Knapp’s CONTEMPORARY AUDITING, 11E prepares you for the challenging responsibilities you will face in the public accounting profession. This casebook stresses the "people" aspect of independent audits. You learn how to avoid "audit failures" most often due to client personnel who intentionally subvert an audit or auditors who fail to carry out their responsibilities. This book’s detailed review of problem audits helps you recognize the red flags common to failed audits. Discussing and dissecting these challenges prepares you to handle potential problematic situations in your own professional career. You also acquire a higher-level understanding of auditing standards, ethical principles, audit procedures, and other issues related to independent auditing. By studying these topics in memorable real-world context, you achieve a more in-depth, intuitive comprehension of auditing fundamentals, which translates into improved performance on the CPA exam and other professional exams.
Preface.
1. COMPREHENSIVE CASES.
Enron Corporation. Lehman Brothers Holdings Inc. Just for FEET, Inc. Health Management, Inc. The Leslie Fay Companies. Le-Nature’s Inc. Navistar International Corporation. Livent, Inc. ZZZZ Best Company, Inc. DHB Industries, Inc. New Century Financial Corporation. Madoff Securities. AA Capital Partners, Inc.
2. AUDITS OF HIGH-RISK ACCOUNTS.
Jack Greenberg, Inc. Golden Bear Golf, Inc. Take-Two Interactive Software, Inc. General Motors Company. Lipper Holdings, LLC. CBI Holding Company, Inc. Bankrate, Inc. Belot Enterprises. Powder River Petroleum International, Inc. LocatePlus Holdings Corporation. Overstock.com, Inc. Parker-Halsey Corporation.
3. INTERNAL CONTROL ISSUES.
The Trolley Dodgers. Howard Street Jewelers, Inc. Avon Products, Inc. First Keystone Bank. Goodner Brothers, Inc. Buranello’s Ristorante. Saks Fifth Avenue. The Boeing Company. Wal-Mart de Mexico.
4. ETHICAL RESPONSIBILITIES OF ACCOUNTANTS.
Creve Couer Pizza, Inc. F&C International, Inc. Suzette Washington, Accounting Major. Freescale Semiconductor, Inc. Wiley Jackson, Accounting Major. Arvel Smart, Accounting Major. Zane Corbin, Accounting Major. Dell Inc.
5. ETHICAL RESPONSIBILITIES OF INDEPENDENT AUDITORS.
Cardillo Travel Systems, Inc. American International Group, Inc. Caesars Entertainment Corporation. IPOC International Growth Fund, Ltd. Le-Nature’s Inc., Part II. Richard Grimes, Staff Accountant.
6. PROFESSIONAL ROLES.
Leigh Ann Walker, Staff Accountant. Bill DeBurger, In-Charge Accountant. Hamilton Wong, In-Charge Accountant. Tommy O’Connell, Audit Senior. Avis Love, Staff Accountant. Charles Tollison, Audit Manager. Madison Wells, Audit Manager. Tillman Rollins, Office Managing Partner.
7. PROFESSIONAL ISSUES.
Ligand Pharmaceuticals. Sarah Russell, Staff Accountant. Washington Council Ernst & Young. Internet Infamy. Fred Stern & Company, Inc. (Ultramares Corporation v. Touche et al.). First Securities Company of Chicago (Ernst & Ernst v. Hochfelder et al.). Texas Drug Warehouse. Frank Coleman, Staff Accountant. Olivia Thomas, Audit Senior.
8. INTERNATIONAL CASES.
Longtop Financial Technologies Limited. Kaset Thai Sugar Company. Republic of Somalia. Republic of the Sudan. Shari’a. Olympus Corporation.
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Michael C. Knapp
Michael Knapp has taught undergraduate and graduate auditing courses for more than 35 years. He has developed dozens of online CPE courses that focus on a wide range of auditing topics, including the COSO internal control framework, the most common types of accounting frauds and the impact cognitive biases have on the quality of professional audit services. Professor Knapp has also testified in several major litigation cases involving accounting and auditing issues. For three years he served as a consultant with the FBI on a major white-collar criminal case. He has spoken at a national conference attended by more than 500 FBI agents and other federal law enforcement officers. His honors at the University of Oklahoma include, among many others, the Harold E. Hackler Outstanding M.B.A. Professor (determined by a vote of O.U.’s M.B.A. students), the Outstanding Oklahoma Accounting Educator (awarded by the Oklahoma Society of C.P.A.s), the Delta Sigma Pi Professor of the Year (awarded by the O.U. undergraduate business students’ honor society), the David Ross Boyd Professorship (a university-wide designation for teaching excellence awarded to one professor annually) and the McLaughlin Chair in Business Ethics.
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NEW CASES HIGHLIGHT CONTEMPORARY ETHICS, AUDITING OF HIGH RISK ACCOUNTS, INTERNAL CONTROL AND PROFESSIONAL ROLES: This edition features 15 new cases profiling recognizable organizations, including Le-Nature’s Inc.; Bankrate, Inc.; Overstock.com, Inc.; Parker-Halsey Corporation; Avon Products, Inc.; Saks Fifth Avenue; Zane Corbin, Accounting Major; Caesars Entertainment Corporation; Le-Nature’s Inc., Part II; Madison Wells, Accounting Manager; Tillman Rollins, Office Managing Partner; Washington Council Ernst & Young; Internet Infamy; Texas Drug Warehouse; and Olympus Corporation.
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MOST POPULAR CASES ARE NOW UPDATED: Many of your favorite returning cases from the prior edition continue to evolve to reflect contemporary changes. These cases retain the features that make them appealing to your students, but are now updated to reflect relevant new developments, circumstances and recent events.
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HIGH-PROFILE ORGANIZATIONS FEATURED IN CASES IMMEDIATELY ENGAGE STUDENTS: Many of the new cases involve high-profile organizations familiar to students, such as Avon Products, Caesars Entertainment Corporation, Ernst & Young (EY), Olympus Corporation, and Saks Fifth Avenue.
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NEW CASES HIGHLIGHT HOT BUTTON ISSUES: This edition’s new cases focus on a wide range of important, critical issues facing the accounting profession and auditing discipline today. These include significant issues, such as the PCAOB’s regulatory role, controversial revenue recognition policies, enforcement of the Foreign Corrupt Practices Act, auditor independence, personnel policies of major accounting firms, and the proper use of social media by professional accountants.
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CONTENTIOUS CIRCUMSTANCES CAPTURE AND KEEP THE ATTENTION OF YOUR STUDENTS: The "real world" circumstances and events embedded in Knapp’s new cases immediately engage your students. Cases feature intriguing stories, such as an audit partner who literally "gambles" with the independence of an audit client; a corporate CEO who suddenly becomes a corporate whistleblower; email messages written by Big Four accountants that go "viral" and undermine the senders’ careers and the public images of their employers; and verbal abuse of a subordinate by an audit partner.
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INSTRUCTOR’S MANUAL WITH SOLUTIONS DETAILS ALL STANDARDS UPDATES: Knapp’s thorough teaching notes for each new and returning case incorporate relevant material from the series of revisions that have impacted professional standards in recent years. This includes the clarification of the AICPA’s auditing standards, the reorganization and recodification of the AICPA’s Code of Professional Conduct, and the recent restructuring of the PCAOB’s auditing standards.
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TIMELY CASEBOOK CONSISTENTLY PRESENTS THE LATEST CASES: In keeping with the author’s focus on presenting the latest auditing issues, this edition features 15 new cases, including Le-Nature’s Inc.; Bankrate, Inc.; Overstock.com, Inc.; Parker-Halsey Corporation; Avon Products, Inc.; Saks Fifth Avenue; Zane Corbin, Accounting Major; Caesars Entertainment Corporation; Madison Wells, Accounting Manager; Tillman Rollins, Office Managing Partner; Washington Council Ernst & Young; Internet Infamy; Texas Drug Warehouse; and Olympus Corporation.
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ORGANIZATION OF CASEBOOK OFFERS YOU FLEXIBILITY IN PRESENTATION: Cases are organized into eight sections to help you mix and match cases from semester to semester. In addition, two indexes -- Summary of Topics by Case and Summary of Cases by Topic -- help you quickly identify the cases that best meet your specific course needs.
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CUSTOMIZED VERSIONS ENABLE YOU TO BUILD YOUR OWN CASEBOOK: You can use the Compose program to customize this book, including only the cases you need for your course. In the preface, Knapp suggests several versions of this customized textbook for specific accounting courses. Visit http://compose.cengage.com/content/home to get started.
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KEY AUDITING PRACTICES AND PROCEDURES ARE PRESENTED IN REAL WORLD CONTEXT: By embedding key auditing elements and issues in real-world contexts, Knapp’s cases capture students’ attention and enhance their comprehension of those topics. The real-world settings also allow students to identify factors and circumstances that undercut the quality of independent audits and result in serious and undesirable consequences for audit clients, audit firms, and individual auditors.
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LAUNCH STRATEGIES PROMPT DISCUSSION AND ASSIST IN YOUR PREPARATION: This book’s invaluable Instructor’s Manual identifies 13 strategies or tactics that you can use to launch in-class coverage and discussion of Knapp’s cases. To maintain students’ interest, you can employ a variety of these techniques to introduce the individual cases assigned in a course.
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DETAILED INSTRUCTOR’S MANUAL WITH SOLUTIONS OFFERS TRUSTED SOLUTIONS AND TEACHING AIDS: The Instructor’s Manual for this edition provides a detailed solution for each case. Each case solution includes a case synopsis, a list of key facts (that can be used as a teaching template), a list of instructional objectives, suggestions for use (tips on how to integrate the given case into a course), and suggested answers to each case question.
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TURNKEY SYLLABUS IS IDEAL FOR GRADUATE COURSE: The Instructor’s Manual includes a "turnkey" syllabus for a semester-long graduate auditing course organized around this text.
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IMPROVED INSTRUCTOR POWERPOINT® DECK PROVIDES IMPORTANT VISUAL SUPPORT FOR YOUR COURSE: Revamped PowerPoint® slides highlight the key facts and circumstances for each case, allowing you to explain each case quickly. These slides are available on the Instructor Companion Site for your convenience.
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USE OF CASES LEADS TO IMPROVED COURSE EVALUATIONS: Knapp’s adopters, like you, consistently report that the use of this book’s auditing cases favorably impacts both students’ course evaluations and instructor evaluations.
Companion Website for Knapp's Contemporary Auditing
9781305970830
Instructor’s Online Solutions Manual for Knapp's Contemporary Auditing
9781337291651
VitalSource eBook: Contemporary Auditing 12 Months
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