External Auditing and Assurance (4th Edition)

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This unique Irish textbook covers the entire audit process undertaken by independent external auditors, culminating in their independent auditor’s report. It is designed to inform students about the background to auditing and then lead them in detail through the practicalities of the auditing and assurance process.

External Auditing and Assurance: An Irish Textbook illustrates the context of the external auditing process as it relates to an entity's financial statements. The audit process is treated as a continuous discussion directly related to the final outcome, i.e. the auditor’s report, and the financial statements to which it refers. The specific audit procedures for each cycle in a set of financial statements are explained in detail, with worked examples that replicate the audit working papers and other documentation to complement this applied approach.

For this 4th Edition the text has been extensively updated to reflect the most recent ethical and auditing standards as issued by the IAASA and the FRC (as at 1 January 2022), including the new standards on quality management. Developments in the auditor's regulatory environment in both Ireland and the UK are explained, as well as relevant changes in company law and corporate governance.This edition also considers the wider issues affecting auditing, such as the impact of geopolitical events, and their implications for auditors.

Some key features of this new edition also include:

• an extensively revised chapter on the application of data analytics, robotic process automation, artificial intelligence, blockchain and cloud computing and their impact on the audit;
• an increased focus on professional scepticism and professional judgement;
• a new chapter on non-audit engagements.

Contents

Introduction (including future developments in auditing and assurance)

Part I – The External Auditing and Assurance Environment

1. External Auditing and Assurance
2. Ethics and Corporate Governance
3. Fraud and Compliance with Laws & Regulations

Part II – The Audit and Assurance Process: Planning and Controls

4. The Audit Process
5. Audit Acceptance and Planning
6. Gathering Audit Evidence
7. The Risk Assessment Process
8. Controls and Control Testing
9. Computer-Assisted Audit Techniques and Other Technology Considerations
10. Using the Work of Others

Part III – The Audit and Assurance Process: Substantive Procedures

11. The Audit of Property, Plant and Equipment
12. The Audit of Inventory
13. The Audit of Revenue and Receivables
14. The Audit of Bank and Cash
15. The Audit of Investments
16. The Audit of Purchases and Payables
17. The Audit of Share Capital and Reserves

Part IV – The Audit and Assurance Process: Conclusion and Reporting

18. Audit Completion Procedures
19. Audit Reports
20. Group Audits

Part V – Non-Audit Engagements

   21.   Non-Audit Engagements

• Appendix A – Large Company Ltd – Directors’ Report and Financial Statements
• Appendix B – Suggested Solutions to Review Questions
• Glossary

For further information, contact publishing@charteredaccountants.ie or telephone on (+353) 01 637 7204

The Author

Christine Nangle BBS, FCA is the Head of the Discipline of Accounting at Technological University Dublin and is currently undertaking her PhD with University College Dublin in the area of professional scepticism and judgement in junior auditors. Christine trained and qualified as a Chartered Accountant with Deloitte and subsequently worked in industry, including eight years with Coca-Cola Hellenic, where she was Head of Internal Audit and latterly Commercial Finance Manager. She is an executive committee member of the British Accounting & Finance Association (Auditing Special Interest Group).