Auditing & Assurance Services: A Systematic Approach with ACL CD and OLC Card
by William F Messier, Steven M. Glover, Douglas F. Prawitt
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Book Summary Information
Author: Douglas F. Prawitt, Steven M. Glover, William F MessierEdition: Hardcover
Published: 2004-12-30
ISBN: 0073137537
Publisher: McGraw-Hill/Irwin
Book Reviews of Auditing & Assurance Services: A Systematic Approach with ACL CD and OLC Card
Book Review: New method of presentation needs to be refined during the next edition
Summary: 2 Stars
I have just finished a course that used this textbook. To me, it is clear that auditing has undergone a dramatic change. That is, this book lacks clarity and specificity.
My bias, however, is that I have a hard time believing that auditors are concerned with a bussiness' control environment and its understanding of management's response to risk factors.
Instead, I believe that auditors still need to spend time "verifying amounts and tracing journal entries to source documents." Those tasks seem monumental enough for an audit engagement.
I left the class wondering, "What do auditors do?" In conclusion, I am not sure that I could perform any audit procedures beyond bank reconciliations and confirmation letters after reading this book. Yet, I do have an understanding of the framework and justification for why we need auditors.
To the book's credit, I did learn how to assess risks, use the audit risk model, make preliminary judgments about materiality, and, in a general way, relate an audit procedure to the management assertion it is supposed to test.
If you want an epistemology of auditing, read this book. If you would rather begin learning how to do auditing, this book will not be helpful.
Summary of Auditing & Assurance Services: A Systematic Approach with ACL CD and OLC Card
Messier employs the new audit approach currently being used by auditing professionals. This new approach is a direct result of the demands of Sarbanes-Oxley, which has changed the way auditors do their jobs. The new auditing approach emphasizes understanding the entity (i.e., the organization or business being audited) and its environment (i.e. industry), and then assessing the business risks faced by the entity and how management controls those risks. This new audit process focuses on business processes instead of accounting cycles. This unique and innovative approach has been developed in response to changing market dynamics. The systematic approach, referred to in the subtitle of the text, reflects the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence; this allows Messier to build upon this model in subsequent chapters. These are central to everything an auditor does and a unique feature of Messier. As such, this approach helps students develop auditor judgment, a vital skill in today’s auditing environment.General Books
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