Discover the world of auditing with "Audit: Workbook." This comprehensive guide takes readers on a journey through 65 key auditing concepts, providing a deep understanding and practical application of each. With real-life examples and a wide range of questions and answers, this workbook is an invaluable resource for students, professionals, and anyone interested in the field.
The book begins by laying the groundwork with fundamental concepts such as the definition of an audit, its cost, and its objectives. Readers will then explore the intricacies of audit planning, the role of the audit committee, and the importance of auditor independence. Concepts like audit thresholds and the auditor-client relationship are also explored in detail.
Moving forward, readers will gain insights into international auditing standards, including Generally Accepted Auditing Standards (GAAS) and International Standards on Auditing (ISA). Complex concepts such as audit scope, control procedures, tests of controls, materiality, and different types of risks are simplified and made accessible.
The workbook covers a wide range of audits, including the Sarbanes-Oxley Act, risk-based audit, compliance audit, forensic audit, financial audit, and more. It provides a detailed explanation of audit sampling and delves into the balance sheet and income statement audits.
Additionally, the workbook touches upon the internal control system, due diligence, audit evidence, compliance testing, scope limitation, substantive procedures, and more. It elucidates on audit software and assertions, as well as critical components of audit engagement, peer review, audit findings, management letter, audit opinion, and auditor's report.
