Auditing The Art and Science of Assurance Engagements 15th Canadian Edition By Alvin A Arens, Randal J Elder
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Auditing The Art and Science of Assurance Engagements 15th Canadian Edition By Alvin A Arens, Randal J Elder

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743
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34.15 MB
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About this ebook
The Auditing: The Art and Science of Assurance Engagements (15th Canadian Edition) by Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, and Joanne C. Jones is a comprehensive textbook aligned with Canadian Auditing Standards (CAS). The book uses a risk-based approach to walk students through the auditor's decision-making process. [1, 2, 3]
According to the official Pearson Canada Table of Contents, the topics covered are organized into 20 core chapters: [1]
🏛️ Foundations & Professional Environment
  • The Demand for Audit and Other Assurance Services: Defining assurance, attestation, and nonassurance services.
  • The Public Accounting Profession and Audit Quality: The regulatory environment and introduction to quality management standards (CSQC 1 and CSQC 2).
  • Professional Ethics and Legal Liability: Ethical frameworks for Canadian CPAs and legal exposure in public practice.
  • Audit Responsibilities and Objectives: Distinguishing management's responsibilities from the auditor's responsibilities. [1, 2, 3, 4, 5]
🔍 Risk Assessment & Planning
  • Audit Evidence: Principles-based frameworks to evaluate evidence under updated standard CAS 500.
  • Client Acceptance, Planning, and Materiality: Preliminary steps, calculating materiality, and establishing an initial audit strategy.
  • Assessing the Risk of Material Misstatement: Strategic auditing and diagnosing inherent and fraud risks.
  • Internal Control and COSO Framework: Components of internal control frameworks.
  • Assessing Control Risk and Designing Tests of Controls: Evaluating client controls and testing their operational effectiveness.
  • Develop Risk Response: Formulating the overall audit program and strategy.
  • Audit Sampling Concepts: Applying statistical and non-statistical sampling methods to audit procedures. [1, 2, 3, 4, 5]
🔄 Auditing Business Cycles & Transaction Classes
  • Audit of the Revenue Cycle: Revenue and cash collection process, fraud risks, and substantive testing.
  • Audit of the Acquisition and Payment Cycle: Vendor management, disbursements, and liabilities.
  • Audit of the Inventory and Distribution Cycle: Physical inventory tracking, valuation, and logistics auditing.
  • Audit of the Human Resources and Payroll Cycle: Employee records, payroll taxes, and bonus/wage cycle testing.
  • Audit of the Capital Acquisition and Repayment Cycle: Debt, equity transactions, and structural funding.
  • Audit of Cash Balance: Reconciliations, banking verifications, and financial asset reporting. [1, 2, 3]
📋 Completion, Reporting & Specialized Services
  • Completing the Audit: Evaluating contingent liabilities, management representation letters, and subsequent events.
  • Audit Reports on Financial Statements: Formulating the final audit opinion and generating reporting documentation.
  • Other Assurance and Nonassurance Services: Reviews, compilations, agreed-upon procedures, and specialized sustainability engagements (ISSA 5000). [1, 2, 3, 4, 5]

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Topics

and substantive testing Assessing Control Risk and Designing Tests of Controls Evaluating client controls and testing their operational effectiveness Assessing the Risk of Material Misstatement Strategic auditing and diagnosing inherent and fraud risks Audit Evidence Principles-based frameworks to evaluate evidence under updated standard CAS 500 Audit of the Acquisition and Payment Cycle Vendor management Audit of the Human Resources and Payroll Cycle Employee records Audit of the Inventory and Distribution Cycle Physical inventory tracking Audit of the Revenue Cycle Revenue and cash collection process Audit Reports on Financial Statements Formulating the final audit opinion and generating reporting documentation Audit Responsibilities and Objectives Distinguishing management's responsibilities from the auditor's responsibilities Audit Sampling Concepts Applying statistical and non-statistical sampling methods to audit procedures Auditing Business Cycles & Transaction Classes Client Acceptance Planning and Materiality Preliminary steps Completing the Audit Evaluating contingent liabilities Completion Reporting & Specialized Services Foundations & Professional Environment fraud risks Internal Control and COSO Framework Components of internal control frameworks Other Assurance and Nonassurance Services specialized sustainability engagements Professional Ethics and Legal Liability Ethical frameworks for Canadian CPAs and legal exposure in public practice Risk Assessment & Planning The Demand for Audit and Other Assurance Services The Public Accounting Profession and Audit Quality The regulatory environment and introduction to quality management standards
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