Test bank for Auditing A Practical Approach 3rd Canadian Edition by Robyn Moroney
Test bank for Auditing A Practical Approach 3rd Canadian Edition by Robyn Moroney
Auditing: A Practical Approach provides a concise, practical, and comprehensible option for students studying auditing at an undergraduate and postgraduate level. This course reflects how a quality audit is conducted in practice and the issues that are of greatest concern to industry professionals.
Table of Contents
Cover Page
Title Page
Copyright
About the Authors
Preface
Acknowledgments
Brief Contents
Contents
CHAPTER 1 Introduction and Overview of Audit and Assurance
1.1 Auditing and Assurance Defined
1.2 Demand for Audit and Assurance Services
1.3 Different Assurance Services
1.4 Different Levels of Assurance
1.5 Different Audit Opinions
1.6 Preparers and Auditors
1.7 The Role of Regulators and Regulations
1.8 The Audit Expectation Gap
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Case Study—Cloud 9
1.1 Research Question
1.2 Research Question
Notes
CHAPTER 2 Ethics, Legal Liability, and Client Acceptance
2.1 The Fundamental Principles of Professional Ethics
2.2 Independence
2.3 The Auditor’s Relationships with Others
2.4 Legal Liability
2.5 Client Acceptance and Continuance Decisions
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
2.1 Case Study—Cloud 9
2.1 Research Question
Further Reading
Notes
CHAPTER 3 Audit Planning I
3.1 Phases of an Audit
3.2 Gaining an Understanding of the Client
3.3 Related Parties
3.4 Fraud Risk
3.5 Going Concern
3.6 Corporate Governance
3.7 Information Technology
3.8 Closing Procedures
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Cases
Case Study—Cloud 9
3.1 Research Question
3.2 Research Question
Further Reading
Note
CHAPTER 4 Audit Planning II
4.1 Audit Risk
4.2 Materiality
4.3 Audit Strategy
4.4 Client Approaches to Measuring Performance
4.5 Analytical Procedures
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Integrative Case Study
Case Study—Cloud 9
4.1 Research Question
4.2 Research Question
Further Reading
CHAPTER 5 Audit Evidence
5.1 Assertions
5.2 Types of Audit Evidence
5.3 Persuasiveness of Audit Evidence
5.4 Using the Work of an Expert
5.5 Using the Work of Another Auditor
5.6 Evidence‐Gathering Procedures
5.7 Drawing Conclusions
5.8 Documentation—Audit Working Papers
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Case Study—Cloud 9
5.1 Research Question
Appendix 5A
CHAPTER 6 Sampling and Overview of the Risk Response Phase of the Audit
6.1 Audit Sampling
6.2 Sampling and Non‐sampling Risk
6.3 Statistical and Non‐statistical Sampling
6.4 Sampling Techniques and Factors Affecting Sampling
6.5 Factors That Influence the Sample Size—Testing Controls
6.6 Factors That Influence the Sample Size—Substantive Testing
6.7 Evaluating Sample Test Results
6.8 Tests of Controls and Substantive Procedures
6.9 Nature, Timing, and Extent of Audit Testing
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Case Study—Cloud 9
6.1 Research Question
CHAPTER 7 Understanding and Testing the Client’s System of Internal Controls
7.1 Internal Control Defined
7.2 Objectives of Internal Controls
7.3 Entity‐Level Internal Controls
7.4 Types of Controls
7.5 Selecting and Designing Tests of Controls
7.6 Documenting and Testing Internal Controls
7.7 Results of the Auditor’s Testing
7.8 Documenting Conclusions
7.9 Identifying Strengths and Weaknesses in a System of Internal Controls
7.10 Management Letters
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Cases
Case Study—Cloud 9
7.1 Research Question
Notes
CHAPTER 8 Execution of the Audit—Performing Substantive Procedures
Chapter Preview
8.1 Overview of Substantive Procedures
8.2 Relationship between Risk Assessment and the Nature, Timing, and Extent of Substantive Procedures
8.3 Substantive Audit Procedures
8.4 Levels of Evidence
8.5 Evaluating and Documenting Substantive Analytical Procedures’ Results
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
8.1 Case Study—Cloud 9
8.1 Research Question
CHAPTER 9 Auditing sales and receivables
Chapter Preview
9.1 Audit Objectives
9.2 The Process for Credit Sales Transactions
9.3 Audit Strategy
9.4 Determining an Acceptable Level of Detection Risk
9.5 Designing Substantive Procedures
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Cases
Case Study—Cloud 9
9.1 Research Question
CHAPTER 10 Auditing Purchases, Payables, and Payroll
10.1 Audit Objectives
10.2 The Process for Purchase Transactions
10.3 The Process for Payroll Transactions
10.4 Audit Strategy
10.5 Determining an Acceptable Level of Detection Risk
10.6 Designing Substantive Procedures
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Cases
Case Study—Cloud 9
10.1 Research Question
CHAPTER 11 Auditing Inventories and Property, Plant, and Equipment
11.1 Audit Objectives: Inventory
11.2 Custody of Inventory and Maintenance of Inventory Records
11.3 Audit Strategy: Inventory
11.4 Substantive Procedures for Inventories
11.5 Audit Objectives: Property, Plant, and Equipment
11.6 Audit Strategy
11.7 Designing Substantive Procedures for Property, Plant, and Equipment
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Case Study—Cloud 9
11.1 Research Question
CHAPTER 12 Auditing Cash and Investments
12.1 Audit Objectives for Cash
12.2 Audit Strategy for Cash
12.3 Substantive Procedures for Cash Balances
12.4 Special Considerations for Cash Balances
12.5 Audit Objectives for Investments
12.6 Audit Strategy for Investments
12.7 Substantive Procedures for Investments
12.8 Auditing Consolidated Financial Statements
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Case Study—Cloud 9
12.1 Research Question
CHAPTER 13 Completing and Reporting on the Audit
13.1 Engagement Wrap‐up
13.2 Going Concern
13.3 Contingent Liabilities
13.4 Subsequent Events
13.5 Misstatements
13.6 Evaluating the Conclusions and Forming an Opinion
13.7 Components of the Audit Report
13.8 Identification of the Types of Modifications to an Audit Report
13.9 Communication with Those Charged with Governance
13.10 Other Engagements
Summary
Key Terms
Self‐Test Questions
Review Questions
Professional Application Questions
Cases
Case Study—Cloud 9
13.1 Research Question
APPENDIX A Cloud 9 Ltd.
Cloud 9 Ltd. Company Background
Glossary
Index
EULA
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