Test bank for Auditing: A Risk Based-Approach to Conducting a Quality 10th edition by Karla Johnstone

Test bank for Auditing: A Risk Based-Approach to Conducting a Quality 10th edition by Karla Johnstone

Test bank for Auditing: A Risk Based-Approach to Conducting a Quality 10th edition by Karla Johnstone

As today’s auditing environment continues to change in dramatic ways, those entering the profession must be prepared to handle a high standard of responsibility. You can prepare with the help of AUDITING: RISK-BASED APPROACH TO CONDUCTING QUALITY AUDITS, 10E. AUDITING reflects the latest clarified auditing standards and the newest PCAOB standards, while discussing the COSO’s Internal Control-Integrated Framework and the AICPA’s recently issued new audit sampling guidance. You’ll find the most recent professional developments with a new integrated emphasis on the latest fraud risks and ethical challenges throughout the book. New end-of-chapter problems as well as new cases provide valuable hands-on experience.

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Ch 1: Auditing: Integral to the Economy

Overview of the External Auditing Profession

Audit Quality

Achieving Audit Quality and Minimizing Lawsuits

Client Acceptance and Continuance Decisions

Summary and Next Steps

Ch 2: The Auditor’s Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and

Fraud Defined

The Fraud Triangle

Recent History of Fraudulent Financial Reporting

An Overview of the Auditor’s Fraud-Related Responsibilities and Users’ Expectations

The Sarbanes-Oxley Act of 2002 as a Regulatory Response to Fraud

The Post Sarbanes-Oxley World: A Time of Improved Corporate Governance

Summary and Next Steps

Ch 3: Internal Control over Financial Reporting: Responsibilities of Management and the External Aud

Importance of Internal Control over Financial Reporting

Defining Internal Control

Components and Principles of Internal Control

Management’s Responsibilities Related to Internal Control over Financial Reporting

Importance of Internal Control to the External Audit

Summary and Next Steps

Ch 4: Professional Liability, Auditor Judgment Frameworks, and Professional Responsibilities

The Legal Environment and the Effects of Lawsuits on Audit Firms

Applicable Laws and Causes of Legal Action

Auditor Liability under Contract Law, Common Law, and Statutory Law

Auditor Liability under Statutory Law

A Framework for Professional Decision Making

A Framework for Ethical Decision Making

Guidance on Professional Responsibilities and the Impact on Auditors’ Decisions

Summary and Next Steps

Ch 5: Professional Auditing Standards and the Audit Opinion Formulation Process

Professional Auditing Standards

The Audit Opinion Formulation Process

Summary and Next Steps

Ch 6: A Framework for Audit Evidence

Obtaining Sufficient Appropriate Audit Evidence

Appropriateness of Audit Evidence

Type and Timing of Audit Procedures

Sufficiency of Audit Evidence

Additional Evidence Considerations

Documenting Audit Evidence

Summary and Next Steps

Ch 7: Planning the Audit: Identifying and Responding to the Risks of Material Misstatement

The Concept of Materiality

Identifying and Assessing Risks of Material Misstatement

Responding to Identified Risks of Material Misstatement

Summary and Next Steps

Ch 8: Specialized Audit Tools: Sampling and Generalized Audit Software

Overview of Sampling and GAS as Tools for Gathering Audit Evidence

Objectives of Sampling and Risks Associated with Sampling

Nonstatistical and Statistical Sampling

Attributes Sampling

Using Sampling to Gather Evidence about Misstatements in Account Balances and Associated Assertions

Using GAS to Obtain Evidence

Summary and Next Steps

Ch 9: Auditing the Revenue Cycle

Significant Accounts, Disclosures, and Relevant Assertions

Performing Risk Assessment Procedures in the Revenue Cycle

Obtaining Evidence about Internal Control Operating Effectiveness in the Revenue Cycle

Obtaining Substantive Evidence about Accounts, Disclosures, and Assertions in the Revenue Cycle

Summary and Next Steps

Ch 10: Auditing Cash and Marketable Securities

Significant Accounts, Disclosures, and Relevant Assertions

Performing Risk Assessment Procedures for Cash Accounts

Obtaining Evidence about Internal Control Operating Effectiveness for Cash

Obtaining Substantive Evidence about Cash Accounts, Disclosures, and Assertions

Auditing Marketable Securities

Summary and Next Steps

Ch 11: Auditing Inventory, Goods and Services, and Accounts Payable: The Acquisition and Payment Cyc

Significant Accounts, Disclosures, and Relevant Assertions

Performing Risk Assessment Procedures in the Acquisition and Payment Cycle

Obtaining Evidence about Internal Control Operating Effectiveness in the Acquisition and Payment Cyc

Obtaining Substantive Evidence about Accounts, Disclosures, and Assertions in the Acquisition and Pa

Summary and Next Steps

Ch 12: Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal

Significant Accounts, Disclosures, and Relevant Assertions

Performing Risk Assessment Procedures for Long-Lived Assets

Obtaining Evidence about Internal Control Operating Effectiveness for Long-Lived Asset Accounts and

Obtaining Substantive Evidence about Accounts, Disclosures, and Assertions for Long-Lived Asset Acco

Summary and Next Steps

Ch 13: Auditing Debt Obligations and Stockholders’ Equity Transactions

Significant Accounts, Disclosures, and Relevant Assertions

Performing Risk Assessment Procedures for Debt Obligations and Stockholders’ Equity Transactions

Obtaining Evidence about Internal Control Operating Effectiveness for Debt Obligations and Stockhold

Obtaining Substantive Evidence in Auditing Debt Obligations and Stockholders’ Equity Transactions

Summary and Next Steps

Ch 14: Activities Required in Completing a Quality Audit

Review Activities

Communicating with Management and the Audit Committee (and Those Charged with Governance)

Summary and Next Steps

Ch 15: Audit Reports on Financial Statements

Principles Underlying Audit Reporting

Standard Unqualified Audit Reports on Financial Statements

Unqualified Audit Reports with Explanatory Language

Qualified Reports, Adverse Reports, and Disclaimers

Comparisons of Modifications to the Standard Unqualified Audit Report

Audit Reports on Internal Control over Financial Reporting

Summary and Next Steps

Ch 16: Advanced Topics Concerning Complex Auditing Judgments

Complex Auditing Judgments

Evaluating Misstatements

Assessing Long-Term Liabilities Involving Significant Subjective Judgment

Auditing Merger and Acquisition Activities

Auditing Management’s Fair Value Estimates and Related Impairment Judgments

Audit Considerations for Fair Market Estimates and Related Impairments

Auditing Financial Instruments

Evaluating a Client’s Internal Audit Function

Summary and Next Steps

Ch 17: Other Services Provided by Audit Firms

Nonaudit Attestation Services Provided by Audit Firms

Reviews and Compilations

Reviews of Interim Financial Information for Audit Clients

Special Considerations for Reporting

Attestation on Agreed-Upon Procedures, Financial Forecasts and Projections, and Pro Forma Financial

Forensic Accounting

Sustainability Reporting and Assurance

Test bank for Auditing: A Risk Based-Approach to Conducting a Quality 10th edition by Karla Johnstone