A BUSINESS RISK APPROACH
Larry E. Rittenberg
University of Wisconsin–Madison
Bradley J. Schwieger
St. Cloud State University
Karla M. Johnstone
University of Wisconsin–Madison
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Auditing: A Business Risk Approach, 6e Larry E. Rittenberg, Bradley J. Schwieger, Karla M. Johnstone
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THE AUDITING ENVIRONMENT has changed dramatically since we introduced the fifth edition two short years ago. Auditors better understand their public responsibilities.The Public Company Accounting Oversight Board (PCAOB) and the U.S. Securities and Exchange Commission (SEC) have emerged as major players in regulating the profession. Audit firms are challenged to find efficient ways to integrate risk and control analysis into the design of audits of financial statements and control systems. In our various professional roles, the authors have been at the center of this change, and have infused the sixth edition with our unique knowledge of internal control evaluation and the integrated audit. In the first edition, we raised two fundamental questions that ought to be asked of all textbooks: • Does the textbook cover the fundamental elements that all students should know? • Does the textbook facilitate learning?
We also emphasize a third question that we have stressed from the very first edition: • Does the text encourage students to develop a reasoning process that facilitates their growth in an audit and business environment that will continue to change?
We encourage each potential adopter to evaluate this text, as well as others, on these dimensions.We believe that users will find that the sixth edition continues to meet these standards. Since the first edition, we have believed that students must understand frameworks for audit judgments—and then apply judgment within those frameworks. Consequently, we have worked hard to increase the capacity of the chapters to present these important conceptual frameworks, while the end-ofchapter assignment material is designed to challenge students to think and apply these concepts, not just repeat them back to the instructor.
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