Principles of auditing and assurance services / Ma. Elenita Balatbat Cabrera, Gilbert Anthony B. Cabrera, and Bernadette Ann B. Cabrera.

Includes bibliographical references.

Unit I. Introduction to assurance and auditing services -- The demand for auditing and assurance services -- Professional practice of accountancy: an overview -- The public accounting profession environment -- Management of a public accounting practice -- Professional ethics -- Unit II. Fundamentals of assurance and financial statement audit -- Fundamentals of assurance services -- Introduction to financial statement audit -- Unit III. Risk-based audit of financial statements -- Overview of risk-based audit -- Risk assessment - Part I -- Phase I-A performance of preliminary engagement activities -- Phase I-B planning the audit to develop an overall audit strategy and audit plan -- Risk assessment - Part II -- Phase I-C.1. performance of risk assessment procedures to identify/assessed risks of material misstatement through understanding the entity -- Risk assessment - Part III -- Phase I-C.2. consideration of internal control in a financial statement audit -- Fraud and error -- Unit IV. Risk response -- Risk response - Part I designing and effective response to assessed risk -- Risk response - Part II implementing the designed risk response and obtaining audit evidence -- Basic audit sampling concepts -- Audit sampling for test of controls -- Audit sampling for substantive tests -- Audit documentation -- Unit V. Reporting -- Audit evidence evaluation -- Completing the audit and post-audit responsibilities -- Forming an opinion and reporting on financial statement -- Modifications to the independent auditor's report -- Unit VI. Auditing in an Information Technology (IT) system environment -- Auditing in an Information Technology (IT) system environment - Part I -- Auditing in an Information Technology (IT) system environment - Part II -- VII: Other services and reports -- Procedures and reports on special purpose audit engagements -- Non-audit engagements: Procedures and reports.

"The pace of change in the financial statement auditing environment continues toaccelerate even as the need for reliable, high-quality assurance over financialreporting continues to intensify. To cope with today's rapidly changingenvironment affecting the practice of the accountancy profession, textbooks muststrike a balance between conceptual and applied aspects of the discipline.
This new edition of Principles of Auditing and Assurance Services integrates the topical coverage the legal, regulatory and ethical requirements and the relevant Philippine Standards on Auditing (PSAs) that professional accountants must comply with. Our intent is that students will not only understand the important standards and concepts underlying auditing but that they gain a strong intuitive grasp of why it is important and how the underlying logic can inform their judgments not only as auditors but as business people"-- Preface of the book.