The Audit Process

Iain Gray acquired extensive practical auditing experience with Price Waterhouse in Germany and Italy ( before the merger with Coopers). He was for many years Principal Lecturer and Head of Auditing at Sheffield Hallam University and was formerly Chair of the Auditing Special Interest Group of the British Accounting and Finance Association. He has a particular interest in education. Louise Crawford is Professor of Accounting at Newcastle University Business School. After working as a post-doctoral research scientist at St Andrews University, Louise trained with KPMG to become a Chartered Accountant with The Institute of Chartered Accountants of Scotland, practicing predominantly in corporate audit. Stuart Manson is Emeritus Professor of Accounting in Essex Business School at the University of Essex where he lectured on auditing and financial reporting. He has written a number of articles in academic journals and co-authored a number of research monographs in the areas of auditing and financial reporting. Stuart Manson is a member of the Institute of Chartered Accountants of Scotland.

1. Why are auditors needed?
2. An overview of the postulates and concepts of auditing
3. Auditor independence
4. Audit regulation
5. An introduction to corporate governance
6. Risk
7. Evidence
8. Systems work basic ideas 1
9. Systems work basic ideas 2
10. Testing and evaluation of systems
11. Substantive testing, CAAT and audit programmes
12. Sampling and materiality
13. Final work: general principles and analytical review of financial statements, and management assertions on financial statement heading
14. Final work: non-current assets, trade receivables and financial assets
15. Final work: specific problems relating to inventories, construction contracts, trade payables and financial liabilities
16. Final review: post balance sheet period, provisions, contingencies, letter of rep.
17. Assurance engagements and internal audit
18. The Audit Report, including reporting on Corporate Governance
19. Fraud and going concern
20. The audit expectations gap and audit quality
21. The auditor and liability under the law
22. Issues in auditing
23. Examination hints and final remarks