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Auditing and Assurance Services in Australia

Auditing and Assurance Services in Australia

ISBN 9780074717417
Purchase Type Buy New
Publisher McGraw-Hill Australia
This product has been discontinued.
This innovative text provides students with a solid theoretical grounding in all aspects of auditing, and leads the way by maintaining its focus on the business risk approach to auditing. It has been updated to take into account the new regulatory environment resulting from the new Force of Law Australian Auditing Standards and the new Code of Ethics for Professional AccountantsAuditing and Assurance Services in Australia is divided into five parts:The Auditing and Assurance Services Profession: Introduces the concepts of, and relationship between, auditing and assurance services. It outlines recent developments arising from the International Auditing Practices Committee's (IAPC) proposed assurance framework, and considers other influences on the environment associated with assurance providors. The uncertainty of the extent of the assurance service provider's exposure to liability and attempts to limit that liability are also discussed.Planning and Risk: Explains the importance of the concepts of planning and risk identification, primarily within the structure of the financial report audit, although the concepts and processes could be extended to other assurance services. It provides a framework for the planning stage, and take the reader into an assessment of audit and strategic business risk, inherent risk, and control risk. The important concepts of relevant financial report assertions, materiality and analytical procedures are also dealt with.Procedures for Collecting Evidence: Covers the major evidence-gathering procedures of the assurance services engagements including tests of transactions, incorporating tests of controls for the control risk assessment and substantive tests of controls for the detection risk assessment. There is a chapter explaining the specialized considerations associated with use of sampling as a form of evidence gathering, and a chapter dealing with the specific evidence gathering techniques in a computer information systems (CIS) environment, as well as advanced issues associated with CIS.Completion and Reporting: Deals with the completion and communication stages of the assurance services engagement, including general procedures and related matters dealt with near the completion of the engagement, the standard financial report audit report and the various ways in which it can be modified or qualified, as well as reporting mechanisms for other assurance services, and mechanisms of communicating with report users.Other Assurance Services: Assurance services, other than those directly associated with a financial report audit, including comparison of new the internal audit approach (which incorporates more of a business strategy approach) with traditional internal audit approaches, assurance services in the public sector, the concepts of accountability and audit mandates, and the phases of a performance audit.
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