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The Best Auditing Book Available
on May 18, 2004
During the 16 years that I have taught Financial Auditing at the university level I have been constantly on the lookout for the best available book. I chose Whittington & Pany because (1) it is succinct, (2) it presents auditing concepts clearly (although the authors do sugar coat the accounting scandals of the past 20 years and fail to give credit where credit is due by naming the firms involved in them), (3) the page layout is attractive and easy to read, and most importantly (4) my students preferred it over other texts (one student told me that she chose my class after looking through the assigned texts for all of the Auditing sections, an excellent idea).
The current (15th ed.) has been brought up to date with a limited discussion of Sarbanes-Oxley and the PCAOB.
The material is obviously dry, but I found that it was possible to make my classes more interesting by incorporating newspaper accounts of the more egregious audit failures in the assigned readings, and by being honest about the arrogance, greed and stupidity that are all too typical of the accounting profession today. This practice has brought complaints by the local offices of the major firms, to which my department head replied that they are welcome to come speak to the classes to explain their side of the story. To date, they have not accepted the invitation.