Test Bank For Auditing, and Assurance Services An Integrated Approach 16th Edition By Arens Elder Beasley

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Part 1: The Auditing Profession Chapter 1: The Demand for Audit and Other Assurance Services · Nature of Auditing · Distinction Between Auditing and Accounting · ... Economic Demand for Auditing · Assurance Services · Types of Audits · Types of Auditors · Certified Public Accountant Chapter 2: The CPA Profession · Certified Public Accounting Firms · Structure of CPA Firms · Sarbanes—Oxley Act and Public Company Accounting Oversight Board · Securities and Exchange Commission · American Institute of Certified Public Accountants (AICPA) · International and U.S. Auditing Standards · Organization of U.S. Auditing Standards · Quality Control Chapter 3: Audit Reports · Standard Unmodified Opinion Audit Report for Nonpublic Entities · Conditions for Standard Unmodified Opinion Audit Report · Standard Audit Report and Report on Internal Control Over Financial Reporting Under PCAOB Auditing Standards · Unmodified Opinion Audit Report with Emphasis-of-Matter Explanatory Paragraph or Nonstandard Report Wording · Modifications to the Opinion in the Audit Report · Materiality · Discussion of Conditions Requiring a Modification of Opinion · Auditor’s Decision Process for Audit Reports · International Accounting and Auditing Standards Chapter 4: Professional Ethics · What Are Ethics? · Ethical Dilemmas · Special Need for Ethical Conduct in Professions · Code of Professional Conduct · Independence Rule · Sarbanes—Oxley and Related Independence Requirements · Other Rules of Conduct · Enforcement Chapter 5: Legal Liability · Changed Legal Environment · Distinguishing Business Failure, Audit Failure, and Audit Risk · Legal Concepts Affecting Liability · Liability to Clients · Liability to Third Parties Under Common Law · Civil Liability Under the Federal Securities Laws · Criminal Liability · The Profession’s Response to Legal Liability Part 2: The Audit Process Chapter 6: Audit Responsibilities and Objectives · Objective of Conducting an Audit of Financial Statements · Management’s Responsibilities · Auditor’s Responsibilities · Professional Skepticism · Professional Judgment · Financial Statement Cycles · Setting Audit Objectives · Management Assertions · Transaction-Related Audit Objectives · Balance-Related and Presentation and Disclosure-Related Audit Objectives · How Audit Objectives Are Met Chapter 7: Audit Evidence · Nature of Evidence · Audit Evidence Decisions · Persuasiveness of Evidence · Types of Audit Evidence · Analytical Procedures · Common Financial Ratios · Audit Documentation Chapter 8: Audit Planning and Materiality · Planning · Accept Client and Perform Initial Audit Planning · Understand the Client’s Business and Industry · Perform Preliminary Analytical Procedures · Materiality · Materiality for Financial Statements as a Whole · Determine Performance Materiality · Estimate Misstatement and Compare with Preliminary Judgment Chapter 9: Assessing the Risk of Material Misstatement · Audit Risk · Risk Assessment Procedures · Considering Fraud Risk · Identification of Significant Risks · Audit Risk Model · Assessing Acceptable Audit Risk · Assessing Inherent Risk · Relationship of Risks to Evidence and Factors Influencing Risks · Relationship of Risk and Materiality to Audit Evidence Chapter 10: Assessing and Responding to Fraud Risks · Types of Fraud · Conditions for Fraud · Assessing the Risk of Fraud · Corporate Governance Oversight to Reduce Fraud Risks · Responding to the Risk of Fraud · Specific Fraud Risk Areas · Responsibilities When Fraud Is Suspected · Documenting the Fraud Assessment Chapter 11: Internal Control and Coso Framework · Internal Control Objectives · Management and Auditor Responsibilities for Internal Control · COSO Components of Internal Control · Internal Controls Specific to Information Technology · Impact of IT Infrastructure on Internal Control Chapter 12: Assessing Control Risk and Reporting on Internal Controls · Obtain and Document Understanding of Internal Control · Assess Control Risk · Tests of Controls · Decide Planned Detection Risk and Design Substantive Tests · Auditor Reporting on Internal Control · Evaluating, Reporting, and Testing Internal Control for Nonpublic and Smaller Public Companies · Impact of IT Environment on Control Risk Assessment and Testing Chapter 13: Overall Audit Strategy and Audit Program · Types of Tests · Selecting Which Types of Tests to Perform · Evidence Mix · Design of the Audit Program · Summary of Key Evidence-Related Terms · Summary of the Audit Process Part 3: Application of the Audit Process to the Sales and Collection Cycle Chapter 14: Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transaction · Accounts and Classes of Transactions in the Sales and Collection Cycle · Business Functions in the Cycle and Related Documents and Records · Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Sales · Sales Returns and Allowances · Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Cash Receipts · Audit Tests for Uncollectible Accounts · Effect of Results of Tests of Controls and Substantive Tests of Transactions Chapter 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions · Representative Samples · Statistical Versus Nonstatistical Sampling and Probabilistic Versus Nonprobabilistic Sample Selection · Sample Selection Methods · Sampling for Exception Rates · Application of Nonstatistical Audit Sampling · Statistical Audit Sampling · Application of Attributes Sampling Chapter 16: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable · Methodology for Designing Tests of Details of Balances · Designing Tests of Details of Balances · Confirmation of Accounts Receivable · Developing Tests of Details Audit Program Chapter 17: Audit Sampling for Tests of Details of Balances · Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and Substantive Tests of Transactions · Nonstatistical Sampling · Monetary Unit Sampling · Variables Sampling · Illustration Using Difference Estimation Part 4: Application of the Audit Process to Other Cycles Chapter 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable · Accounts and Classes of Transactions in the Acquisition and Payment Cycle · Business Functions in the Cycle and Related Documents and Records · Methodology for Designing Tests of Controls and Substantive Tests of Transactions · Methodology for Designing Tests of Details of Balances for Accounts Payable Chapter 19: Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts · Types of Other Accounts in the Acquisition and Payment Cycle · Audit of Property, Plant, and Equipment · Audit of Prepaid Expenses · Audit of Accrued Liabilities · Audit of Income and Expense Accounts Chapter 20: Audit of the Payroll and Personnel Cycle · Accounts and Transactions in the Payroll and Personnel Cycle · Business Functions in the Cycle and Related Documents and Records · Methodology for Designing Tests of Controls and Substantive Tests of Transactions · Methodology for Designing Substantive Analytical Procedures and Tests of Details of Balances Chapter 21: Audit of the Inventory and Warehouse Cycle · Business Functions in the Cycle and Related Documents and Records · Parts of the Audit of Inventory · Audit of Cost Accounting · Substantive Analytical Procedures · Physical Observation of Inventory · Audit of Pricing and Compilation · Integration of the Tests Chapter 22: Audit of the Capital Acquisition and Repayment Cycle · Accounts in the Cycle · Notes Payable · Owners’ Equity Chapter 23: Audit of Cash and Financial Instruments · Types of Cash and Financial Instruments Accounts · Cash in the Bank and Transaction Cycles · Audit of the General Cash Account · Fraud-Oriented Procedures · Audit of Financial Instruments Accounts Part 5: Completing the Audit Chapter 24: Completing the Audit · Perform Additional Tests for Presentation and Disclosure · Review for Contingent Liabilities and Commitments · Review for Subsequent Events · Final Evidence Accumulation · Evaluate Results · Issue the Audit Report · Communicate with the Audit Committee and Management · Subsequent Discovery of Facts Part 6: Other Assurance and Nonassurance Services Chapter 25: Other Assurance Services · Review, Compilation, and Preparation Services · Review of Interim Financial Information for Public Companies · Attestation Engagements · Reports on Controls at Service Organizations (SOC Reports) · Prospective Financial Statements · Agreed-Upon Procedures Engagements · Other Audits or Limited Assurance Engagements Chapter 26: Internal and Governmental Financial Auditing and Operational Auditing · Internal Financial Auditing · Governmental Financial Auditing Operational Auditing [Show More]

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