Auditing: A Risk Based-Approach – 11th Edition (Ebook PDF)

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Auditing: A Risk Based-Approach – 11th Edition (Ebook PDF)

Authors: by Karla M Johnstone-Zehms (Author), Audrey A. Gramling (Author), Larry E. Rittenberg (Author)

The audit environment continues to change in dramatic ways, and Johnstone/Gramling/Rittenberg’s AUDITING: A RISK BASED-APPROACH, 11E prepares you for that fast-changing world by developing professional and ethical decision-making skills. AUDITING integrates the latest in standards, including new guidance from the PCAOB on audit reports, fraud risks, emerging topics such as data analytics, and ethical challenges facing today’s financial statement auditors within a framework of professional skepticism. Extensively re-written to be more engaging and reader friendly, AUDITING includes features include: “What You Will Learn” and “Let’s Review” sections that highlight important points in each chapter, and integrated true/false and multiple-choice questions throughout the chapter and “Check Your Basic Knowledge” to ensure understanding as you read. Finally, new end-of-chapter problems and new cases provide valuable hands-on experience. Trust AUDITING, 11E to help you master the full range of auditing issues in today’s evolving global.

PREFACE
The auditing environment continues to change in significant ways. University graduates entering the auditing profession today should be prepared for a high standard of responsibility, should be ready to serve the public interest, and should recognize the emerging issues and continuing points of focus facing auditors. Examples of today’s emerging issues and continuing points of focus facing the profession include:
• New accounting guidance from the Financial Accounting Standards Board on leases and revenue recognition.
• Increased need for critical thinking and professional skepticism.
• Increased and growing use of data analytics tools.
• Continued and increasing importance of ethical and professional decision making.
• Continued efforts toward international convergence of auditing standards of the American Institute of Certified Public Accountants (AICPA) and the International Auditing and Assurance Standards Board (IAASB).
• Reorganization of the Public Company Accounting Oversight Board (PCAOB) auditing standards to provide auditors and others with a logical framework and easy access to the standards governing the conduct of audits of public companies.
• The IAASB’s issuance of new and revised auditor reporting standards, which require auditors to provide more transparent and informative reports on the companies they audit, including the disclosure of key
audit matters.
• The PCAOB’s adoption of a new auditing standard on the auditor’s report, including the disclosure of critical audit matters.
The eleventh edition of Financial Statement Auditing: A Risk-Based
Approach represents the most up-to-date professional auditing guidance available and reflects the many emerging issues and continuing points of focus in the profession. This text provides students with the tools they need to understand the full range of issues associated with conducting a quality financial statement audit in an evolving national and global context.
Revision Themes and New Enhancements in the Eleventh Edition Coverage of Emerging Data Analytics Tools. Data analytics tools include qualitative and quantitative techniques and processes that auditors use to enhance their productivity and effectiveness in terms of extracting, categorizing, identifying, and analyzing patterns in their client’s data. Emerging data analytics tools facilitate testing 100% of a population, enabling the auditor to focus on potentially erroneous transactions or risky areas of the audit. These emerging tools also include sophisticated data visualization tools, for example, Tableau.
Data analytics tools also include familiar platforms such as Excel, ACL, and IDEA; the landscape is changing dramatically and quickly in this space, so instructors and students must be adaptive to fast-paced change. We introduce key terms and explain data analytics tools in an expanded Chapter 8, with an entirely new section, “Using Data Analytics Tools to Obtain and Evaluate
Evidence.” We also include end-of-chapter problems to reinforce opportunities to employ data analytics tools within Chapter 8 and the following cycle chapters (e.g., data analytics in the revenue cycle in Chapter 9).
Auditing Standards Exhibit–PCAOB, AICPA, and IAASB–appears inside the front cover of this textbook. This exhibit allows for easy access to relevant standards and provides a platform for relative comparisons across each of the standards-setting bodies. End-of-chapter problems require students to review and apply the material in the Auditing Standards Exhibit. These problems provide students with practice completing task-based simulations similar to what they will see on the CPA exam; we highlight these problems with an identifying icon.
Three New Learning Engagement Features. Students today demand more than case facts and standard lectures. They require opportunities to engage with the instructor and classmates on important topics facing the profession.
• “Why It Matters” feature. This feature helps students see beyond the factual insights provided in the chapters. Elements include for example, extensions based on in-the-news examples that illustrate fundamental features and applications of text facts, professional standards in foreign jurisdictions, and interesting points that may be tangential to the text facts, but that should facilitate students’ deep engagement with the chapter. Certain of these features are noted as relating to an International Focus.
• “Prompt for Critical Thinking—It’s Your Turn!” feature. This feature encourages students to engage in critical thinking as they acquire knowledge relevant to each chapter. This feature is intentionally creative in form and substance and varies widely in structure based upon the learning objective to which it is related. As an example of one such prompt, students are asked to consider auditors’ responsibilities with respect to internal controls around the Foreign Corrupt Practices Act.
• “What Do You Think? —For Classroom Discussion” feature. This feature provides an avenue by which instructors can facilitate preparation for class, cognitive engagement, and critical thinking through discussions with other students. Like the Prompt for Critical Thinking feature, What Do You Think? is creative in form and substance and varies in unexpected ways to spark students’ interest in engagement with the chapter topic. This feature is an ideal way for instructors to facilitate an interesting class discussion using a flipped-classroom approach (either involving the entire class or within small teams).
Below we provide examples of each of these three new learning engagement features that appear in Chapter 14 (“Completing a Quality Audit”) with respect to the learning objective “Obtaining Remaining Audit Evidence on Noncompliance with Laws and Regulations.”
• The Why It Matters feature articulates the motivation for and provisions of the Foreign Corrupt Practices Act (FCPA).
• The Prompt for Critical Thinking feature extends this discussion by prompting students to think about corruption, how to measure it, and its variation across different jurisdictions.
• The What Do You Think? feature encourages students to consider the applicability of the FCPA in today’s business and auditing environment.