Principles Of External Auditing Porter Pdf Editor

Product Information

  1. Principles Of External Auditing
  2. Principles Of External Auditing Porter Pdf Editor Free
  3. Auditing Principles And Standards
  4. External Auditing Procedures
  • The 2nd edition of Principles of External Auditing provides a comprehensive introduction to the principles and practice of external auditing in the UK. It describes and explains, in non-technical language, the nature of the audit function and the principles of the audit process. It covers UK and International auditing standards and relevant statute and case law and explains the fundamental concepts of auditing and takes the reader through the various stages of the audit process. It also discusses topical aspects of auditing such as legal liability, audit risk, quality control, and the impact of information technology. This new edition has been thoroughly updated throughout to include new processes and regulations, new legislation and changing practices. It also includes new sections on: environmental audit, internal audit, the expectations gap and knowledge of the business and uses the UK and International Auditing Standards.

Product Identifiers

  • Wiley & Sons, Incorporated, John
  • 0470842970
  • 9780470842973
  • 2224378

Product Key Features

Principles of External Auditing Brenda Porter, Jon Simon, David Hatherly No preview available - 2014. The Porter Principles PDF Document Porter. Emergency pocket guide pdf pocket guide pdf pet emergency pocket guide pdf do Principles of external auditing porter. Principles of external auditing brenda porter ebook ppt epub down. Principles of External Auditing by Porter, Brenda(Author) Somerset, NJ, USA: John Wiley, 2003. Principles of External Auditing by Porter, Brenda(Author.

  • Paperback
  • 2003
  • English

Dimensions

  • 37.3 Oz
  • 6.7in.
  • 1.3in.
  • 9.6in.

Additional Product Features

  • 22
  • Preface. What is auditing? The development of auditing and audit objectives. A framework of auditing concepts. Threats to, and preservation of, auditors' independence. Legal and professional duties of auditors. Overview of the audit process, audit evidence: staffing and documenting an audit. Commencing an audit: engagement procedures and gaining an understanding of the client. Planning the audit and assessing audit risk. Internal controls and the auditor. Testing the financial statement assertions: substantive testing. Introduction to audit sampling and computer assisted auditing techniques (CAATs). Completion and review. Auditors' reports to users of financial statements and to management. Legal liability of auditors. Avoiding and limiting auditors' liability. Internal audits. Environmental audits. Appendix: Summary of steps in a statutory financial statement audit. Index.
  • Yes
  • 657/.45
  • 2002
  • Jon Simon, Brenda Porter, David Hatherly
  • 2
  • 622 Pages
  • Revised
  • Hf5667
  • 2003-03-31
  • 2003-269358
About the Authors xi

Preface xiii

Structure of the Financial Reporting Council xvii

Glossary of Terms xix

1 What is Auditing? 1

1.1 Introduction 1

1.2 What is an audit? 2

1.3 Types of audit 3

1.4 Auditing vs Accounting 8

1.5 Why are external fi nancial statement audits needed? 8

1.6 Benefi ts derived from external fi nancial statement audits 11

1.7 Summary 18

Self-review questions 18

References 19

Additional reading 20

2 The Development of Auditing and Its Objectives 23

2.1 Introduction 23

2.2 Overview of the development of company auditing 23

2.3 Development of auditing in the period up to 1844 26

2.4 Development of company auditing 1844–1920s 27

2.5 Development of company auditing 1920s–1960s 32

2.6 Development of company auditing 1960s–1990s 36

2.7 Development of company auditing 1990s–present 39

2.8 Summary 51

Self-review questions 52

References 53

Additional reading 55

3 A Framework of Auditing Concepts 57

3.1 Introduction 57

3.2 Social purpose, postulates and framework for concepts of auditing 59

3.3 Concepts relating to the credibility of auditors’ work 60

3.4 Concepts relating to the audit process 70

3.5 Concept relating to auditors’ communication: reporting 86

3.6 Concepts relating to the standard of auditors’ performance 90

3.7 Summary 94

Self-review questions 95

References 95

Additional reading 98

4 Threats to, and Safeguarding of, Auditors’ Independence 99

4.1 Introduction 99

4.2 Threats to auditors’ independence 100

4.3 Steps taken by parliament and regulators to safeguard auditors’ independence 104

4.4 Other proposals to strengthen auditors’ independence 140

4.5 Role and responsibilities of audit committees 143

4.6 Summary 151

Self-review questions 152

References 153

Additional reading 157

5 Auditors’ Legal, Regulatory and Professional Responsibilities 161

5.1 Introduction 161

5.2 Reporting and auditing requirements of companies 165

5.3 Appointment, remuneration and removal of company auditors 181

5.4 Auditor–client relationship 189

5.5 Auditors’ duties and rights 191

5.6 Audit fi rms’ transparency reports and governance code 207

5.7 Summary 211

Self-review questions 212

References 213

Additional reading 216

6 Auditors’ Duties with Respect to Fraud and Non-compliance with Laws and Regulations 217

6.1 Introduction 217

6.2 Defi nition of fraud 218

6.3 Development of auditors’ responsibility to detect and report fraud 220

6.4 Auditors’ current responsibilities to detect and report fraud 229

6.5 Aggressive earnings management 241

6.6 Auditors’ responsibility to detect and report non-compliance with laws and regulations 242

6.7 Auditors’ duty of confi dentiality to their clients 250

6.8 Summary 253

Self-review questions 254

References 255

Additional reading 257

Appendix: Examples of fraud risk factors 258

7 Overview of the Audit Process, Audit Evidence, Staffing and Documenting an Audit 261

7.1 Introduction 261

7.2 Overview of the audit process 262

7.3 Clarification of some jargon 265

7.4 Audit evidence 271

7.5 Staffi ng an audit 277

7.6 Documenting an audit 289

7.7 Summary 306

Self-review questions 307

References 309

Additional reading 310

8 Commencing an Audit: Engagement Procedures, Understanding the Client and Identifying Risks 311

8.1 Introduction 311

8.2 Pre-engagement investigation 312

8.3 Audit engagement letters 320

8.4 Understanding the client, its business and its industry and how it evaluates its performance 325

8.5 Identifying and assessing risks of material misstatement in the financial statements 332

8.6 Analytical procedures 336

8.7 Summary 340

Self-review questions 341

References 342

Additional reading 342

9 Planning the Audit; Materiality and Audit Risk 345

9.1 Introduction 345

9.2 Phases of planning an audit 346

9.3 Impact of materiality on planning an audit 350

9.4 Desired level of audit risk (desired level of assurance) 362

9.5 Impact of audit risk on planning the audit 366

9.6 Summary 375

Self-review questions 377

References 377

Additional reading 378

10 Internal Control and the External Audit 381

10.1 Introduction 381

10.2 The accounting system 382

10.3 Conceptual aspects of internal control 385

10.4 Reviewing the accounting system and evaluating its internal controls 402

10.5 Developing the audit plan 411

10.6 Compliance testing 415

10.7 Reporting internal control deficiencies to management 419

10.8 Summary 420

Self-review questions 421

References 422

Additional reading 423

11 Testing Financial Statement Assertions: Substantive Testing 425

11.1 Introduction 425

11.2 Significance of substantive testing in the audit process 426

11.3 Objectives of, and approaches to, substantive testing 428

11.4 Substantive audit procedures 433

11.5 Requirements of auditors when misstatements are detected 441

11.6 Introduction to substantive testing of inventory and accounts receivable 443

11.7 Signifi cant aspects of auditing inventory 444

11.8 Signifi cant aspects of auditing accounts receivable 452

11.9 Initial engagements 462

11.10 Summary 463

Self-review questions 463

References 464

Additional reading 465

12 Audit Sampling and Computer Assisted Auditing Techniques (CAATs) 467

12.1 Introduction 467

12.2 Meaning and importance of sampling in auditing 468

12.3 Basic terminology relating to sampling 470

12.4 Judgmental sampling vs statistical sampling and sampling methods 472

12.5 Designing and selecting samples 474

12.6 Judgmental sampling 481

12.7 Statistical sampling of attributes and variables, and pps sampling 482

12.8 Following up sample results 490

12.9 Computer assisted audit techniques 491

12.10 Summary 495

Self-review questions 496

References 497

Additional reading 497

13 Completion and Review 499

13.1 Introduction 499

13.2 Review for contingent liabilities and commitments 501

13.3 Review for subsequent events 503

13.4 (re)Assessment of the going concern assumption 508

13.5 Written representations 520

13.6 Final review of the fi nancial statements 527

Principles of auditing textbook pdf

13.7 Evaluation of audit evidence gathered and formation of the audit opinion 530

13.8 Review of unaudited information 533

External auditing standards

13.9 Final conference 537

13.10 Summary 537

Self-review questions 538

References 539

Additional reading 540

14 Auditors’ Reports to Users of Financial Statements and to Management 543

14.1 Introduction 543

14.2 Auditors’ reporting obligations under the companies act 2006 544

14.3 Format and content of audit reports 549

14.4 Types of audit opinion 564

14.5 Different forms of modifi ed audit opinion 566

14.6 Emphasis of matter and other matter paragraphs 576

14.7 The audit report – the auditor’s chance to communicate 580

14.8 Auditors’ communication with those charged with governance 590

14.9 Summary 603

Self-review questions 604

References 605

Additional reading 609

15 Legal Liability of Auditors 611

15.1 Introduction 611

15.2 Overview of auditors’ legal liability 612

15.3 Auditors’ contractual liability to their clients 615

15.4 Liability to third parties under the common law 622

15.5 The effect of out-of-court settlements 661

15.6 Summary 663

Self-review questions 663

References 664

Additional reading 666

Appendix 1 667

Appendix 2 669

16 Avoiding and Limiting Auditors’ Liability 673

16.1 Introduction 673

16.2 Importance of, and responsibility for, quality control of audits 675

16.3 The profession’s measures to secure high quality audits 676

Principles Of External Auditing

16.4 Regulators’ measures for securing high quality audits 689

16.5 Proposals for limiting auditors’ liability 708

16.6 Summary 720

Self-review questions 721

References 722

Principles Of External Auditing Porter Pdf Editor Free

Additional reading 725

17 Corporate Responsibility Reporting and Assurance 727

17.1 Introduction 727

17.2 Development of corporate responsibility reporting 729

17.3 Why do companies publish corporate responsibility reports? 733

17.4 Corporate responsibility reporting guidelines 743

17.5 Corporate responsibility assurance engagements 746

17.6 Why do some companies have their corporate responsibility reports independently assured while others do not? 763

17.7 Relevance of corporate responsibility issues to external financial statement audits 766

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17.8 Summary 772

Self-review questions 773

References 774

Additional reading 777

Auditing Principles And Standards

Appendix: Brief descriptions of ‘responsible investment’ indices 777

18 The Audit Expectation-Performance Gap and Proposals for Reforming the External Audit Function 783

18.1 Introduction 783

18.2 The audit expectation-performance gap 784

18.3 Overview of proposed reforms following the global financial crisis 798

18.4 Enhancing auditors’ reporting responsibilities 799

18.5 Audit market concentration and strengthening auditors’ independence 816

18.6 Emergence of competition from china 837

18.7 Inherent conflicts in the current audit model 839

18.8 Summary 841

Self-review questions 842

References 843

Additional reading 849

External Auditing Procedures

Index 851