Pany, Kurt; Whittington, Ray
ISBN #9780077729141
20th Edition
930 Questions
Homework Questions
Principles of Auditing & Other Assurance Services offers a comprehensive guide to the role of the public accountant in enhancing financial credibility, emphasizing key elements such as ethical behavior, legal liability, and rigorous audit planning. The book covers fundamental topics including professional standards, internal control frameworks, and the systematic evaluation of audit evidence, all within the context of established regulatory requirements like the Sarbanes–Oxley Act and PCAOB guidelines. It also delves into specialized areas such as integrated audits, assurance services beyond traditional financial reporting, and the impact of information technology on internal controls. Overall, the text serves as an essential resource for understanding the multifaceted responsibilities and evolving practices within the auditing profession.
Chapter 1
The Role of the Public Accountant in the American Economy
Chapter 2
Professional Standards
Chapter 3
Professional Ethics
Chapter 4
Legal Liability of CPAs
Chapter 5
Audit Evidence and Documentation
Chapter 6
Audit Planning, Understanding the Client, Assessing Risks, and Responding
Chapter 7
Internal Control
Chapter 8
Consideration of Internal Control in an Information Technology Environment
Chapter 9
Audit Sampling
Chapter 10
Cash and Financial Investments
Chapter 11
Accounts Receivable, Notes Receivable, and Revenue
Chapter 12
Inventories and Cost of Goods Sold
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Chapter 13
Property, Plant, and Equipment: Depreciation and Depletion
Chapter 14
Accounts Payable and Other Liabilities
Chapter 15
Debt and Equity Capital
Chapter 16
Auditing Operations and Completing the Audit
Chapter 17
Auditors' Reports
Chapter 18
Integrated Audits of Public Companies
Chapter 19
Additional Assurance Services: Historical Financial Information
Chapter 20
Additional Assurance Services: Other Information
Chapter 21
Internal, Operational, and Compliance Auditing
Problem 1
The international CPA firm of Arthur Andersen faced significant liability in conjunction with its audits of Enron Corporation. a. From a legal liability perspective, describe the unique features of this audit case. b. Describe the important implications of this audit case for a firm of public accountants.
Jennifer Stoner Numerade Educator
Problem 2
In an audit of financial statements, the auditors gather various types of audit evidence. List seven major types of evidence and provide a procedural example of each.
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