Audit Procedures 2008

Front Cover
CCH, Dec 1, 2007 - Business & Economics - 1000 pages
2 Reviews
Designed specifically to help practitioners prevail in the current climate of intense scrutiny, Audit Procedures presents the conservative and cost-effective approach needed to conduct a higher-quality audit of nonpublic commercial entities. Practical discussion and consideration of the day-to-day management of audit engagements enhance the quality of the auditor's practice while easy-to-read and easy-to-understand advice, procedures, and practice aids enable practitioners to put official pronouncements into action immediately. The 2008 Edition integrates Knowledge-Based Audits of Commercial Entities and explains the AICPA's Auditing Standards Board's new risk assessment standards, which represent significant changes to existing audit practice.
 

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Contents

PreEngagement Activities 1
1-7
Establishing an Understanding with the Client 1
1-21
Overall Audit Approach Audit
1-25
OVERALL AUDIT APPROACH AUDIT
2-3
Evidence and Workpapers 2 01
2-7
Identifying Managements Assertions 2 17
2-17
Use of Relevant Assertions to Assess Risks
2-22
General Audit Procedures 21 01
2-31
Inventory 12 01
9-69
Property Plant and Equipment 13 01
9-109
Prepaid Expenses Deferred Charges
9-127
Intangibles and Other Assets 14 01
9-129
Accounts Payable and Purchases 15 01
9-143
Payrolls and Other Liabilities 16 01
9-157
Income Taxes 17 01
9-167
CONTENTS
9-168

Audit DocumentationWorkpapers 2 39
2-39
Final Assembly of the Audit Documentation 2
2-45
Organization of Workpapers 2
2-51
Exhibits 2
2-57
Engagement Letters 1 23
3-1
Audit Planning 3 01
3-3
Concluding the Audit 22 01
3-32
Applying the Concept of Materiality 4 16
4-16
Audit Risk and Materiality 4 01
5-4
Risk Assessment Procedures Obtaining
6-2
an Understanding of the Entity and Its Environment 5 01
6-5
to Assessed Risks 6 01
6-8
Determining Whether Audit Sampling Is Necessary 7 04
7-4
Extent of Audit Procedures and Sampling 7 01
7-7
Analytical Procedures 8 01
8-5
Illustration of Audit Sampling Approach for Substantive
8-7
Ratio Analysis 8 08
8-8
Audit Efficiency and Effectiveness and CostSaving 8 16
8-16
Cash 9 01
9-9
Investments in Securities Derivative
9-13
Instruments and Hedging Activities 10 01
9-18
Accounts Receivable and Sales 11 01
9-37
Potential Errors and Fraud and Examples
9-178
CONTENTS
9-188
Debt Obligations 18 01
9-189
Financial Accounting and Reporting 18 09
9-195
CONTENTS
9-204
Equity 19 01
9-205
Revenue and Expenses 20 01
9-215
OVERVIEW
9-227
Significant Risks and Uncertainties 21 22
9-248
Substantive Tests of Environmental Remediation
9-255
Materiality Considerations in Audit Inquiry Letters 21 38
9-264
Subsequent Events 21 43
9-270
Management Representations Letter 21 67
9-293
General Ledger and Journal Entries 21 73
9-299
Overall Analytical Review 22 06
9-322
Workpapers Review 22 21
9-338
Auditors Reports 23 01
9-375
Accounting Resources on the Web WEB 01
9-421
CrossReference to Original Pronouncements CR 01
9-439
About the CDROM CD
9-465
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