Focusing on auditing as a judgment process, this unique textbook helps readers strike the balance between understanding auditing theory and how an audit plays out in reality.
The only textbook to provide complete coverage of both the International Auditing and Assurance Standards Board and the Public Company Accounting Oversight Board, Auditing reflects the contemporary evolution of the audit process. New additions to the book include expert updates on key topics, such as the audit of accounting estimates, group audit, and the Integrated Audit.
Supplemented by extra on-line resources, students using this established text will be well-equipped to be effective auditors and to understand the role of auditing in the business world.
1. Assurance and Auditing 2. Managing Risk: The Role of Auditing and Assurance 3. The Building Blocks of Auditing 4. The Audit Process 5. Understanding the Client’s Industry and Business: Strategic Analysis and Management Controls 6. Understanding the Client’s Industry and Business: Processes and Process Controls 7. Risk Mitigation and the Audit: Internal Control over Financial Reporting In A GAAS Audit 8. Internal Control over Financial Reporting In an Integrated Audit 9. Inquiry and Analytical Evidence Including Auditing of Accounting Estimates 10. Designing Substantive Tests: Responses to Residual Risks 11. Audit Testing for the Sales and Customer Service Process 12. Audit Testing for the Supply Chain and Production Process 13. Auditing Resource Management Processes 14. Completing the Audit I: Final Evidence Aggregation and Analysis 15. Completing the Audit II: Audit Reporting 16. The Ethical Auditor: Factors Affecting Auditor Decision-Making 17. Interpreting Sample-Based Audit Evidence
Biography
W. Robert Knechel is the Frederick E. Fisher Eminent Scholar in Accounting at the University of Florida, USA. He is currently the Director of the International Center for Research in Accounting and Auditing (ICRAA). He holds honorary faculty appointments at the University of Auckland, New Zealand and KU Leuven, Belgium.
Steven E. Salterio is the Director of the CPA Centre for Governance, the PWC/O’Neill Faculty Research Fellow in Accounting, and a Professor of Business at the Stephen J. R. Smith School of Business, Queen’s University, Canada. He is a Fellow of the Chartered Professional Accountants of Ontario (formerly the Institute of Chartered Accountants of Ontario).
Knechel and Salterio’s Auditing: Assurance and Risk is an innovative book that takes a wide ranging approach to the auditor’s assessment of an organization’s environment and business risk. The new edition is a valuable update of this approach.
David Hay, The University of Auckland Business School, New Zealand
Two features set this textbook apart from many others. First, it is truly global in scope. Second, it goes beyond definitions and explanations of how audits are performed. It challenges students to think critically, at a higher level, with excellent examples and thoughtful cases. Great textbook!
Pamela R. Murphy, Stephen J.R. Smith School of Business, Queen's University, Canada
111 jurisdictions around the globe have committed to using the International Standards on Auditing (ISAs). This includes the USA for the audits of private entities. For US public entities, it is the standards from the PCAOB. These two suites of standards have much in common. In particular, their focus on the risk of material misstatements in financial reporting and what auditors need to do to obtain reasonable assurance that such misstatements are not the case. Knechel and Salterio guide students through this landscape full of challenges. This fourth edition is updated in many ways – including the major changes in Auditor Reporting.
Arnold Schilder, Chairman, International Auditing and Assurance Standards Board (IAASB), USA
