List of Top 8 Best Auditing Books

We have a collection of certain books relating to advanced-level audit concepts and analytics, which are most recognized and referred to amongst the audit professionals and will provide an edge to your auditing fundamentals. Below is the list of such books on auditing –

  • Auditing For Dummies ( Get this book )The Internal Auditing Pocket Guide: Preparing, Performing, Reporting and Follow-up ( Get this book )Fraud Examination ( Get this book )Forensic and Investigative Accounting ( Get this book )Auditing and Assurance Services ( Get this book )Auditing Cases: An Interactive Learning Approach ( Get this book )MP Auditing & Assurance Services: A Systematic Approach ( Get this book )Simplified Approach to Advanced Auditing and Professional Ethics ( Get this book )

Let us discuss each auditing books in detail along with its key takeaways and reviews.

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#1 – Auditing For Dummies

This best auditing book starts covering audit topics from a very basic level. Originally written in 2010, it is one of the most recognized books by audit learners. Maire Loughran, CPA, authored this book, and the edition was published by John Wiley & Sons.

Book Review:

With vast real-world working exposure and interest in teaching, the author has authored Auditing for Dummies for the first time in June 2010. Observing the topics covered in the books, this best auditing book is a beginner’s book for someone who aspires to learn what auditing is all about. Not only is the depth of the topic good, but she also succeeded in grabbing and retaining the reader’s attention through the simplicity of the language used in explaining the concepts. Her style of explaining things in a simple yet dynamic has resulted in significant favoritism from education and the audit profession world.

Key Takeaways from this Top Auditing Book

You will find the following important things when you open the book (Extracts from – dummies’ Book Description):

  • A day in the life of an auditorWho gets audited and whyProfessional standards and ethicsHow to assess audit riskTips on collecting and documenting audit evidenceAudit EvidenceAudit evidence is information gathered by auditors during the course of an audit, whether internal, statutory, or otherwise. These facts serve as the foundation for the opinion in the audit report.read moreThe best way to get to know your clientAuditing practices for every business angle (revenue, purchases, personnel, and more)What you′ll need to complete the audit

Equipped with fundamental auditing concepts and investigative skills after reading this book, any novice in auditing can kick-start their journey in the auditing world.

#2 – The Internal Auditing Pocket Guide: Preparing, Performing, Reporting and Follow-up

Authored by one of the reputed management consultants J. P. Russell, the first and the only edition published in March 2007 focuses on the aspects of internal auditing and is appropriate for internal audit learners and practitioners. The publication house for this book is the Amer Society for Quality.

This top auditing book is like a crash course for someone who wants to learn the basics of auditing and internal auditor’s functions. Management Consultant and Quality Audit J. P. Russell is an experienced business practitioner with over 30 years of experience in Quality audits and management consulting. Quick summary and explained examples make the novice auditor easily get into the real world and help apply various audit approaches, which Russell has presented based on his previous experience.

Key Takeaways from this Best Auditing Book

You will find these things when you open the book:

  • Basic concepts and fundamentals of AuditConducting audit against quality, environment, safety, and other audit criteriaISO 19011 – Its purpose and practical application examplesHow to conduct an internal auditInternal AuditInternal audit refers to the inspection conducted to assess and enhance the company’s risk management efficacy, evaluate the different internal controls, and ensure that the company adheres to all the regulations. It helps the management and board of directors to identify and rectify the loopholes before the external audit.read more – Planning, Vouching, Report drafting, management communication

This top auditing book is appropriate for those with some basic knowledge of audit principles and techniques.

#3 – Fraud Examination

With the university professors and doctorates drafting one of the renowned books on the subject of practices of fraud detection, the authors, W. Steve Albrecht, Conan C. Albrecht, Chad O. Albrecht, and Mark F. Zimbelman, have published their recent version of this best auditing book in association with Cengage in 4th (2011). This book is basically for the advanced level students of audits and accounting.

This best auditing book understands the business closely. It explains the nature of fraud, explores e-commerce businesses to understand e-business frauds,iscussion on forensic auditingdiscussion On Forensic AuditingForensic auditing is the structured examination of a business entity’s financial records in an investigative manner in order to find evidence that can be used in legal proceedings in court. It is a step up from an internal audit, and the person conducting such audit should have knowledge of the law and legal framework, as well as expert level knowledge of accounting and auditing.read more and analysis, and increases the learner’s ability to read financial statements/results fine. With the background of audit practice, the authors have focused on the growing occasions of discovering frauds. This book propels critical thinking, getting into management’s shoes to understand the motivations and ways to manipulate financial records and window-dress the public records.

The authors have an association with the Marriott School of Management at Brigham Young University and the University of Arizona.

Somewhere near 700 pages, the book gives an edge to the auditors to detect manipulative practices deployed in the business and fraud through forensic analysis. The authors’ practical experience, professional approach, and observations of the public records are eye-catching and worth mentioning. Their combined efforts in this book will provide readers with a completely new approach to looking at financial records.

#4 – Forensic and Investigative Accounting:

One of the most interesting topics of Forensic Accounting Forensic Accounting Forensic accounting is the investigation of fraud and misrepresentation.read more in the discussions of accountants. Author CPA Crumbley has drafted a compilation book on Forensic and Investigative Accounting. Lester E. Heitger and G. Stevenson Smith co-authored this top auditing book. The publication house for this book is CCH Inc., and the latest edition of this book is 6th (2013).

Well-written book on auditing by the renowned Professors on the favorite topic of government regulators, this top auditing book provides essential steps for getting into fraud accounting. Written in simpler layman’s language and continued updating of the contents are the added benefits that readers will be deriving from this publication.

  • Basic understanding of forensic accountingForensic techniques required by auditorsCriminologyCourtroom proceduresTechnical analysis through various charting and analytical techniques

Yes, as I said, it’s recommended for beginners. Other auditing books for advanced levels, such as Wiley publishing’s Fraud Accounting ” url=”https://www.wallstreetmojo.com/learn-basic-accounting/”]basic accounting[/wsm-tooltip] and auditing theoretical and practical application knowledge, and if you want to move on to understanding forensic accounting practices and audits, it will be recommended to go for this book to start with.

#5 – Auditing and Assurance Services:

Basic level audit understanding and intermediate level students should get insights into the audit world. Drafted by PricewaterhouseCoopers and Deloitte professors, this best auditing book provides a practical approach and understanding of the audit concepts. It gives a more detailed and info-graphic picture of the audit and assurance service world. Authors Al Arens, Randy Elder, and Mark S. Beasley published this book with Pearson, and the recent edition is the 16th edition, which was published in 2016.

From start to finish approach to Auditing and Assurance related topics, covering current applicable auditing standards in the US GAAS framework. Every topic has given illustrative examples to give the readers an application-side view and provide real-world situations through questions and solving them in light of learning outcomes. CPA Al Arens is a PricewaterhouseCoopers Professor of Accounting Emeritus at Michigan State University. CPA Randy Elder is a Professor of Accounting at Syracuse University, and CPA Mark S. Beasley is a Deloitte Professor of Enterprise Risk Management and Accounting at North Carolina State University.

  • Difference between accounting and auditingAuditing concepts, standardsFormat reports, opinions, including SOXSOXThe Sarbanes-Oxley Act (Sox) of 2002 was enacted by the US Federal Law for increased corporate governance, strengthening the financial and capital markets at its core and boost the confidence of general users of financial reporting information and protect investors from scandals like that of Enron, WorldCom, and Tyco.read more (Sarbanes-Oxley Act)Testing methodologies, the test of details and substantive testing difference and various test methodsCertain excel techniques for auditorsCertain Excel Techniques For AuditorsAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. An auditor issues a report about the accuracy and reliability of financial statements based on the country’s local operating laws.read more

This top auditing book is suitable for those preparing for CPA-level exams and those who want to understand the audit basics. Many web resource references have been mentioned in the book, which gives the additional reading opportunity to those who want to go into every detail.

#6 – Auditing Cases: An Interactive Learning Approach:

Published by Pearson and authored by North Carolina State University and Brigham Young University professors, this is a practically oriented book that provides insights into the audit profession and interacts with the readers through various thought processes and exercises.

First, I need to clarify that this auditing textbook is not for beginners who might want to learn through examples/cases. In a nutshell, I could say that the author has adopted an active learning approach to give students/readers insights into the audit world. When you are equipped with your fundamentals of audits and are now ready to deploy your skills in auditing financial records, this book will serve as a model/example of what a real audit looks like.

Key Takeaways from this Best Auditing TextBook

  • It focuses on major activities covered in the audit process and is based on the actual companies’ situations.This book also covers certain situations of fraud detection and how to deal with the various situations arising in the real world companies.The coverage of the various situations, which the authors have tried to incorporate in this book, is quite impressive.

#7 – MP Auditing & Assurance Services: A Systematic Approach:

Authors William Messier Jr., a Deloitte and Touche Professor at the School of Accountancy, Georgia State University Frank, this top auditing book is published by McGraw-Hill Education. Steven Glover and Douglas Prawitt co-author it. The recent edition of 2013 (9th) guides beginners in the audit profession.

A practical world adopted practices are illustrated in this auditing textbook with the help of diagrams and tables, and data analysis software ACL software is also included in this best auditing book package. With the real-world examples, illustrations, and analogies, the authors have adopted a “stop and think” approach to teach audit concepts. Understanding the concept and its well-thought application has been focused on throughout the book.

Key Takeaways from this Top Auditing TextBook

  • A systematic approach, as mentioned in title covers.The authors introduce the three underlying concepts of audit riskAudit RiskAudit Risk refers to the probability of erroneous financial statements going unnoticed by the auditors, i.e., they issue an unqualified opinion to even the materially misstated financial statements. read more, materiality, and evidence.After that, the author discusses audit planning, control risk assessment.A discussion of nature follows this, the timing and the extent of the evidence required to arrive at an appropriate level of detection risk.A very real-world-friendly book with the best combination of authors’ practical experience and dynamic approach to audit learning is what a student/reader can get from this book.

#8 – Simplified Approach to Advanced Auditing and Professional Ethics:

It is yet another academic publication by McGraw-Hill Education and authored by CA Vikas Oswal. It covers the syllabus of the Chartered Accountancy Final level syllabus. The latest edition of 2016 (9th) focuses on the advanced level auditing for those who know basic audit concepts and have practical experience of the audit world (though not necessary).

Focused on IPCC examIPCC ExamAccording to the guidelines established by the Institute (ICAI), there are several options for taking the IPCC Exam. There are seven subjects in all, separated into two groups of four and three subjects. You’ll need 200 and 150 marks to pass a group, respectively.read more final level students of India, the author has followed the syllabus for the final level exam conducted by the Institute of Chartered Accountants of India. What makes it differentiating is easy to remember Mnemonics, use of extensive charts and diagrams, and appropriate examples. Again, the recent amendments to the books have kept the readers in line with recent regulations and updated auditing frameworks deployed in the auditing profession.

  • Standard on Auditing, including revised and recent amendmentsCompanies (Accounting Standards) Amendment Rules,2016CARO, 2016Exam Questions of the past years including the Nov. 2016 ExamAccounting Standards and Schedule III with illustration
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