Abstract
Audits are independent examinations of the records of an organization to ascertain how far the financial statements present a true picture of the firm and that accounting systems are well controlled, legal, and accurate. Auditing has become such a ubiquitous phenomenon in the world that academics have chronicled the transition to “Audit Societies.” The early twentieth century saw the standardization of auditors’ tests and reporting. Statistical sampling and computer tools to conduct statistical samples and opinions based on them are an integral part of modern auditing. This chapter surveys the state of the profession and what the twenty-first century auditor needs to know.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Aboody, David, and Baruch Lev. 1998. The Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research 36: 161–191.
AICPA. 2022. The Exposure Draft: Maintaining the Relevance of the Uniform CPA ExaminationⓇ- Aligning the Exam with the CPA Evolution Licensure Model.
Bryson, Bill. 2010. At Home: A Short History of Private Life. Toronto: Doubleday Canada.
De Roover, Raymond. 1938. Characteristics of Bookkeeping Before Paciolo. The Accounting Review 13(2): 144–149.
———. 1955. New Perspectives on the History of Accounting. The Accounting Review 30(3): 405–420.
Ge, W., A. Koester, and S. McVay. 2016. The costs and benefits of section 404 (b) Exemption: Evidence from small firms’ Internal Control Disclosures. Available at SSRN.
Hinson, Yvonne. 2019. 2019 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits. New York: AICPA.
Kaldor, Nicholas. 1966. Marginal Productivity and the Macro-Economic Theories of Distribution: Comment on Samuelson and Modigliani. The Review of Economic Studies 33(4): 309–319.
Lev, Baruch. 2000. Intangibles: Management, Measurement, and Reporting. Rowman: Littlefield.
———. 2004. Sharpening the Intangibles Edge. Harvard Business Review, 109–118.
Matthews, Derek. 2006. A History of Auditing: The Changing Audit Process in Britain from the Nineteenth Century to the Present Day. London: Routledge.
Power, Michael. 1997. The Audit Society: Rituals of Verification. Oxford: OUP.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Christopher Westland, J. (2024). Fundamentals of Auditing Financial Reports. In: Audit Analytics. Use R!. Springer, Cham. https://doi.org/10.1007/978-3-031-47464-4_1
Download citation
DOI: https://doi.org/10.1007/978-3-031-47464-4_1
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-47463-7
Online ISBN: 978-3-031-47464-4
eBook Packages: Mathematics and StatisticsMathematics and Statistics (R0)