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Auditing Theory and Practice in Malaysia, 3rd Edition

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Professor Ferdinand Akthar Gul , Dr Nurmazilah Dato’ Mahzan

This 3rd Edition of Auditing: Theory and Practice in Malaysia continues to provide the reader with a comprehensive and integrated coverage of the relevant and key topics in auditing. It incorporates a thorough discussion of the relevant International Standards of Auditing (ISAs), the latest amendments to the Companies Act 2016 and the Malaysian Code of Corporate Governance, which was released by Securities Commission on 26 April 2017.

Aimed at introductory level courses in auditing at undergraduate, graduate and professional levels, Auditing: Theory and Practice in Malaysia explains the auditing process in a logical and sequential manner to enable the reader to progressively consolidate their understanding the concepts and process. It details each step of the audit process: from client acceptance and planning, documentation of internal controls and preliminary evaluations, compliance and substantive testing, up to the issuance of the audit report. Each of the important transaction cycles is also covered in separate chapters to give the reader a clear idea of what is needed when auditing each cycle. Included at the end of every chapter is an “Exercises” section to review, consolidate and develop understanding of the audit topics covered.

This publication is an ideal reference for accountancy undergraduates of Malaysian universities and colleges, students sitting for professional accountancy papers and new accounting practitioners.

Key Features & Benefits:

  • Covers the entire audit process, from start to end.
  • Explains and elaborates each area of audit, including the different cycles and different sections of the financial statements.
  • Covers the impact of IT on the audit process, including tools used by both the auditor as well as the client. 
  • Review Questions and Discussion Questions to reinforce concepts, principles and practical understanding.
  • Charts and figures to supplementing text to help facilitate understanding.
  • The book references the respective Malaysian Financial Reporting Standards, International Standards of Auditing and other standards/laws where applicable to provide a useful context and give supporting documentation towards explaining the entire process.

Topics Covered:

  1. The Development of the Auditing Profession
  2. Economic Theory of Auditing, Value Proposition and Core Concepts
  3. Rights, Duties and Liabilities of Auditors in Malaysia
  4. Professional Ethics and Auditor Independence
  5. Audit Process, Evidence and Procedures
  6. Risk Analysis and Materiality
  7. Control Risk Assessment
  8. Audit Sampling and Statistical Tests
  9. Internal Control in an IT Environment
  10. The Study and Evaluation of IT Controls
  11. Auditing in an IT Environment using CAATs
  12. Auditing Transactions and Account Balances
  13. Auditing the Revenue and Cash Receipts Cycle
  14. Auditing the Purchases and Payments Cycle
  15. Auditing the Production Cycle
  16. Auditing the Payroll and Personnel Cycle
  17. Auditing Other Assets, Equities and Liabilities
  18. Income Statement Account Balances and Completing the Audit
  19. Auditing Reporting Practices
  20. Internal Auditing, Operational Auditing and Shariah Auditing