John M. Trussel
J. Douglas Frazer

Publisher: Prentice Hall
Copyright: 2008
Format: Paper; 150 pp

ISBN-10:	0131588516
ISBN-13:	9780131588516

Our Price: £28.99
This title is ordered on demand which may result in extended delivery times.

For undergraduate/graduate courses in auditing.
 
The cases in The Lakeside Company, 11e create a realistic view of auditing by putting the abstract concepts into practice.

Introductory Case: A Look Inside CPA Firms

Case1: Analysis of a Potential Audit Client

Case 2: New Clients and an Auditor’s Legal Liability

Case 3: Audit Risk and Analytical Procedures

Case 4: Assessing Control Risk

Case 5: Tests of Controls: The Revenue and Cash Receipts Cycle

Case 6: Audit Procedures and Audit Documentation: Testing the Inventory/Purchasing

Case 7: Designing Substantive Audit Tests: Compensation Plans

Case 8: Observation of Physical Inventory Count

Case 9: Resolving Audit Problems

Case 10: Sampling for Attributes

Case 11: Sampling for Variables–Difference Estimation

Case 12: Review of Subsequent Events

Case 13: Consulting Services

For undergraduate/graduate courses in auditing.
 
The cases in The Lakeside Company, 11e create a realistic view of auditing by putting the abstract concepts into practice.

How do you prepare students for the workforce in your auditing class?  What types of projects do you assign over the course of the semester that will allow students to get a hands-on look at how an auditor would organize information and solve problems associated with an audit?

The cases in The Lakeside Company are intended to create a realistic view of how an auditor organizes and performs an audit examination. These cases provide a simulation that permits students to put the abstract and difficult concepts of auditing into practice. Students have to perform realistic audit activities, such as:

• Analyze fraud risk factors;
• Assess the implications of the Sarbanes-Oxley Act; 
• Perform analytical procedures; 
• Prepare audit reports;
  

What are some of the characteristics of typical auditing cases that you use in class?  Do you prefer a text that is readily adaptable to your needs?

This text contains a variety of features intended to provide the utmost flexibility in teaching auditing. Some of the highlights include:

• Each case can be used in virtually any order because each one is written as a relatively independent situation.
• The cases offer an array of possible approaches: discussion questions, exercises, and research assignments.
• Students can work individually or on teams.
• Audio clips - The website includes audio clips prepared by the “consulting partner” on the audit team, which offers additional questions that require critical thinking about the subject material of the cases.
• Electronic Working Papers - The website includes supplemental templates for the exercises that may be used as audit documentation.

What kind of homework do you assign over the course of the semester?  Do you challenge the students with group work and long-term projects?

The textbook contains various assignments and research questions that allow students to think analytically outside of class. 

• Assignments: Many of the questions in this book are open-ended, designed to stimulate the ability to analyze auditing problems.  Often, as in a real audit, no absolutely correct answer in possible. Students must evaluate the facts and attempt to arrive as a logical conclusion or a viable course of action.
• Research Questions: Many cases include a section called “Apply Your Research” in which students are asked to expand upon a topic addressed in the case.

This text is available for personalization in the PHCBR custom database program.  Select only the chapters you require or supplement with recommended case studies all under one cover.  CLICK HERE to go directly to the PHCBR book-build site or visit our product page for additional information at pearsoncustom.com/business.

How important is it that your textbook incorporates elements from Sarbanes-Oxley?

The implications of Sarbanes-Oxley are a new edition to this text.  Although the Lakeside Company is a privately held business, the company’s arrangement is considering the issuance of stock to the public. Thus, students are asked to address the implications of the Sarbanes-Oxley Act on both the client and the auditor.

Are students familiar with ethical issues and cases regarding fraud?  How have you incorporated these topics in the past?

Questions regarding ethics and fraud have been incorporated into this text in the previous editions. Several additional questions have been added regarding both ethics and fraud.  The authors identify questions about ethics with a logo of a scale and questions about fraud with a logo of a triangle.

How much coverage on the Risk Assessment Standards do you typically provide over the course of the semester?

In March of 2006 the AICPA’s Auditing Standards Board issued SAS 104.111, eight standards relating to the assessment of risks in a financial statement audit. Questions and references have been incorporated that teach students some of the standards.  Ultimately, the Risk Assessment Standards establish:

·        Guidance in financial statement audits for private companies concerning the auditor’s assessment of the risks of material misstatements

·        Design and performance of audit procedures that are responsive to risks

·        Standards and provide guidance on planning and supervision, the nature of audit evidence, and evaluating whether the audit evidence affords a reasonable basis for the auditor’s opinion on the financial statements under audit.