This comprehensive workbook offers an in-depth exploration of 65 key auditing concepts. Each topic comes with 50 Q&As for enhanced understanding. It also includes a distinct section showcasing few different scenarios applying the given concept. Therefore, it distinguishes itself by not only discussing theoretical aspects but also by demonstrating their practical application with real-life examples.
The book begins with an introduction to fundamental concepts such as the definition of an audit, its cost, and its objectives. It then delves into the intricacies of the audit plan, the audit committee, and the importance of auditor independence. A thorough understanding of ideas such as audit thresholds and the auditor-client relationship is also facilitated.
The workbook further provides insights into international auditing standards including GAAS and ISA. It simplifies complex concepts like audit scope, control procedures, tests of controls, materiality, and different types of risks encompassing inherent, audit, business, control, detection, fraud, sampling, and strategic risks.
A variety of audits are covered in the workbook, including the Sarbanes-Oxley Act, risk-based audit, compliance audit, forensic audit, financial audit, and more. There is also a detailed explanation of audit sampling and the intricacies of balance sheet and income statement audits.
The workbook delves into the internal control system, due diligence, audit evidence, compliance testing, scope limitation, substantive procedures, verification, vouching, attestation, and substantive testing. It additionally elucidates on audit software and assertions, and critical components of audit engagement, peer review, audit findings, management letter, audit opinion, and auditor's report.
This workbook is a valuable resource for students, professionals, or anyone interested in auditing. It merges theory, practicality, and application, resulting in a comprehensive learning tool for auditing concepts. Readers will acquire a profound understanding of auditing that can be applied in real-world scenarios.
