Auditing Notes for South African Students: A Comprehensive Guide to the World of Auditing
Auditing Notes for South African Students is a comprehensive guide designed specifically to assist tertiary students in South Africa with their studies in auditing. Published by LexisNexis, this book covers all aspects of auditing in accordance with International Standards on Auditing (ISA), making it an essential resource for students of accounting and auditing.
Auditing is a crucial component of the financial world. It is a discipline that entails examining an entity's financial records and activities to ensure compliance with applicable laws, regulations, and accounting standards. Auditing Notes for South African Students is a book that provides a comprehensive guide to the world of auditing.
This article is an in-depth review of the book and what it offers to South African students.
The Purpose of Auditing Notes for South African Students
The purpose of this book is to provide students with a practical and detailed understanding of auditing, including its principles, processes, and key elements. With a focus on the South African context, it covers a wide range of topics, from professional conduct and statutory matters to corporate governance and computer auditing.
Below is a brief breakdown of each chapter heading in the table of contents:
Chapter 1 - Introduction to Auditing
Chapter 1 of Auditing Notes for SA Students provides an overview of the auditing process, including its purpose and scope, as well as the different types of audits and the roles and responsibilities of auditors. It also discusses the ethical and legal frameworks within which auditors operate, and the importance of maintaining independence and objectivity.
Chapter 2 - Professional Conduct
Chapter 2 focuses on the professional conduct of auditors, covering topics such as professional skepticism, due care, confidentiality, and professional competence. It also discusses the Code of Professional Conduct and Ethics for Registered Auditors, as well as the role of professional bodies such as the Independent Regulatory Board for Auditors (IRBA).
Chapter 3 - Statutory Matters
Chapter 3 covers the statutory framework for auditing in South Africa, including the Companies Act, the Auditing Profession Act, and other relevant legislation. It also discusses the regulatory environment and the role of the IRBA in ensuring compliance with auditing standards and ethics.
Chapter 4 - Corporate Governance
Chapter 4 of Auditing Notes for South African students explores the principles of corporate governance and the role of auditors in ensuring compliance with these principles. It covers topics such as the King Code of Governance for South Africa, the role of the board of directors, and the importance of risk management and internal control.
Chapter 5 - General Principles of Auditing
Chapter 5 covers the general principles of auditing, including the concepts of materiality and audit risk, and the different types of audit evidence. It also discusses the audit planning process, the importance of understanding the client's business, and the need to tailor the audit approach to the specific circumstances of the client.
Chapter 6 - An Overview of the Audit Process
Chapter 6 provides a detailed overview of the audit process, including the different phases of an audit and the key activities and procedures involved in each phase. It also covers the importance of audit documentation and the need for effective communication with the client.
Chapter 7 - Important Elements of the Audit Process
Chapter 7 focuses on the key elements of the audit process, including the assessment of internal control, the testing of account balances and transactions, and the evaluation of going concern and factual insolvency. It also discusses the role of analytical procedures and the importance of fraud detection and prevention.
Chapter 8 - Computer Audit - The Basics
Chapter 8 provides an introduction to computer auditing, covering topics such as the types of computer systems, the risks associated with computer-based systems, and the importance of IT general and application controls. It also discusses the use of audit software and the different types of computer-assisted audit techniques.
Chapter 9 - Computer Audit - Networks and Related Concepts
Chapter 9 delves deeper into the topic of computer auditing, focusing on computer networks and related concepts such as cloud computing, virtualization, and mobile devices. It covers the risks associated with these technologies and the importance of security and access controls.
Chapter 10 - Revenue and Receipts Cycle
In this chapter, the book provides an in-depth discussion of the revenue and receipts cycle in auditing. It covers various topics such as revenue recognition, the audit of sales, the audit of receivables, the audit of cash, and the audit of debtors. It also provides an overview of the documentation and testing requirements for revenue and receipts cycle.
Chapter 11 - Acquisitions and Payments Cycle
This chapter discusses the acquisitions and payments cycle in auditing, including the audit of purchase transactions, the audit of payables, the audit of cash disbursements, and the audit of creditors. It also covers the documentation and testing requirements for the acquisitions and payments cycle.
Chapter 12 - Inventory and Production Cycle
The inventory and production cycle is a critical aspect of many businesses, and in this chapter, the book covers the audit of inventory, production, and cost of sales. The book provides an overview of the documentation and testing requirements for this cycle and how to evaluate the client's internal controls over inventory and production.
Chapter 13 - Payroll and Personnel Cycle
The payroll and personnel cycle is another important area in auditing, and this chapter covers topics such as the audit of payroll, the audit of employee benefits, and the audit of personnel expenses. It also discusses the documentation and testing requirements for this cycle.
Chapter 14 - Finance and Investment Cycle
In this chapter, the book covers the audit of investments, loans, and financing activities. It includes topics such as the audit of investments in securities, the audit of loans and borrowings, and the audit of equity. The book also discusses the documentation and testing requirements for finance and investment cycle.
Chapter 15 - Going Concern and Factual Insolvency
The going concern concept is essential in auditing and financial reporting. This chapter covers topics such as assessing the client's ability to continue as a going concern and evaluating the adequacy of the financial statement disclosures. It also covers the concept of factual insolvency and how it affects the audit opinion.
Chapter 16 - Reliance on other Parties
In this chapter, Auditing Notes for South African Students covers the topic of reliance on other parties, which is a crucial aspect of the audit process. It involves the auditor's assessment of the reliability and competence of information provided by external parties, such as management, experts, and internal auditors. The chapter provides a detailed discussion of the procedures that auditors should follow when relying on information from external sources, including the use of inquiry, confirmation, and analytical procedures. It also emphasizes the importance of understanding the nature and scope of work performed by internal auditors and the extent to which their work can be relied upon.
Chapter 17 - Sundry Topics
Chapter 17 of Auditing Notes for South African Students covers a range of topics that do not fit into any of the previous chapters. The chapter includes discussions on various subjects such as the audit of financial instruments, accounting estimates, and provisions. It also covers the audit of related parties, including the identification of related party transactions, the assessment of the risks associated with such transactions, and the procedures that auditors should perform to ensure their completeness and accuracy. The chapter also addresses the audit of litigation and claims, the use of experts in the audit process, and the procedures to be followed when an auditor identifies irregularities or illegal acts.
Chapter 18 - The Audit Report
This chapter of Auditing Notes for South African Students discusses the audit report, which is the primary means by which auditors communicate the results of their work to users of financial statements. The chapter covers the requirements of International Standards on Auditing (ISA) regarding the form and content of the audit report. It also discusses the different types of audit reports, including unmodified, modified, and adverse reports, and the circumstances under which each type of report is appropriate. The chapter also covers the responsibilities of auditors with regard to the audit report and the communication of key audit matters to users of financial statements.
Chapter 19 - Review engagements and related services engagements
Chapter 19 of Auditing Notes for South African Students covers review engagements and related services engagements, which are performed when an auditor is engaged to perform a limited assurance engagement on financial information. The chapter discusses the nature and scope of review engagements, as well as the procedures and evidence required to perform such engagements. It also covers related services engagements, such as agreed-upon procedures engagements and compilation engagements, which involve the auditor performing procedures to assist the client in the preparation of financial information without expressing an opinion or conclusion on the information. The chapter emphasizes the importance of complying with the requirements of ISA when performing review engagements and related services engagements.
INSTITUTIONS THAT USE AUDITING NOTES FOR SOUTH AFRICAN STUDENTS
The book "Auditing Notes for South African Students" is prescribed by several institutions in South Africa, including the University of Pretoria, UNISA, CA Campus, and Varsity College. The book is used for a variety of courses, including ODT300, ZAU4861, AUE4862, ZAU4862, AUE1501, AUE3702, AUE3701, AUE2601, AUE4861, NAU4861, NAU4862, AUE3761, AUE2602, AUDI8419, AUE4861, AUE4862,AUE3761, AUE2602, AUE3701, AUE4862, AUE2601, AUE4861, AUE3702, FAC2601, ODT300, IURE418, ACS2760, ACS3765, ACS3770, ASES8412, AUDI020, AUDI8419, AUE4861, AUE4862, CGAU01-8, ETGO8411, FRFO8411, INAE8411, ITNA8412, and RINA8412.
ISBN RELATED INFORMATION FOR AUDITING NOTES FOR SOUTH AFRICAN STUDENTS
ISBN 13 (SKU): 9780639009544
Authors: A. Adams;T. Diale; G. Richard
Publisher: Lexis Nexis
Publication date: 2021
Country of Publication: South Africa
Conclusion to Auditing Notes for SA Students:
In conclusion, "Auditing Notes for South African Students" is an indispensable resource for students at tertiary institutions in South Africa who are studying auditing. The book provides a comprehensive overview of auditing and the principles and procedures of auditing according to the International Standards on Auditing (ISA). It is no wonder that several South African institutions prescribe the book for their courses, including the University of Pretoria, UNISA, CA Campus, and Varsity College. With its clear and straightforward explanations and practical examples, the book is an excellent choice for students looking to excel in their auditing studies. If you are looking for other auditing books, you can check out our website with ''auditing'' in the search box.