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Unveiling the Core Principles of Effective Auditing for Business Excellence


Are you ready to unlock the secrets of effective auditing that drive organizational success? "Auditing Essentials" is your indispensable guide to understanding and harnessing the power of audits for business excellence. Whether you're an aspiring auditor aiming to master the craft or a business professional seeking insights into auditing processes, this book equips you with the knowledge and tools to conduct audits that ensure transparency, compliance, and continuous improvement.

Auditing Essentials

  • 1.Introduction to Auditing
    1.1.The Role of Auditing in Business
    1.2.Types of Auditing
    1.3.Importance of Auditing in Ensuring Financial Integrity
    2.The Audit Process
    2.1.Planning the Audit
    2.2.Conducting Risk Assessments
    2.3.Developing an Audit Program
    2.4.Understanding Internal Controls
    3.Understanding Financial Statements
    3.1.Introduction to Financial Statements
    3.2.Balance Sheet Analysis
    3.3.Income Statement Analysis
    3.4.Statement of Cash Flows Analysis
    4.Auditing Financial Statements
    4.1.Materiality and Audit Risk
    4.2.Audit Evidence and Documentation
    4.3.Testing Financial Statement Assertions
    4.4.Analytical Procedures in Auditing
    5.Audit Sampling Techniques
    5.1.Statistical Sampling Methods
    5.2.Non-Statistical Sampling Methods
    5.3.Sample Size Determination
    6.Internal Control Evaluation
    6.1.COSO Framework and Internal Control
    6.2.Assessing Control Risk
    6.3.Evaluating Entity-Level Controls
    6.4.Testing Application-Level Controls
    7.Fraud Detection and Prevention
    7.1.Understanding Fraud and Its Red Flags
    7.2.The Auditor's Responsibility in Detecting Fraud
    7.3.Techniques for Preventing and Detecting Fraud
    8.Auditing Revenue and Receivables
    8.1.Revenue Recognition Principles
    8.2.Testing Revenue Transactions
    8.3.Evaluating Accounts Receivable
    9.Auditing Inventory and Cost of Goods Sold
    9.1.Inventory Valuation Methods
    9.2.Auditing Inventory Count and Observation
    9.3.Cost of Goods Sold Testing
    10.Auditing Long-Term Assets
    10.1.Property, Plant, and Equipment
    10.2.Intangible Assets and Goodwill
    10.3.Depreciation and Amortization
    11.Auditing Liabilities and Equity
    11.1.Auditing Debt and Interest Expense
    11.2.Equity Transactions and Stockholders' Equity
    11.3.Contingent Liabilities and Commitments
    12.Completing the Audit
    12.1.Subsequent Events Review
    12.2.Finalizing the Audit Findings
    12.3.Reporting the Audit Results
    13.Special Considerations in Auditing
    13.1.Auditing in Specific Industries
    13.2.Group Audits and Component Auditors
    13.3.Auditing Government Entities
    14.International Auditing Standards
    14.1.Overview of International Auditing Standards (ISA)
    14.2.The Role of International Ethics Standards Board for Accountants (IESBA)
    14.3.Harmonization of Global Auditing Practices
    15.Emerging Trends in Auditing
    15.1.Impact of Technology on Auditing
    15.2.Data Analytics and Auditing
    15.3.The Future of Auditing
    16.Case Studies in Auditing
    16.1.Case 1: Evaluating Internal Controls at XYZ Company
    16.2.Case 2: Detecting and Investigating Fraud at ABC Corporation
    16.3.Case 3: Auditing Revenue Recognition at DEF Corporation
    17.1.Glossary of Auditing Terms
    17.2.International Auditing Standards (ISA)
    About the author

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