The Audit Process provides an essential introduction to the principles and practices of auditing. This accessible textbook guides students through every step of the audit process and provides plenty of opportunities to practise what they are learning. Completely updated in line with the latest standards, regulatory processes and corporate governance, the seventh edition of this comprehensive text is ideally suited for auditing modules taught on undergraduate and postgraduate courses in accounting and finance.
1. Why are auditors needed? 2. An overview of the postulates and concepts of auditing 3. Auditor independence 4. Audit regulation 5. An introduction to corporate governance 6. Risk 7. Evidence 8. Systems work basic ideas 1 9. Systems work basic ideas 2 10. Testing and evaluation of systems 11. Substantive testing, CAAT and audit programmes 12. Sampling and materiality 13. Final work: general principles and analytical review of financial statements, and management assertions on financial statement heading 14. Final work: non-current assets, trade receivables and financial assets 15. Final work: specific problems relating to inventories, construction contracts, trade payables and financial liabilities 16. Final review: post balance sheet period, provisions, contingencies, letter of rep. 17. Assurance engagements and internal audit 18. The Audit Report, including reporting on Corporate Governance 19. Fraud and going concern 20. The audit expectations gap and audit quality 21. The auditor and liability under the law 22. Issues in auditing 23. Examination hints and final remarks
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