Route map to the guide Auditing
The aim of this guide is to help direct you in your studies. If you are
currently studying as part of a course with lectures and seminars/tutorials,
then this guide will supplement your studies and coursework. The guide
will be especially useful if you are studying on your own. You may face the
difficulty of working out which of the many sources of information you
need to concentrate on – the guide will direct you to those areas that will
best repay your attention.
Every effort has been made to keep the text accessible, not overcomplicating
the technical aspects and not contradicting the textbooks.
It should be stressed that the guide is not a substitute for the texts which
are both very comprehensive in their coverage of numerous topics. There
would be little point in trying to write yet another textbook but what I
have done is to select those issues which are really worth concentrating
on. The guide is not a substitute for diligent study nor is it a shortcut for
the lazy student. You still need to be motivated and self-disciplined. You
need to be diligent in the pursuit of your studies and be prepared to put
in the time and the effort. I have tried to make the text and the guide
more engaging by inserting activities and ‘pause and think’ style questions.
Please do not skip over these exercises. They are designed to grab your
attention and get you working and, most of all, thinking.
The rest of this first chapter is a general introduction to the guide itself.
Chapter 2 looks at the basis of auditing and its development over the years
and ends with consideration of what has become known as the ‘expectations
gap’ – this still causes the profession problems many years after it was first
recognised that what auditors meant by an audit was not always the same
as what the public thought was involved. Chapter 3 is quite a challenge,
looking as it does at the topic of theoretical notions underpinning the
concept of an audit; what makes this difficult is that the discussion is
mainly in the abstract rather than dealing with the practical aspects of
auditing, but do not let that put you off. The next three chapters deal with
three of the four main concepts – independence, auditor reporting and
audit evidence. Taking some of the points from the theoretical basis, the
discussion and evaluation begins to focus in on the practicalities of auditing.
Chapter 7 concerns the audit process and the approach of concentrating
audit resources on those areas most likely to be at risk of misstatement.
It is important to realise that the guide does not attempt to go into the
level of detail which you will find in the textbooks but this does not mean
that you can ignore the relevant chapters in those books. A thorough
understanding of auditing practices and procedures is necessary if you wish
to be best placed to tackle the scenario-based questions in Section A of the
examination paper. Chapter 8 deals with the complex and difficult area
of legal liability. Again no attempt has been made to better the textbooks’
coverage of the case law but a different perspective is offered on how one
may interpret the various decisions of the courts. Chapter 9 deals with the
topics of regulation of auditing and the expansion of auditing notions into
other forms of professional service. In particular, I highlight a few areas
with which students should be familiar. Chapter 10 acts as an overview
and tries to bring together a number of lessons and principles concerning
examination technique – these have been introduced throughout the guide
but are worth repeating. It cannot be overstated how important it is that
you work on developing good style and good technique. All too often
Examiners are dismayed by students’ poor performance, not their lack of
knowledge but their lack of ability to tailor their knowledge to answer
the particular question set. Please do not bypass this last chapter, it could
seriously affect your final grade!
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