{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

monograph2 - The 21st Century Public Company Audit...

Info icon This preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
The 21st Century Public Company Audit Conceptual Elements of KPMG’s Global Audit Methodology Timothy B. Bell Mark E. Peecher Ira Solomon AUDIT
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
By Timothy B. Bell Mark E. Peecher Ira Solomon Foreword by Stuart Campbell and Michael Hughes © 2005 KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent firms operating under the KPMG name. KPMG International provides no services to clients. Each member firm of KPMG International is a legally distinct and sepa- rate entity and each describes itself as such. All rights reserved. Printed in the U.S.A. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of inde- pendent firms operating under the KPMG name. KPMG International provides no audit or other client services. Such services are provided solely by member firms of KPMG International (including subli- censees and subsidiaries) in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied, or otherwise) to obligate or bind KPMG International or any other member firm, nor does KPMG International have any such authority to obli- gate or bind any member firm, in any manner whatsoever. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. This monograph does not exhaustively cover the policies and procedures comprising KPMG’s audit process, nor does it cover how KPMG’s audit process comports with applicable auditing standards. The 21st Century Public Company Audit Conceptual Elements of KPMG’s Global Audit Methodology A
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
Contents Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .i Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .iii Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Evolution of the Risk-Assessment Orientation in Auditing . . . . . . . . . . .7 Evidence-Driven, Belief-Based Risk Assessment . . . . . . . . . . . . . . . . . .17 Triangulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 Overview of KPMG’s Global Audit Methodology . . . . . . . . . . . . . . . . .39 Planning Risk Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Control Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53 Risk Assessments During Substantive Testing and Completion . . . . . . .59 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65 Appendix: Legend of Acronyms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 Footnotes may be sourced to the references at the end of this document. For ease of exposition, we use acronyms throughout this monograph to represent key terms that are repeated. To assist the reader, the Appendix is a legend of these acronyms.
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
Foreword By Stuart Campbell and Michael Hughes – i – Thought leadership in auditing is a deeply embedded tradition at KPMG. From innovations on new audit risk assessment frameworks to programs that support scholarly activities like the Research Opportunities in Auditing program and the KPMG and University of Illinois Business Measurement Case Development and Research Program , KPMG has supported new developments in auditing practice, education, and research in a variety of ways. Today, at a time when thought leader-
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern