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Modern Auditing and Assurance Services 6E

by: Leung, Philomena;Coram, Paul;Cooper, Barry J.;Richardson, Peter

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Retail Price: $170.00

Publisher: Wiley,04.07.14

Category: ECONOMICS Level: B/I/A

ISBN: 1118615247
ISBN13: 9781118615249

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Modern Auditing & Assurance Services, 6th edition, is written for courses in auditing and assurance at undergraduate, postgraduate and professional levels. The practice of auditing is explained in the context of auditing theory, concepts and current practice, with appropriate reference to the Australian auditing standards and the respective international standards on auditing.

Auditors play a vital role in the current economic environment, with increasing responsibility for ensuring market integrity. The development of auditing practice reflects how the accounting profession responds to the complex demands of information, competition, corporate failures and technology. Auditing continues to evolve in response to the changing business and regulatory landscape to maintain its relevance and importance. This book is a comprehensive guide to the development and practice of audits of a financial report, with an authoritative insight into the fundamental role of auditors, the influences on audits, and related issue

Table of Contents

Preface xii

Abbreviations xviii

How to use this book xix

Acknowledgements xxii


1 An overview of auditing 4

2 Governance and the auditor 44

3 Professional ethics, independence and audit quality 94

4 Other assurance engagements and quality standards 162

5 The auditor's legal liability 202


6 Overview of the audit of financial reports 248

7 The auditor's report 280

8 Client evaluation and planning the audit 314

9 Audit risk assessment 366

10 Materiality and audit evidence 414

part 3


11 Tests of controls 454

12 Designing substantive procedures 488

13 Audit sampling 526


14 Auditing sales and receivables 568

15 Auditing purchases, payables and payroll 618

16 Auditing inventories and property, plant and equipment 664

17 Auditing cash and investments 708


18 Completing the audit 758

Glossary 801

Index 811

Author Information

Philomena Leung is Professor and Head of the Department of Accounting and Corporate Governance at Macquarie University, Sydney. She has had extensive teaching experience at tertiary and postgraduate levels for over 30 years, specialising in auditing, ethics and corporate governance. Prior to undertaking the role at Macquarie University, Philomena held senior academic positions at Hong Kong Polytechnic University and in Australia at Victoria University, RMIT University and Deakin University. Her PhD in accounting ethics and her KPMG auditing experience from Hong Kong provide an insight into issues relevant to the accounting and auditing profession. Philomena has written for a number of academic and professional journals in the areas of auditing, corporate governance, ethics, internal auditing and accounting education. She has received a number of research grants and has led and co-authored many research projects in the areas of ethics education, internal auditing and professional issues. Philomena has spoken at many conferences and seminars and is a soughtafter speaker for national and international forums and media interviews. She is actively involved in the auditing profession, bridging between academia and practice. Philomena believes in supporting the development and reshaping of the profession in Australia and internationally.

Paul Coram is Professor of Accounting and Head of the School of Accounting and Finance at the University of Adelaide. Paul has a Masters in Accounting from the University of Western Australia and a PhD from the Australian National University. He worked as an auditor and became a Chartered Accountant with one of the Big Four firms in Australia, also gaining work experience as an auditor in London. He is actively involved with the Institute of Chartered Accountants and has been a member for over 20 years. Paul has postgraduate qualifications in education and was the inaugural winner of the Pearson Education Accounting Lecturer of the Year Award in 2001. Paul complements his teaching with research in auditing, and has a particular interest in the areas of audit quality and the value of assurance services. He has presented and published his research in Australia and internationally, and serves on the editorial board of the leading auditing journal, Auditing: A Journal of Practice and Theory.

Barry J Cooper is Professor of Accounting and Interim Head of the School of Accounting, Economics and Finance at Deakin University, Melbourne. He has a Bachelor of Commerce and a Master of Education from Melbourne University, a PhD from RMIT University, is a Fellow of CPA Australia and the Association of Chartered Certified Accountants (ACCA), and is a past global president of ACCA. After gaining experience as an auditor, Barry joined RMIT University in 1972 where he taught auditing and financial accounting. In 1987, he joined Hong Kong Polytechnic University and was Head of the Department of Accountancy for 4 years. After returning to Melbourne, he was appointed Head of Accountancy at RMIT University until late 1997, when he took leave and joined CPA Australia as National Director - Member Services. During his time at CPA Australia, Barry was responsible for the operations of the CPA divisions throughout Australia and Asia. After returning to RMIT, Barry later joined Deakin University and is currently Head of the School of Accounting, Economics and Finance at Deakin University. During his academic career, Barry has undertaken a number of research projects in the areas of auditing, ethics and accounting education, presented at numerous conferences, published a number of articles in professional and academic journals, and co-authored several books.

Peter D. Richardson is a manager with a public sector organisation as well as a teacher of financial reporting and auditing to students preparing for the exams of the ICAA and CPA Australia. He has a Bachelor of Commerce (Hons) and is a member of the Institute of Chartered Accountants in England and Wales. After spending 10 years working for various private accounting firms in the United Kingdom, Peter joined BPP Professional Education, a UK-based public company which, among other things, teaches students strategies for passing their UK professional accounting exams. After 6 years with BPP in the United Kingdom, Peter relocated to Singapore as Managing Director of the local BPP subsidiary, where he was responsible for setting up a BPP school. In 2006 he moved to Australia and joined Deakin University as a lecturer in accounting and auditing.

New to This Edition

- Audit Quality - readers will appreciate that audit quality is a concept that underpins most of this text. Audit quality is discussed in chapters 3 and 4 and is referred to throughout the text.
- The role, purpose and the market for the audit profession - this topic is referred to in chapters 1 and 2, as the global audit profession critically re-evaluates the effectiveness of the audit market and its regulation.
- Ethics and corporate governance - professional ethics as defined in detail in APES 110 has reinforced the concept of the public interest. Discussions on professional ethics and the related topic of corporate governance are paramount to auditing and assurance services. The latest ASX corporate governance principles, the overriding principle of the public interest, and the requirements for the auditor to be proactive in dealing with auditing issues by meeting with the audit committee members, are discussed in chapters 1, 3 and 18.
- Scepticism - the importance of the attribute of scepticism to auditors' judgements has increased significantly in recent years. More consideration of this attribute in planning and evaluation of evidence are included in chapters 8 and 10.
- Internal controls - COSO produced a new framework on internal control in 2013 and relevant changes from this new framework have been included in chapters 9 and 11.
- Latest developments in regulatory regimes and audit expectations - this text is deliberate in providing a well-rounded view of what the auditors do, in addition to performing the technical functions. The expectations of the auditors in relation to the aftermath of the global financial crisis, and the latest legal and regulatory changes such as those provided in the competition and consumer laws, are discussed in chapter 5.
- Audit reporting - the auditing profession has more recently re-examined the nature and extent of the audit report, and the language and presentation of the audit report to members. The topic of completing the audit is discussed in chapter 18, with details of means to communicate audit findings to various stakeholders. The key changes in the chapter include the explanation on matters relating to the going concern of the audit client. The IAASB has proposed to significantly reform the content of a standard audit report. This is contained in its 2013 Exposure Draft Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing. Chapter 7 on the auditor's report contains an extensive Professional Environment which outlines the main changes that are proposed in the ED. However, as a new standard is not planned to be released until late 2014 (after publication of this text) we could not include these changes in the main body of the chapter.
- Professional environment vignettes have been revised and updated throughout the text. These chapter vignettes present relevant, topical audit issues and/or events that relate the audit processes presented in the chapter to the business world.
- There has been a major revision to the end of chapter materials. In making these changes we have also utilised recent materials from the Institute of Chartered Accountants in Australia and the Association of Chartered Certified Accountants - we thank both of these organisations for their support.