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1 The Role of the Public Accountant in the American Economy1

What Are Assurance Services?2

The Attest Function2

Financial Statement Audits4

What Creates the Demand for Audits?6

Major Auditing Developments of the 20th Century8

Types of Audits11

Types of Auditors12

The Public Accounting Profession13

American Institute of Certified Public Accountants13

The CPA Examination15

State Boards of Accountancy16

Financial Accounting Standards Board16

Governmental Accounting Standard sBoard16

Federal Accounting Standards Advisory Board16

Securities and Exchange Commission17

Independence Standards Board18

Other Types of Professional Services18

Organization of the Public Accounting Profession19

Industry Specialization—The Wave of the Future20

Responsibilities of the Professional Staff20

Professional Development for CPA Firm Personnel22

Seasonal Fluctuations in Public Accounting Work23

Relationships with Clients23

2 Professional Standards33

Generally Accepted Auditing Standards(GAAS)34

Application of Auditing Standards35

Training and Proficiency35

Independence35

Due Professional Care36

Standards of Fieldwork—Accumulating and Evaluating Evidence36

Adequate Planning and Supervision36

Sufficient Understanding of Internal Control36

Sufficient Competent Evidential Matter36

Standards of Reporting37

Statements on Auditing Standards(SASs)37

The Auditors'Responsibility for Detecting Misstatements38

Errors and Fraud39

Illegal Acts by Clients39

The Auditors'Report40

The Introductory Paragraph of the Auditors'Report41

The Scope Paragraph of the Auditors'Report42

The Opinion Paragraph of the Auditors'Report42

Generally Accepted Accounting Principles(GAAP)44

Other Types of Auditors'Reports44

The Attestation Standards46

Quality Controlin CPA Firms47

Division for CPA Firms48

The Public Oversight Board49

Peer Reviews50

International Accounting and Auditing Standards50

3 Professional Ethics62

The Nature of Ethics63

What Are Ethical Dilemmas?63

A Framework for Ethical Decisions63

Making Ethical Decisions—A Professional Example64

The Need for Professional Ethics67

Professional Ethics in Public Accounting68

The AICPA Code of Professional Conduct68

Section Ⅰ—Principles69

Preamble69

Article Ⅰ—Responsibilities70

Article Ⅱ—The Public Interest70

Article Ⅲ—Integrity70

Article Ⅳ—Objectivity and Independence70

Article Ⅴ—Due Care70

Article Ⅵ—Scope and Nature of Services70

Section Ⅱ—Ruies71

Applicability71

Rule 101—Independence71

Analysis of Independence72

Rule 102—Integrity and Objectivity79

Analysis of Integrity an dObjectivity79

Rule 201—General Standards79

Analysis of General Standards80

Rule 202—Compliance with Standards80

Analysis of Compliance with Standards80

Rule 203—Accounting Principles81

Analysis of Accounting Principles81

Rule 301—Confidential Client Information81

Analysis of Confidential Client Information82

Rule 302—Contingent Fees83

Analysis of Contingent Fees83

Rule 501—Acts Discreditable84

Analysis of Acts Discreditable84

Rule 502—Advertising and Other Forms of Solicitation84

Analysis of Advertising and Other Forms of Solicitation84

Rule 504—Commissions and Referral Fees85

Analysis of Commissions and Referral Fees85

Rule 505—Form of Organization and Name85

Analysis of Form of Organization and Name86

Alternative Practice Structures86

The CPA as Tax Adviser—Ethical Problems87

Enforcement of Professional Ethics88

Ethics for Intealal Auditors88

4 Legal Liability of CPAs102

Unique Vulnerability of Public Accountants to Lawsuits103

Definition of Terms104

Litigation Placed in Perspective105

CPAs'Liability to Their Clients Under Common Law106

Auditors'Common Law Liability to Third Parties108

Ultramares Approach108

Restatement of Torts Approach109

Rosenblum Approach110

Joint and Several Liability111

Liability to Third Parties Under Statutory Law111

Securities Act of 1933111

Securities Exchange ACt of 1934113

Comparison of the 1933 and 1934 Acts115

The Racketeer Influenced and Corrupt Organization Act116

Auditors'Criminal Liability Under the Securities Acts117

The SEC's Regulation of Accountants118

CPAs'Liability for Accounting and Review Services118

The CPAs'Posture in the Age of Litigation120

5 Audit Evidence and Documentation135

The Relationship of Audit Risk to Evidence136

Financial Statement Assertions136

Audit Risk at the Assertion Level137

Audit Risk Illustrated138

Measuring Audit Risk138

Audit Evidence139

Types of Evidence139

Audit Procedures147

The Nature of Audit Procedures147

Timing of Audit Procedures147

Extent of Audit Procedures149

The Cost of Audit Procedures149

Analytical Procedures149

Developing an Expectation150

Timing of Analytical Procedures153

Extent of Analytical Procedures154

Evidence on Accounting Estimates154

Evidence on Related-Party Transactions155

Documentation156

Functions of Working Papers157

Confidential Nature of Working Papers158

Ownership of Audit Working Papers159

Working Papers and Auditors'Liability159

Types of Working Papers159

Organization of Working Papers162

Guidelines for Preparation of Working Papers164

Computer-Generated Working Papers164

The Review of Audit Working Papers166

6 Planning the Audit;Designing Audit Programs184

Obtaining Clients185

Submitting a Proposal186

Communication with Predecessor Auditors188

Engagement Letters189

Audit Planning189

Obtaining an Understanding of the Client's Business189

Developing an Overall Audit Strategy193

Audit Plans203

Time Budgets for Audit Engagements204

Planning a Recurring Engagement204

Designing Audit Programs205

The Audit Trail205

Organization of the Audit Program206

Objectives of Audit Programs209

General Objectives of Audit Programs for Asset Accounts210

Substantiation of Account Balances211

Existence of Assets211

Rights to the Assets211

Establishing Completeness212

Valuation of Assets213

Clerical Accuracy of Records213

Financial Statement Presentation and Disclosure213

An Illustration of Audit Program Design213

Audit Process215

Timing of Audit Work217

Appendix 6A—Selected Internet Addresses227

Appendix 6B—Illustrative Audit Case:Keystone Computers ＆ Networks,Inc.228

Part Ⅰ:Audit Planning228

7 Internal Control239

The Meaning of Internal Control240

The Foreign Corrupt Practices Act of 1977242

Means of Achieving Internal Control242

The Control Environment242

Integrity and Ethical Values243

Commitment to Competence243

Board of Directors or Audit Committee243

Management Philosophy and Operating Style243

Organizational Structure244

Assignment of Authority and Responsibility246

Human Resource Policies and Procedures246

Risk Assessment247

The Accounting Information and Communication System247

Control Activities248

Performance Reviews248

Information Processing249

Physical Controls249

Segregation of Duties250

Monitoring251

The Internal Audit Function251

Limitations of Internal Control252

The Auditors'Consideration of Internal Control252

Obtaining an Understanding of Internal Control to Plan the Audit253

Assess Control Risk260

Decision Aids for Audit Program Modification263

Consideration of the Work of Internal Auditors266

Communication of Control-Related Matters267

Internal Control in the Small Company267

8 Consideration of Internal Control in a Computer Environment284

Nature of Computer Systems286

Characteristics of Various Types of Computer Systems287

Impact of Computers on the Audit Trail289

Internal Control in a Computer Environment290

Organizational Structure of the Information System Function291

Computer-Centered Fraud294

Internal Auditing in a Computer Environment295

Control Activities in a Computer System295

General Control Activities296

Application Control Activities299

User Control Activities300

Controlin Microcomputer Systems301

The Auditors'Consideration of Internal Controlin a Computer Environment301

Obtaining an Understanding of Computerized Internal Control302

Documenting Computerized Internal Control302

Assessing Control Risk—Testing Computer System Controls304

Substantive Testing with Computers308

Using Audit Software:An Illustration310

Computer Service Centers and Outsourced Computer Processing310

9 Audit Sampling325

Comparison of Statistical and Nonstatistical Sampling326

Selecting a Random Sample327

Other Methods of Sample Selection330

Stratification330

Types of Statistical Sampling Plans331

Allowance for Sampling Risk(Precision)332

Sample Size332

Audit Sampling for Tests of Controls333

Sampling Risk for Tests of Control333

Attributes Sampling334

Determine the Objective of the Test335

Define the Attributes and"Deviation"Conditions335

Define the Population336

Specify the Risk of Assessing Control Risk Too Low and the Tolerable Deviation Rate336

Estimate the Expected Population Deviation Rate336

Determine the Sample Size337

Select the Sample339

Test the Sample Items339

Evaluate the Sample Results339

Document the Sampling Procedure341

Detailed Illustration of Attributes Sampling341

Other Statistical Attributes Sampling Approaches343

Nonstatistical Attributes Sampling345

Audit Sampling for Substantive Tests345

Sampling Risk for Substantive Tests346

Classical Variables Sampling346

Mean-per-Unit Estimation347

Controlling Sampling Risk347

Determination of Sample Size348

Evaluation of Sample Results349

Illustration of Mean-per-Unit Estimation350

Ratio and Difference Estimation354

Illustration of Ratio and Difference Estimation355

Nonstatistical Sampling for Substantive Tests356

Illustration of Nonstatistical Sampling357

Appendix 9A:Probability-Proportional-to-Size(PPS)Sampling370

Determination of Sample Size370

Controlling Sampling Risk371

Method of Sample Selection372

Evaluation of Sample Results372

Illustration of PPS Sampling373

Considerations in Using PPS Sampling375

Appendix 9B:Audit Risk376

10 Cash and Financial Investments382

Cash383

Sources and Nature of Cash383

The Auditors'Objectives in the Audit of Cash383

How Much Audit Time for Cash?385

Internal Control over Cash Transactions385

Internal Control over Cash Receipts386

Internal Control over Cash Disbursements388

Audit Working Papers for Cash392

Audit Program for Cash394

Interim Audit Work on Cash407

Financial Investments407

The Auditors'Objectives in Examination of Financial Investments408

Intemal Control over Financial Investments409

Intemal Control Questionnaire410

Audit Program for Financial Investments410

Substantive Tests for Financial Investments411

11 Accounts Receivable,Notes Receivable,and Revenue429

Receivables430

Sources and Nature of Accounts Receivable430

Sources and Nature of Notes Receivable430

The Auditors'Objectives in Auditing Receivables and Revenue430

Internal Control of Accounts Receivable and Revenue431

Control Environment431

Risk Assessment432

Monitoring432

Revenue Cycle—Accounting System and Control Activities432

Internal Control over Notes Receivable436

Audit Working Papers for Receivables and Revenue437

Audit Program for Receivables and Revenue437

Interim Audit Work on Receivables and Revenue463

Appendix 11A Illustrative Audit Case:Keystone Computers ＆ Networks,Inc.477

Part Ⅱ:Consideration of Internal Control477

Obtaining and Documenting an Understanding of the Revenue and Cash Receipts Cycle478

Testing Controls and Assessing Control Risk478

Appendix 11B Illustrative Audit Case:Keystone Computers ＆ Networks,Inc.492

Part Ⅲ: Substantive Tests—Accounts Receivable and Revenue492

12 Inventories and Cost of Goods Sold496

Sources and Nature of Inventories and Cost of Goods Sold497

The Auditors'Appreach to Auditing Inventories and Cost of Goods Sold497

Internal Control over Inventories and Cost of Goods Sold499

Control Environment499

Risk Assessment499

Monitoring500

Purchases and Production Cycles—Accounting Systern and Control Activities500

Audit Working Papers for Inventories and Cost of Goods Sold505

Audit Program for Inventories and Cost of Goods Sold505

Problems Associated with Inventory of First Year Audit Clients525

13 Property,Plant,and Equipment:Depreciation and Depletion538

The Auditors'Approach to Auditing Property,Plant,and Equipment539

Contrast with Audit of Current Assets539

Internal Control over Plant and Equipment540

Audit Working Papers541

Initial Audits and Repeat Engagements543

Audit Program for Property Plant,and Equipment543

Depreciation552

The Auditors'Perspective Toward Depreciation552

The Auditors'Objectives in Auditing Depreciation552

Audit Program—Depreciation Expense and Accumulated Depreciation553

Testing the Client'sProvision fo rDepreciation554

Examination of Natural Resources554

Examination of Intangible Assets555

Examination of Plant and Equipment in Advance of the Balance Sheet Date555

14 Accounts Payable and Other Liabilities567

Accounts Payable568

Sources and Nature of Accounts Payable568

The Auditors'Approach to Auditing Accounts Payable568

Internal Control over Accounts Payable569

Audit Working Papers for Accounts Payable571

Audit Program571

Other Liabilities585

Amounts Withheld from Employees'Pay585

Sales Taxes Payable585

Unclaimed Wages585

Customers'Deposits586

Accrued Liabilities586

Balance Sheet Presentation590

Time of Examination590

Appendix 14A Illustrative Audit Case:Keystone Computers ＆ Networks,Inc.600

Part Ⅳ:Consideration of Internal Control600

15 Debt and Equity Capital604

Interest-Bearing Debt605

Sources and Nature of Interest-Bearing Debt605

The Auditors'Approach to Auditing Interest-Bearing Debt605

Internal Control over Interest-Bearing Debt606

Audit Working Papers607

Audit Program for Interest-Bearing Debt607

Time of Examination—Interest-Bearing Debt614

Equity Capital614

Sources and Nature of Owners'Equity614

The Auditors'Approach to Auditing Owners'Equity615

Internal Control over Owners'Equity615

Control of Capital Stock Transactions by the Board of Directors615

Independent Registrar and Stock Transfer Agent616

The Stock Certificate Book and Stockholders Ledger616

Internal Control over Dividends617

Audit Working Papers for Owners'Equity617

Audit Program—Capital Stock618

Retained Earnings and Dividends621

Time of Examination—Stockholders'Equity622

Financial Statement Presentation of Stockholders'Equity622

Audit of Sole Proprietorships and Partnerships622

16 Auditing Operations and Completing the Audit634

Auditing Operations635

The Auditors'Approach to Examining Operations635

Revenue636

Relationship of Revenue to Balance Sheet Accounts636

Miscellaneous Revenue636

Expenses637

Relationship of Expenses to Balance Sheet Accounts637

Substantive Tests for Selling,General,and Administrative Expenses637

The Audit of Payroll640

Internal Control over Payroll640

Description of Internal Control for Payroll644

Audit Program for Payroll644

Audit of the Statement of Cash Flows645

Completing the Audit646

Search for Unrecorded Liabilities646

Review the Minutes of Meetings646

Perform Final Analytical Procedures646

Perform Procedures to Identify Loss Contingencies647

Perform the Review for Subsequent Events651

Obtain Representation Letter654

Evaluating Audit Findings655

Reviewing the Engagement656

Responsibilities for Other Information in the Financial Report658

Opinion Formulation and Report Issuance659

Communicating with the Audit Committee660

Post-Audit Responsibilities660

The Auditors'Subsequent Discovery of Facts Existing at the Date of Their Report660

Subsequent Discovery of Omitted Audit Procedures661

17 Auditors'Reports675

Financial Statements676

Financial Statement Disclosures677

Comparative Financial Statements677

The Auditors'Standard Report678

Expression of an Opinion679

The Unqualified Opinion680

Qualified Opinions685

Adverse Opinions688

Disclaimer of Opinion689

Summary of Auditors'Reports691

Two or More Report Modifications691

Different Opinions on Different Statements691

Reporting on Comparative Financial Statements691

Reports to the SEC694

18 Special Reports and Accounting and Review Services712

Special Reports713

Financial Statements Prepared for Use in Other Countries718

Audits of Personal Financial Statements718

Reviews of the Interim Information of Public Companies719

Review Services for Nonpublic Companies721

Accountants'Reports on Comparative Statements724

Letters for Underwriters725

Condensed Financial Statements726

Accounting Services726

Compilation Engagement for Financial Statements of Nonpublic Companies726

Other"Association"with the Financial Statements of Public Companies729

19 Other Assurance Services742

Assurance Services743

The Demand for Assurance Services744

Attestation Standards746

The Criteria747

Attestation Risk and Materiality749

The Character of the Engagement750

Assurance Service Examples752

Assurance on Prospective Financial Statements752

Assurance on Internal Control over Financial Reporting754

Assurance on Compliance757

Assurance on Management's Discussion and Analysis757

Assurance on Electronic Commerce—WebTrust757

Assurance on System Reliability—SysTrust761

Elder Care Services764

Future Assurance Services765

20 Internal,Operational,and Compliance Auditing775

Internal Auditing776

What Is the Purpose of Internal Auditing?776

Evolution of Internal Auditing776

Professional Standards of Internal Auditing778

Certification of Internal Auditors782

Operational Auditing783

Objectives of Operational Audits783

General Approach to Operational Audits783

Compliance Auditing787

Attesting to Compliance with Laws and Regulations787

Compliance Auditing of Federal Financial Assistance Programs790

Audits in Accordance with Generally Accepted Auditing Standards790

Audits in Accordance with Government Auditing Standards791

Audits in Accordance with the Single Audit Act793

Compliance Auditing—A Summary798