External auditing and assurance - Martin Nolan

This unique Irish textbook covers the entire audit process undertaken by independent external auditors culminating in their Independent Auditor’s Report. It is designed to inform students about the background to auditing then lead them in detail through its practicalities. Uniquely, the text emphasises helping students to understand the context in which the audit process takes place by relating the principles discussed to the relevant sections of the financial statements being audited. Accordingly, a full set of Financial Statements based on IFRS is included in the text.

NEW TO THE 2010 EDITION

Incorporates new and Clarified ISAs throughout the text

• New chapter on Controls and Controls Testing (Chapter 5)
• Chapter 6, now “Fraud, Compliance with Laws and Regulations, and Auditor Liability”, includes 2 new sections on Auditor Liability – listing of cases and outlining of issues in each case.
• There are Self-test questions in each chapter (answered in a new Appendix D)
• Additional Review Questions in each chapter
• New Appendix – Extant list of ISAs as at 1 January 2010.
• Appendix C – Sample Financial Statements is updated and IFRS branding used throughout

THE AUTHOR

Martin C. Nolan B.Comm.,MA, AITI, FCA is the Head of Department of Accountancy & Professional Studies at the Institute of Technology Tallaght in Dublin. He has extensive experience in lecturing on auditing and financial reporting. He was examiner for the subject auditing in the final exams (FAE) of Chartered Accountants Ireland and served on the Accounting Committee of the Institute. Prior to joining academia in 1994, he was seniormanager in audit assurance at Deloitte having also worked at manager level at Coopers & Lybrand (now PwC). He served his articles with Hayden Brown, Chartered Accountants.

Contents

PART I THE AUDITING AND ASSURANCE ENVIRONMENT

Chapter 1 Corporate Governance and Statutory Audit

Chapter 2 The Audit Process

PART II – THE AUDIT AND ASSURANCE PROCESS AND EVIDENCE

Chapter 3 The Risk Assessment Process

Chapter 4 Gathering Audit Evidence

Chapter 5 Controls and Controls Testing

Chapter 6 Fraud,Compliance with Laws and Regulations and Auditor Liability

Chapter 7 Auditing in a Computer Environment and E-Commerce

PART III AUDIT PROCEDURES

Chapter 8 The Audit of Tangible Fixed Assets

Chapter 9 The Audit of Inventory

Chapter 10 The Audit of Revenue and Receivables

Chapter 11 The Audit of Bank and Cash

Chapter 12 The Audit of Investments

Chapter 13 The Audit of Purchases and Payables

Chapter 14 The Audit of Share Capital and Reserves

Chapter 15 Audit Work Conclusions

PART IV AUDIT REPORTING

Chapter 16 Audit Reports

APPENDICES

AExtant list of Ethical and Auditing Standards at 1 January 2010

BPast Exam Questions Reference List

CLarge Company Limited: Directors’ Report and Financial Statements Year Ended 31 December 20X9

DSuggested Solutions to Self-test Questions

ESuggested Solutions to Review Questions