Robyn Moroney, BEc (Hons), MCom, PhD, CA, CPA, is an Associate Professor in the Department of Accounting at Monash University. Before commencing her academic career, Robyn worked as an auditor at Arthur Young, now Ernst & Young. With over 25 years’ academic experience, Robyn has previously held positions at The University of Melbourne, The University of Auckland, The University of New South Wales and La Trobe University. Robyn is a member of the Institute of Chartered Accountant’s Quality Review Committee and Higher Education Advisory Committee. Her areas of research interest are in auditor judgment and decision-making processes, audit quality, audit regulation, industry specialisation, assurance of environmental disclosures and corporate governance.
Robyn has published widely in various journals including Auditing: A Journal of Practice & Theory , Behavioral Research in Accounting, Advances in Accounting Behavioral Research and Accounting & Finance .
Fiona Campbell, BCom, FCA, is an Assurance Partner with Ernst & Young in Melbourne. Fiona has been client serving in the assurance practice since 1991 and has worked on audit clients primarily in the retail, manufacturing, consumer and industrial products industries, as well as not-for-profit sector organisations. She has considerable experience providing professional services to Australian and foreign-controlled companies, including large publicly listed and private companies. Fiona is also responsible for the assurance methodology at Ernst & Young in Australia, and has been involved in designing the firm’s global audit methodology for the past 16 years, including ensuring compliance with both international and local auditing standards.
Jane Hamilton, BBus, MAcc, PhD, CPA, is Professor of Accounting at the Bendigo campus of La Trobe University, and previously held academic positions at the University of Technology, Sydney. Jane has over 20 years’ experience in teaching and has published the results of her auditing research in several Australian and international journals.
1. Introduction and overview of audit and assurance 2
2. Ethics, legal liability and client acceptance 48
3. Risk assessment I 86
4. Risk assessment II 122
5. Audit evidence 160
6. Gaining an understanding of the client’s system of internal controls 200
7. Sampling and overview of the risk response phase of the audit 240
8. Execution of the audit — testing of controls 284
9. Execution of the audit — performing substantive procedures 320
10. Substantive testing and balance sheet accounts 354
11. Substantive testing and income statement accounts 404
12. Completing and reporting on the audit 434