(1) Sarbanes-Oxley materials covering an audit of internal control over financial reporting.
(2) The Introduction includes an overview of an internal control audit and an expanded explanation of how to proceed with an integrated audit.
(3) The Introduction now incorporates an index that cross-references the exhibits to the assignments.
(4) Assignment #1 has been expanded to include a broader analysis of risks in the planning stage of the audit, including an assessment of the risk of material misstatement due to fraud. Also included are requirements for planning an integrated audit of internal control and financial statements.
(5) Risk model exercises have been removed from the assignments and included as an optional exercise in Assignment #4, Inventory and Purchases.
(6) Working papers have been created based on the data from the client’s computer system to improve the realism of the case.
(7) Optional internal control exercises are based on the client’s computer-based LAN system.
(8) The Instructor’s CD includes general audit programs that can, at the instructor’s discretion, be used as a starting point for students to tailor their audit programs to the client’s situation.
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2007 McGraw-Hill Higher Education