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. 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. 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. Lynn Bradley is a Senior Lecturer in Accounting in the Adam Smith Business School at the University of Glasgow. She originally trained as an auditor with the National Audit Office and is currently an audit committee chair of two bodies. Lynn is a member of ICAS and a member of the ICAS Audit & Assurance Panel and the ICAS Test of Professional Expertise Panel. Lynn Currie is a Lecturer in Accounting in the Adam Smith Business School at the University of Glasgow. Lynn trained in audit at KPMG and subsequently worked in the audit learning departments at KPMG and PWC. Lynn is a member of the Institute of Chartered Accountants Scotland (ICAS), a member of the ICAS Qualifications Board and ICAS Shaping the Profession steering group.

• 1. Why are auditors needed?2. An overview of the postulates and concepts of auditing3. Auditor independence4. Audit regulation5. An introduction to corporate governance6. Risk7. Evidence8. Systems work basic ideas9. Testing and evaluation of systems10. Substantive testing, CAAT and audit programmes11. Sampling and materiality12. Final work: general principles and analytical review of financial statements, and management assertions on financial statement heading13. Final work: non-current assets, trade receivables and financial assets14. Final work: specific problems relating to inventories, construction contracts, trade payables and financial liabilities15. Final review: post balance sheet period, provisions, contingencies, letter of rep.16. Assurance engagements and internal audit17. The Audit Report, including reporting on corporate governance18. Fraud and going concern19. The audit expectations gap and audit quality 20. The auditor and liability under the law21. Disruptive technologies