Principles of Auditing

Financial Times
Rick Hayes / Philip Wallage / Hans Gortemaker  
Total pages
June 2014
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This text offers a structured approach to principles of auditing using International Standards on Auditing as its basis.  Written by a team of influential professional auditors with a wealth of teaching experience this book provides a real world perspective on current auditing practices with coverage of cutting edge developments and techniques.


In this edition of this popular text the author team continue to strike a balance between presenting the information students need in the classroom and the applications that they’ll need in their careers. Features include:

  • Coverage of the latest auditing standards from a truly international perspective.
  • Auditing concepts illustrated with case study examples from well known companies providing real world perspectives.
  • Discussion of cutting edge audit techniques including analytical procedures based on computer audit analysis software and data-mining techniques.

New to this Edition

  • Comprehensively updated in line with International Standards on Auditing


  • New or additional coverageof the following topics
    • Independent oversight
    • Professional judgment, professional skepticism, and inherent limitations
    • Fraud as a type of risk
    • Using the work of others
    • IT risks and controls
    • Inter-office and salient feature memorandum and interoffice reporting
    • Relationship with auditing committee, weaknesses in internal control, integrated reporting, and assessing compliance with corporate governance codes


  • New case studies


  • Improved companion website featuring additional material and annotated weblinks


Table of Contents

  • Chapter 1: International Auditing Overview
  • Chapter 2: The Audit Market
  • Chapter 3: Ethics for Professional Accountants
  • Chapter 4: An Auditor’s Services
  • Chapter 5: Client Acceptance
  • Chapter 6: Main Audit Concepts and Planning the Audit (ISA 300, 315, 320)
  • Chapter 7: Internal Control and Control Risk (ISA 315)
  • Chapter 8: Analytical Procedures (ISA 520)
  • Chapter 9: Auditor's Response to Assessed Risk (ISA 330)
  • Chapter 10: Audit Evidence (ISA 500-580)
  • Chapter 11: Completing the Audit (ISA 500-580)
  • Chapter 12: Audit Reports and Communication (ISA 700, 800, 260, 265)
  • Chapter 13: Overview of a Group Audit
  • Chapter 14: Other Assurance Engagements
  • Chapter 15: Corporate Governance and the Role of the Auditor
  • Appendix: Audit Documentation and Working Papers

Back Cover

Principles of Auditing

An Introduction to International Standards on Auditing


Third Edition



Rick Hayes, Philip Wallage, Hans Görtemaker


The first text based upon International Standards on Auditing (ISAs), this fully revised and updated third edition presents a structured approach to auditing principles using ISAs as its basis. The International Standards on Auditing are now widely regarded as the global benchmark for auditing standards.


This book describes the development and practical use of all ISAs, as well as significant national standards in different countries. This new edition has been comprehensively updated in line with International Standards and presents a truly international perspective. The book provides students with a real-world perspective as close to current auditing practice and thinking as possible.


Key features:

  • Practice exam-style questions with end-of-chapter answers
  • Key terms are highlighted in the text and defined in the glossary
  • Figures, charts and tables clearly illustrate concepts
  • ‘Concept and a company’ places concepts in the context of real world examples, with discussion questions and references


Professor Rick Hayes is Professor of Accounting at California State University at Los Angeles, and is the author of numerous books on accounting


Professor Philip Wallage is a Partner at KPMG, Amsterdam, and Professor of Auditing at the University of Amsterdam


Professor Hans Görtemaker is Professor of Auditing/Assurance at Erasmus University, member of several supervisory boards, and the chairman/member/advisor of numerous audit committees