Magazine article The CPA Journal

Montgomery's Auditing, 12th ED., Continuing Professional Education Edition

Magazine article The CPA Journal

Montgomery's Auditing, 12th ED., Continuing Professional Education Edition

Article excerpt

By Vincent M. O'Reilly, Barry N. Winograd, James S. Gerson, and Henry R. jaenicke

Publisbed by John Wiley and Sons

Reviewed by Vincent J. Love, CPA, Kramer & Love, NYSSCPA Auditing Standards and Procedures Committee chair

This text is ideal for practitioners that would like a less detailed version of its "big brother," Montgomery's Auditing, 12th ed. (Montgomery's) and may want to earn eight hours of CPE credit. (A $59 fee is required when the answer sheet to the self-study exam is mailed in to be scored and filed.)

This CPE edition is easier to read than Montgomery's but contains far less guidance for the application of audit procedures, particularly on procedures to use on specific accounts or cycles. Also missing are many of the helpful illustrations in Montgomety's.

However, the two editions have different purposes. Montgomery's is one of the premier reference books on auditing and has been used as a reference by auditing professionals since before any of us practicing today were born.This new CPE edition is excellent, and superior to many texts currently being used to teach auditing.

Like every auditing and accounting text I have read or referenced, this one lacks sufficient guidance on determining materiality, particularly adequate examples of how to use quantitative and qualitative measures to assess materiality. However, so many auditing texts share this deficiency that my criticism is more a plea to authors of auditing and accounting books for more in-depth guidance on this elusive concept. Otherwise, Chapter 6 of the CPE edition is an excellent overview of how to conduct an audit. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.