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∑ 1 mc2
AE=
This eBook is provided bywww.PlentyofeBooks.net
Plenty of eBooks is a blog with an aim ofhelping people, especially students, whocannot afford to buy some costly
Set materiality and assessacceptable audit risk and
inherent risk
Understand internal controland assess control risk
Gather informationto assess fraud risks
Develop overall audit planand audit program
Planto reduce
assessed level ofcontrolrisk?
No
Yes
Perform tests of controls*
Perform substantive testsof transactions
Assess likelihood of misstatementsin financial statements
PHASE IIIPerform analyticalprocedures and
Low unknown
tests of detailsof balances
PHASE IVComplete theaudit andissue anaudit report
Perform analytical procedures
Perform tests of key items
Perform additional testsof details of balances
Perform additional tests forpresentation and disclosure
Accumulate final evidence
Evaluate results
Issue audit report
Communicate with auditcommittee and management
*The extent of testing of controls is determined by planned reliance on controls. For public companies requiredto have an audit of internal control, testing must be sufficient to issue an opinion on internal control overfinancial reporting. FOURTEENTH EDITION
AUDITING AND
ASSURANCESERVICES
AN INTEGRATED APPROACHIncludes coverage of international standards and global auditing issues, in addition to coverage of
PCAOB Auditing Standards, the risk assessment SASs, the Sarbanes–Oxley Act, and Section 404 audits.
ALVIN A. ARENSApago PDF Enhancer
PricewaterhouseCoopersEmeritus Professor
Michigan State University
RANDAL J. ELDER
Syracuse University
MARK S. BEASLEY
North Carolina State UniversityDeloitte Professor of Enterprise Risk Management
Prentice HallBoston Columbus Indianapolis New York San Francisco Upper Saddle River
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal TorontoDelhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Library of Congress Cataloging-in-Publication Information is available.
Arens, Alvin A.Auditing and assurance services: an integrated approach/Alvin A. Arens, Randal J. Elder, Mark S. Beasley.—14th ed.
p. cm.Includes index.ISBN-13: 978-0-13-257595-9ISBN-10: 0-13-257595-71. Auditing. I. Elder, Randal J. II. Beasley, Mark S. III. Title.
VP/Editorial Director: Sally YaganEditor in Chief: Donna BattistaExecutive Editor: Stephanie WallProduct Development Manager: Ashley SantoraEditorial Project Manager: Christina RumbaughEditorial Assistant: Brian ReillyDirector of Marketing: Patrice Lumumba JonesMarketing Assistant: Ian GoldSenior Managing Editor: Cynthia ZonneveldProduction Project Manager: Carol O’RourkeSenior Operations Manager: Diane PeiranoArt Director: Anthony GemmellaroInterior Design: Lisa Delgado & Co.Cover Design: Anthony GemmellaroComposition: Lynne WoodPrinter/Binder: Quebecor World Color/VersaillesTypeface: 11/12.5 Minion Regular Apago PDF EnhancerCredits and acknowledgments borrowed from other sources and reproduced, withpermission, in this textbook appear on appropriate page within text.
Pearson Prentice Hall™ is a trademark of Pearson Education, Inc.Pearson® is a registered trademark of Pearson plcPrentice Hall® is a registered trademark of Pearson Education, Inc.
Pearson Education Ltd., London Pearson Education North Asia Ltd., Hong KongPearson Education Singapore, Pte. Ltd Pearson Educación de Mexico, S.A. de C.V.Pearson Education, Canada, Inc. Pearson Education Malaysia, Pte. LtdPearson Education–Japan Pearson Education Upper Saddle River, New JerseyPearson Education Australia PTY, Limited
10 9 8 7 6 5 4 3 2 1ISBN-13: 978-0-13-257595-9
ISBN-10: 0-13-257595-7
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