)

Adverse Opinions

655

(1)

Summary of the Forms of Qualifications, Disclaimers, and Adverse Opinions

655

(1)

Scope Limitations

656

(2)

Departures from Generally Accepted Accounting Principles

658

(4)

Different Reports on Different Years

662

(1)

International Standards on Auditing

663

(1)

Commentary

663

(1)

Glossary of Terms

664

(1)

References

665

(1)

Review Questions

665

(1)

Objective Questions

666

(3)

Discussion/Case Questions

669

(6)

Other Types of Reports

675

(35)

Reports Providing Maximum Levels of Assurance

677

(7)

Reports on Financial Statements Prepared in Conformity with a Comprehensive Basis of Accounting Other Than Generally Accepted Accounting Principles

678

(1)

Reports on Specified Elements, Accounts, or Items of a Financial Statement

679

(1)

Examination of Financial Forecasts and Projections

680

(4)

Reports Providing Limited Levels of Assurance

684

(6)

Review of Financial Statements of a Nonpublic Company

684

(2)

Review of Interim Financial Information of a Public Company

686

(1)

Letter for Underwriter Covering Unaudited Financial Statements and Certain Subsequent Changes Therein

687

(2)

Reports on Compliance with Contractual Agreements or Regulatory Requirements Related to Audited Financial Statements

689

(1)

Application of Agreed-upon Procedures

689

(1)

Reports Providing a Minimum Level of Assurance

690

(4)

Compiled Financial Statements of a Nonpublic Company

690

(2)

Compilation of Financial Forecasts and Projections

692

(1)

Unaudited Financial Statements of a Public Company

693

(1)

Reports on Accompanying Information in Auditor-Submitted Documents

694

(1)

Pro Forma Financial Information

695

(1)

Appendix: Flowchart of Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements

696

(1)

Glossary of Terms

697

(1)

References

697

(1)

Review Questions

698

(1)

Objective Questions

699

(3)

Discussion/Case Questions

702

(8)

Operational and Compliance Auditing

710

(31)

Operational Auditing

711

(1)

Definition of Operational Auditing

711

(1)

Differences Between Operational and Financial Audits

711

(1)

Demand for Operational Audits

712

(1)

Internal Auditors

712

(1)

An Approach to an Operational Audit

713

(1)

Planning the Operational Audit

713

(2)

Gathering Evidence of Performance

715

(1)

Analysis and Investigation of Deviations

716

(1)

Determining Corrective Action

717

(1)

Reporting the Results of an Operational Audit

717

(3)

Operational Audits of Specific Activities

720

(1)

Examples of Efficiencies Resulting from Operational Audits

721

(1)

Summary of Operational Auditing

722

(1)

Compliance Auditing

722

(2)

Audits of Government Entities

722

(2)

The Single Audit Act

724

(1)

Compliance Auditing Responsibilities in Government Audits

724

(7)

Compliance Auditing in Audits Conducted in Accordance with Generally Accepted Auditing Standards

724

(1)

Reporting under Government Auditing Standards

725

(3)

Responsibilities under the Single Audit Act

728

(2)

Summary of Reporting in a Government Audit

730

(1)

Glossary of Terms

731

(1)

References

732

(1)

Review Questions

732

(1)

Objective Questions

733

(2)

Discussion/Case Questions

735

(6)

Index

741

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Auditing An Assertions Approach

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