TAILIEUCHUNG - Ebook Auditing and assurance services - an integrated approach (16/E): Part 2

Part 2 book “Auditing and assurance services - an integrated approach” has contents: Audit sampling for tests of controls and substantive tests of transactions, audit sampling for tests of details of balances, audit of the payroll and personnel cycle, audit of the inventory and warehousing cycle, and other contents. | 13 Chapter Overall audit Strategy and audit PrOgram Learning Objectives Change in Audit Strategy Pays Dividends After studying this chapter, you should be able to Lakeisha Jackson was the in-charge auditor at Probert and Reed, a large regional public accounting firm. As she was wrapping up the audit of Simpson Industries, a large, privately held clothing manufacturer, Jason Locke, the manager on the engagement, announced that he was leaving the firm. Susan Reed, the partner on the engagement, told Jackson that she would be the manager on the following year’s engagement. Reed further told her, “I’d like you to do some early planning for next year’s audit. The client would like us to keep any fee increase minimal. I’d like to see how we can adjust our audit approach to reduce audit hours, but maintain or even increase audit quality.” 13-1 Use the five types of audit 13-2 13-3 13-4 13-5 13-6 13-7 tests to determine whether financial statements are fairly stated. Select the appropriate types of audit tests. Understand the concept of evidence mix and how it should be varied in different circumstances. Design an audit program. Compare and contrast transaction-related audit objectives with balance-related and presentation and disclosurerelated audit objectives. Understand key evidence-related terms. Integrate the four phases of the audit process. Jackson spent several hours reviewing the audit files and time budget. “I wonder how Susan is going to feel about changing our audit approach when she sees these hours charged to the client,” she thought. Still, she had some ideas. Most of the hours on the engagement were spent on inventory and accounts receivable. In addition, because Simpson had extensive fixed assets, considerable hours were also spent testing fixed assets. Simpson had excellent controls, and had recently invested in their inventory accounting system, including new hand-held scanners that made it easy to track inventory. They

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• Auditing and assurance services
• Assurance services
• Audit sampling
• Substantive tests
• Warehousing cycle
• The payroll and personnel cycle
• Repayment cycle
• Auditing services
• Financial statement auditing
• Auditing business processes
• Auditing internal control
• Internal auditing services
• Internal auditing
• Financial statement audit
• Auditing environment
• Professional standards
• Auditing standards
• Auditing demands logic
• Auditing the purchasing process
• Auditing the financing
• Financial statement auditing environment