Customer Reviews

Auditing & Assurance Services: A Systematic Approach with ACL CD and OLC Card

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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.