Auditing; A Practical Approach (4th Canadian Edition)

Specifications

Book Description

“Auditing: A Practical Approach, 4th Canadian Edition” authored by Robyn Moroney, Fiona Campbell, Jane Hamilton, and Valerie Warren, offers a comprehensive overview of auditing practices with a focus on Canadian standards and regulations. Here's what you can expect from this edition:

1. Introduction to Auditing: The book begins with an introduction to the auditing profession, its role in corporate governance, and the regulatory environment in Canada. It covers the fundamental principles of auditing, including independence, integrity, objectivity, and professional skepticism.
2. Audit Planning and Risk Assessment: The textbook discusses the audit planning process, including risk assessment, understanding the client's business and industry, and developing an audit strategy. It emphasizes the importance of risk-based auditing and the role of internal controls in mitigating risks.
3. Audit Evidence and Documentation: The book covers the gathering and evaluation of audit evidence, including the use of analytical procedures, substantive testing, and sampling techniques. It discusses the documentation requirements for audit workpapers and the importance of maintaining audit trails.
4. Internal Control Evaluation: The textbook explores the evaluation of internal controls, including the COSO framework and the assessment of control risk. It discusses the auditor's responsibility for understanding and testing internal controls to assess their effectiveness in preventing and detecting material misstatements.
5. Audit Sampling and Sampling Techniques: The book covers audit sampling methods, including statistical and non-statistical sampling techniques. It discusses the rationale for using sampling in audit procedures and the factors that influence sample size and selection.
6. Audit Reports and Communication: The textbook discusses the preparation and issuance of audit reports, including the auditor's responsibilities for communicating audit findings to stakeholders. It covers the various types of audit opinions, including unqualified, qualified, adverse, and disclaimer opinions.
7. Special Audits and Engagements: The book examines special audit engagements, such as compliance audits, forensic audits, and reviews of financial statements. It discusses the unique considerations and procedures involved in these types of audits.
8. Ethical and Professional Responsibilities: The textbook emphasizes the ethical and professional responsibilities of auditors, including independence, objectivity, confidentiality, and professional skepticism. It covers the ethical standards and codes of conduct applicable to auditors in Canada.
9. Case Studies and Practical Examples: “Auditing: A Practical Approach” includes case studies, examples, and practice problems to help students apply auditing concepts in real-world scenarios. It encourages critical thinking and problem-solving skills by presenting students with challenging audit situations.
10. Updates and Revisions: The 4th Canadian edition incorporates updates and revisions to reflect changes in auditing standards, regulations, and best practices in Canada. It aligns with the latest developments in the auditing profession and provides students with current and relevant content.

Overall, “Auditing: A Practical Approach, 4th Canadian Edition” provides students with a comprehensive and practical guide to auditing practices in Canada. With its focus on Canadian standards, regulations, and case studies, it prepares students for careers in auditing and professional certification exams.