by David Chitty and John McCarthy
A Manual on Audit, 2nd Edition, is an essential handbook for those audit practitioners who need guidance for themselves and their personnel. A customised text, which is easy-to-use, it considers the audit process sequentially, practically and in detail.
“As a practitioner I often feel that the regulations and their interpretation are changing too rapidly without consideration for the real life demands of practice or the clients I serve. This book helps to even the balance. It is easy to understand, quick to use and clear in its message. This is a book worth buying and keeping close by.” – Eamonn Leahy, FCA, Leahy & Co., Chartered Accountants
“I find the 2nd Edition of A Manual on Audit a great reference book for the constantly changing auditing requirements. I especially like the summary and detailed content listings as they allow me to quickly find the area that concerns me. The book is very thoughtfully laid out; it’s easy to use and covers all audit aspects in a clear concise manner. Well done. It is a ‘must buy’.” – Kevin Morris, FCA, FMB Chartered Accountants, Dublin
“This book is very well written in an easy to understand and apply format, where many other books on the audit process fail. The appendices are particularly useful and very relevant to current economic conditions. Every practice should keep a copy on the technical shelf!” – John Rogers, FCA, Dun Laoghaire
In five main parts, and over 29 chapters it covers:
- The Background to Auditing
- Audit Acceptance and Planning
- Audit Execution
- Audit File Review and Completion
- Audit Reporting.
This book can:
- be adopted by any firm as a statement of its procedures; or
- used to support existing audit programmes; and
- utilised as a learning medium for staff undertaking audit assignments.
For this 2nd Edition, the book has been substantially developed. It has also been fully updated for the latest Clarity ISAs and includes useful checklists on:
- summarising the main changes that have been introduced by the 2009 ISAs;
- going concern and credit crisis issues;
- application of the ISAs in an SME audit;
- common problem areas with related party transactions;
- implementation of the Statutory Audit Directive in the Republic of Ireland.
The book also deals with the issues surrounding access to a predecessor auditor’s working papers which became law on 20 August 2010. It includes a sample of a typical paragraph to use in audit engagement letters to allow for some form of cost recovery by the predecessor auditor when facilitating this access.
Also included are some tips on how to add value to the audit process for clients, a chapter on auditors’ and directors’ respective duties and responsibilities, as well an expanded chapter on acceptance and continuance of audit assignments.
The contents include:
Chapter 1 Background to Auditing
Chapter 2 Auditors’ Rights, Duties and Obligations
Chapter 3 Acceptance and Continuance
Chapter 4 Letters of Engagement
Chapter 5 Audit Planning
Chapter 6 Risk Assessment
Chapter 7 Materiality
Chapter 8 Quality Control
Chapter 9 Audit Documentation
Chapter 10 Documentation and Assessment of Accounting Systems
Chapter 11 Systems Examination and Testing
Chapter 12 Content, Form and Organisation of Accounting Records
Chapter 13 Audit Evidence
Chapter 14 Analytical Procedures
Chapter 15 Tests of Controls
Chapter 16 Substantive Testing
Chapter 17 Audit of Individual Account Areas
Chapter 18 Audit of Groups
Chapter 19 Audit of Taxation
Chapter 20 Sundry Audit Problems
Chapter 21 Audit File Review
Chapter 22 Going Concern Considerations
Chapter 23 Completion Procedures
Chapter 24 Form and Content of Audit Reports
Chapter 25 The Auditor’s Statutory Reporting Responsibility in Relation to Directors’ Reports
Chapter 26 Modifi ed Opinions
Chapter 27 Abridged Financial Statements (Section 18 of the Companies (Amendment) Act 1986)
Chapter 28 Accountants’ Report – Sole Traders, Partnerships and Audit Exempt Small Companies
Chapter 29 Reporting to the Director of Corporate Enforcement
Appendix A Main Revisions to the ISAs
Appendix B Application of the ISAs in an SME Audit
Appendix C Dealing with the Credit Crunch
Appendix D Implementation of the Statutory Audit
Directive in the Republic of Ireland
Appendix E Statement of Independence and Confidentiality and Confirmation of Fit and Proper Status
Appendix F Common Audit File Weaknesses
David Chitty is a partner in Crowe Clark Whitehill in London and International Accounting and Auditing Director at Crowe Horwath International. He has extensive audit and assurance experience with private and public companies and is chairman of the Crowe Horwath International accounting and assurance committee. He is a Council Member of the Institute of Chartered Accountants in England & Wales and is a member of the International Federation of Accountants Small and Medium Practices Committee. A well-known trainer of Irish accountants through his lifelong learning seminars, David lectures widely on auditing, financial reporting and regulatory matters and has written several books on the subject.
John McCarthy is a Fellow of Chartered Accountants Ireland, as well as a member of the Institute of Chartered Accountants in England & Wales and an AITI Chartered Tax Advisor (CTA). Formerly Director of Professional Standards at Grant Thornton, Dublin, where he was responsible for the regulatory, compliance and training areas, John now runs his own consulting firm, specialising in professional training, audit regulation, anti-money laundering, mediation and practice management. A regular presenter on practice management, succession planning, and compliance and audit/accounting technical matters, John has extensive experience in the provision of technical and strategic support to practising accountants.
For content information please contact the Publishing department on +353 1 637 7204.