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Author Bagshaw, Katharine
Title Core Auditing Standards for Practitioners : For Practitioners
Imprint New York : John Wiley & Sons, Incorporated, 2014
©2013
book jacket
Edition 1st ed
Descript 1 online resource (198 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Note Intro -- Core Auditing Standards for Practitioners -- Copyright -- Contents -- Introduction -- Why Read This Book? -- Good quality, smaller ISA audits are conducted all over the world, profitably -- No, You Do Not Need to Read All of the ISAs, But You Do Need to Understand Them, Especially the Core ISAs -- Why Are These ISAs the 'Core' Auditing Standards? -- Audit quality and professional scepticism -- Closing the gap between auditing standards and firm methodologies -- Chapter 1: Smaller Entity Audits -- 1.1 The Issues -- 1.1.1 One-size-fits-all auditing standards -- 1.1.2 Auditor efficiency -- 1.1.3 Regulatory attitudes -- 1.1.4 The quality of audit methodologies -- 1.2 What the Regulators Say -- 1.3 What Practitioners Say -- 1.4 What the Standards Say -- 1.4.1 Defining a smaller entity -- 1.4.2 Practice Note 26: smaller entity audit documentation -- 1.4.3 The building blocks of the right approach to smaller entity audits -- 1.4.4 Ten top tips for cost-effective smaller and less complex audits -- Chapter 2: Materiality -- 2.1 The Issues -- 2.1.1 Issues for standard-setters and regulators -- 2.2 What the Regulators Say -- 2.2.1 AQRT -- 2.2.2 QAD -- 2.2.3 Other regulators -- 2.2.4 IAASB's ISA Implementation Monitoring Project -- 2.3 What Practitioners Say -- 2.4 What the Standards Say -- 2.4.1 Materiality and performance materiality -- 2.4.2 Applying materiality and performance materiality -- 2.4.3 Audit documentation -- 2.4.4 Revising materiality, final materiality -- 2.4.5 What is 'clearly trivial'? -- 2.4.6 Evaluating misstatements -- Chapter 3: Related Parties -- 3.1 The Issues -- 3.1.1 Issues for standard-setters and regulators -- 3.2 What the Regulators Say -- 3.2.1 QAD -- 3.2.2 Other regulators -- 3.2.3 IAASB's ISA Implementation Monitoring project -- 3.3 What Practitioners Say -- 3.4 What the Standards Say
3.4.1 Unidentified and undisclosed related parties and transactions -- 3.4.2 Fraud risk factors -- 3.4.3 Transactions not at arm's length, outside the normal course of business and with Special Purpose Entities -- Chapter 4: Get This Right and the Rest Falls into Place: Understanding the Entity and Assessing Risk -- 4.1 The Issues -- 4.1.1 Risk-based auditing is not new -- 4.1.2 Over-auditing low risk areas is a distraction: it diverts attention from more significant risks -- 4.1.3 Over-auditing: harder to tackle than under-auditing and a threat to audit quality -- 4.1.4 Understanding the entity, assessing risk and responding to it -- 4.1.5 ISA 315: too long, too complicated, too focused on internal control ... -- 4.2 What the Regulators Say -- 4.2.1 AQRT -- 4.2.2 QAD -- 4.2.3 Other regulators -- 4.2.4 IAASB's ISA Implementation Monitoring project -- 4.3 What Practitioners Say -- 4.3.1 The importance of a risk-based audit -- 4.3.2 Why so much emphasis on internal control? -- 4.3.3 Documenting the auditors' understanding of the entity -- 4.3.4 Presumptions in ISAs about risk -- 4.4 What the Standards Say -- 4.4.1 Understanding the entity and risk assessment: how they interact -- 4.4.2 Understanding the entity: focusing on what is important by ignoring what is irrelevant -- 4.4.3 Understanding the entity: internal controls -- 4.4.4 Understanding the entity: documentation -- 4.4.5 Risk assessment -- 4.4.6 Risk at the financial statement and assertion levels -- 4.4.7 Risk assessment procedures -- 4.4.8 Fraud risks -- 4.4.9 Risks that require special audit consideration -- 4.4.10 Revising the risk assessment -- 4.4.11 Documenting the risk assessment -- 4.4.12 Risks where substantive procedures alone are insufficient -- 4.4.13 Reliance on internal controls -- 4.4.14 Engagement team discussions
Chapter 5: Really Efficient Audits: What Sort of Evidence Do I Really Need? -- 5.1 The Issues -- 5.2 What the Regulators Say -- 5.2.1 AQRT -- 5.2.2 QAD -- 5.3 What Practitioners Say -- 5.3.1 Reliance on internal control in smaller audits is often inefficient -- 5.3.2 Over-documenting, under-documenting and wrestling with methodologies -- 5.3.3 Can we use analytical procedures to obtain audit evidence? -- 5.4 What the Standards Say -- 5.4.1 Responding to risk: substantive procedures -- 5.4.2 Responding to significant risks -- 5.4.3 Using analytical procedures in response to risk -- 5.4.4 Using internal controls efficiently -- 5.4.5 Tests of control -- 5.4.6 Substantive procedures during the financial statement closing process -- 5.4.7 Documentation -- Chapter 6: Fraud -- 6.1 The Issues -- 6.1.1 Brief, complicated encounters -- 6.1.2 Where does fraud really start? -- 6.1.3 Does fraud really matter for audit purposes? -- 6.1.4 Issues for policy-makers -- 6.2 What the Regulators Say -- 6.2.1 AQRT -- 6.2.2 QAD -- 6.2.3 Other regulators -- 6.2.4 IAASB's ISA Implementation Monitoring project -- 6.2.5 IESBA proposals for reporting on illegal acts -- 6.3 What Practitioners Say -- 6.3.1 What is fraud? -- 6.3.2 Assessing fraud risks: trusting auditor instincts -- 6.3.3 Audit as a deterrent to fraud -- 6.3.4 Management fraud -- 6.4 What the Standard Says -- 6.4.1 What fraud is -- 6.4.2 Assessing fraud risks -- 6.4.3 Responding to assessed risks of fraud -- 6.4.4 Additional procedures -- 6.4.5 Reporting within the entity -- 6.4.6 Reporting outside the entity to shareholders and third parties -- Chapter 7: Communications with Those Charged with Governance -- 7.1 The Issues -- 7.1.1 The distinction between management and those charged with governance -- 7.1.2 What needs to be communicated: matters of governance interest
7.1.3 Communications with smaller audited entities: avoiding irritation -- 7.1.4 Issues for standard-setters and regulators -- 7.2 What the Regulators Say -- 7.2.1 AQRT -- 7.2.2 Other regulators -- 7.2.3 IAASB's ISA Implementation Monitoring project -- 7.3 What Practitioners Say -- 7.4 What the Standard Says -- 7.4.1 Who are those charged with governance? -- 7.4.2 What gets communicated? -- 7.4.3 What has to be in writing -- 7.4.4 ISA 265: Communicating deficiencies in internal control -- 7.4.5 ISA 210 Engagement letters -- 7.4.6 Representation letters -- Chapter 8: Group Audits -- 8.1 The Issues -- 8.1.1 Issues for standard-setters and regulators -- 8.2 What the Regulators Say -- 8.2.1 AQRT -- 8.2.2 QAD -- 8.2.3 Other regulators -- 8.2.4 IAASB's ISA Implementation Monitoring project -- 8.3 What Practitioners Say -- 8.3.1 The audit of letterbox companies -- 8.3.2 The impact of ISA 600 on component auditors -- 8.3.3 Group auditors and networks that also audit all components -- 8.4 What the Standards Say -- 8.4.1 Work required: significant and non-significant components -- 8.4.2 Group and component materiality -- 8.4.3 Evaluating the competence and independence of component auditors -- 8.4.4 Understanding the group, the consolidation process and subsequent events -- 8.4.5 Group auditor involvement in component risk assessments and communications with component auditors and group management -- 8.4.6 Practical examples -- Chapter 9: Other Things Good Auditors Need to Know About ISAs -- 9.1 Other Good Things - The Issues -- 9.2 ISA 230 on Documentation - The Issues -- 9.3 Documentation - What the Regulators Say -- 9.4 Documentation - What Practitioners Say -- 9.5 Documentation - What the Standards Say -- 9.5.1 Documentation: objectives -- 9.5.2 Documentation: of what? -- 9.5.3 Other reasons for documentation that might result in 'more' on the file
9.5.4 Assembling the final audit file -- 9.6 ISA 501 on Additional Considerations for Specific Items - The Issues -- 9.7 Inventory - What the Regulators Say -- 9.8 Inventory - What Practitioners Say -- 9.8.1 Can auditors use the work of external experts who count inventory? -- 9.8.2 Attendance at year-end counts -- 9.9 ISA 510 on Initial Engagements and Opening Balances - The Issues -- 9.10 Initial Engagements - What the Regulators Say -- 9.11 Initial Engagements - What Practitioners Say -- 9.11.1 Limitation of scope -- 9.11.2 Reliance on accountancy work -- 9.12 Initial Engagements - What the Standards Say -- 9.13 ISA 530 on Audit Sampling - The Issues -- 9.14 Audit Sampling - What the Regulators Say -- 9.15 Audit Sampling - What Practitioners Say -- 9.15.1 Sample sizes -- 9.15.2 The need for statistical methods -- 9.16 Audit Sampling - What the Standards Say -- 9.16.1 Sample sizes -- 9.16.2 Sample selection -- 9.16.3 Stratifying the sample -- 9.16.4 Selection methodologies -- 9.16.5 How to deal with errors -- 9.17 ISA 540 on Accounting Estimates - The Issues -- 9.18 Accounting Estimates - What the Regulators say -- 9.19 Accounting Estimates - What Practitioners Say -- 9.20 Accounting Estimates - What the Standards Say -- 9.20.1 Summary of Requirements -- 9.20.2 Understanding accounting estimates -- 9.20.3 The prior period review -- 9.20.4 Estimation uncertainty and risk assessment -- 9.20.5 Responding to risk - all accounting estimates -- 9.20.6 Estimates that represent significant risks -- 9.20.7 Example -- 9.21 ISA 560 on Subsequent Events - The Issues -- 9.22 Subsequent Events - What the Regulators Say -- 9.23 Subsequent Events - What Practitioners Say -- 9.24 Subsequent Events - What the Standards Say -- Index
The only book on the market specifically designed to help audit staff stay ahead of inspectors This comprehensive, practical, and theoretical guide covers the key ISAs that underpin audit methodologies and the recently revised ISAs that cause practitioners the most concern. It is designed to enhance auditors' understanding of critical ISAs, reducing their dependence on methodologies to mediate and explain ISA requirements. Using plenty of examples, the book helps audit staff learn to tailor audit methodologies and remove redundancies, as well as form high-quality judgments with a thorough grounding in ISA to serve in discussions with file reviewers and audit inspectors. Features practical examples that appeal to auditors with technical responsibilities Covers key topics such as smaller audits, management override of controls, documenting judgments, and dealing with accounting estimates and written presentations Ideal for practitioners in companies and accounting firms, as well as auditing students Includes access to a companion website with constantly updating ISAs and case studies Mixing theory with practical examples, Core Auditing Standards for Practitioners provides experienced audit staff with key ISA-related information they need to succeed
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Bagshaw, Katharine Core Auditing Standards for Practitioners : For Practitioners New York : John Wiley & Sons, Incorporated,c2014 9781118707111
Subject Auditing -- Standards
Electronic books
Alt Author Selwood, John
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