The third edition of Messier employs the new approaches currently being used by auditing professionals, and soon to be adopted by the Auditing Standards Board. This approach stresses understanding of the entity (i.e., the organization or business being audited) and its environment (i.e. industry), and then assessing the business risks faced by the entity and how management controls those risks. This new audit process focuses on business processes instead of accounting cycles. This unique and innovative approach has been developed in response to changing market dynamics. The systematic approach, referred to in the subtitle of the text, reflects the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence; this allows Messier to build upon this model in subsequent chapters. These are central to everything an auditor does and a unique feature of the text. As such, this approach facilitates student development of auditor judgment, a vital skill in today's auditing environment.
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Interactive Running Case: For the third edition, a fictitious catalog sportswear retailer called EarthWear is used. The 4-color EarthWear annual report has been updated and is still included after Chapter 1.Actual screen shots from the EarthWear web site will be featured throughout the text. From the website, students can link to information about Willis & Adams, the public accounting firm performing the audit. An extension of the text material, students will be able to go to these regularly updated Web sites to find interesting applications of auditing practices.
More End of Chapter Problem Material: The expanded end of chapter material includes more problems and Internet assignments.The Web site has been upgraded to and OLC, which follows the text chapter-by-chapter with online supplements, self-grading quizzes, and interactive exercises. OLCs can be delivered multiple ways - professors and students can access them directly through the textbook website, through PageOut, or within a course management system (i.e. WebCT, Blackboard, TopClass, or eCollege.)
Unique Approach:. This is the only current text that has adopted the new audit approach being developed by the Auditing Standards Board and International Auditing Practices Committee. The subtitle, 'A Systematic Approach,' refers to the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence. This approach is consistent with auditing standards (SAS).
Distinct Overview Chapter: Chapter 2 now introduces GAAS and provides an overview of the new audit process. This includes a brief introduction to the three central concepts in auditing: materiality, audit risk, and evidence.
Delay of Legal Liabilities and Ethics: Most texts cover these topics in chapters 3 and 4. Messier is the only text that delays legal liabilities and ethics until chapters 20 and 21. In postponing the chapters, Messier allows students to learn the basic audit process before introducing them to these broader topics. Legal liabilities and ethics become more relevant and understandable after decision-making has been introduced and covered throughout the text.
Brief: Messier has remained one of the briefest texts on the market, by limiting the historically dry explanation of the auditing profession to one chapter.
Represents computerized systems: Many texts still downplay the role of technology in auditing, but the Messier text assumes business processes are computerized. The new design will highlight this feature, as will the web site and the entire EarthWear case.
Well-respected author: Bill Messier is well known and respected by his peers and speaks internationally on auditing issues. He has excelled at research, teaching, and service work, and has co-authored articles in accounting, decision science, and computer science journals. He currently serves on the AICPA's International Auditing Standards Subcommittee and he will assume the Editorship of Auditing: A Journal of Practice & Theory on July 1, 2002.
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The text has been revised to incorporate the new audit process, involving risk analysis, fraud and an understanding of the entity and its environment. The text illustrates the new risk analysis process and how it relates to an auditor's planning and conduct.
Current Topics: The third edition continues to include current topics such as assurance services and fraud. Assurance services are given greater coverage in Chapters 1 and 21. The risk analysis chapter has been revised to consider a broader view of risks that the entity faces. It also includes the soon to be released auditing standard on fraud making it one of the most up-to-date auditing texts available.
More real-world cases are included in the third edition. For example, it includes major fraud cases on Merry-Go-Round, Cendant, and Lernout & Hauspie.
The text covers the effect of information technology on the audit functions as required by the revisions to the new auditing control standards (ACS). Chapter 6 has been revised to take into account all the amendments to the auditing standards on internal control including the impact of information technology on the audit function.
More extensive coverage of assurance services in response the growing market demand for these services from CPA and consulting firms.
Chapter 2, The Public Accounting Profession and the Audit Process, has been heavily revised to give an expanded overview of the financial statement audit.
Chapter 5, Audit Planning and Types of Audit Tests, has been substantially revised to reflect to take into account the new audit process and audit planning. Updated for new Standard of Audit Document (formerly referred to as 'working papers.')
Chapters 8 and 9 on statistical sampling demonstrate the use of the ACL software through the use of screen captures.
The text's coverage of ethics will include the updated coverage of independence by the AICPA and the SEC, which is incoporated into Chapter 19).
Professor William F. Messier, Jr., is the Deloitte & Touche Professor at the School of Accountancy, Georgia State University. He holds a Professor II position at the Institute for Accounting and Auditing, Norwegian School of Economics and Business Administration, and he is a visiting professor at SDA Bocconi in Milan, Italy. Professor Messier has a BBA from Siena College, an MS from Clarkson University, and an MBA and DBA from Indiana University. He is a CPA in Florida and has taught at the Universities of Florida and Michigan. Professor Messier has served as the Chairperson of the Auditing Section of the American Accounting Association and as co-editor of the Journal of Accounting Literature. He currently serves on the AICPA’s International Auditing Standards Subcommittee. Professor Messier has authored or co-authored over 45 articles in accounting, decision science, and computer science journals.
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