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- Accounting Basics
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- What is Trial Balance ? | Examples | Steps | Prepare | Errors
- Reconciliation of Books | Types, Best Practices | Useful Tips
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- Debit Note | Debit Notes Accounting & its Top Characteristics
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- Debit Note vs Credit Note | Top 7 Differences (Infographics)
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- Assets vs Liabilities | Top 9 Differences (with Infographics)
- Trial Balance vs Balance Sheet | Top 10 Differences You Must Know!
- Balance Sheet vs Consolidated Balance Sheet
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- Commitments and Contingencies
- Management Discussion & Analysis
- Revenue Reserve vs Capital Reserve | Top 7 Differences
- Revenue Reserve
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- Capital Receipts vs Revenue Receipts | Top 8 Differences
- Capital Lease vs Operating Lease | Top Differences You Must Know!
- Debt vs Equity Financing | Advantages | Disadvantages | Example
- Internal vs External Financing | Top 7 Differences (Infographics)
- Available for Sale for securities
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- Cash and Cash Equivalents | Examples, List & Top Differences
- Cash Equivalents
- Restricted Cash
- 3 Types of Inventory | Raw Material | WIP | Finished Goods
- Current Assets
- FIFO vs LIFO
- First In First Out (FIFO)
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- Non-Current Assets
- Accounts Receivables? | Definition, Accounting Examples
- Accounts Receivables Factoring
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- Fixed Capital vs Working Capital | Top 8 Differences (Infographics)
- Impariment of Assets
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- Accounts Payable | Days Payable Outstanding | Formula |
- Current Liabilities | List of Current Liabilities on Balance Sheet
- Accrued Liabilities
- Notes Payable
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- Current Portion of Long-Term Debt (CPLTD) | Balance Sheet
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- Financial Liabilities | Definition, Types, Ratios, Examples
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- Income Statement | Top Examples | Template | Format | Analysis
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- Statement of Comprehensive Income | Items | Colgate Example
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- Accounting Books
Top Best Auditing Books – Below are the list of auditing books are for those who are about to enter the auditing world and want to know the fundamentals. Keeping that purpose in mind, I have also added certain books relating to advanced level audit concepts and analytics, which are most recognized and referred amongst the audit professionals and which will provide an edge to your auditing fundamentals.
Let’s start looking into individual books, where we will look for its publication house and author background, the general purpose of the book coverage and the depth of the index topics and then the overall review and takeaways.
So here we go:
#1 – Auditing For Dummies
This best auditing book starts covering audit topics from a very basic level. This book was authored by Maire Loughran, CPA and the edition was published by John Wiley & Sons. Originally written in 2010, it is one of the most recognized books by the audit learners.
Observing the topics covered in the books, this best auditing book is a real beginner’s book for someone who aspires to learn what auditing is all about. Not only the depth of the topic is good, but also she had succeeded in grabbing and retaining the attention of reader through simplicity of the language used in explaining the concepts. With vast real world working exposure and interest of teaching, the author has authored Auditing for Dummies for the first time in 2010, June. Her style of explaining the things in simple, yet dynamic, has resulted in getting significant favoritism from the education as well as audit profession world.
Key Takeaways from this Top Auditing Book
You will find the following important things, when you open the book (Extracts from – dummies’s Book Description):
- A day in the life of an auditor
- Who gets audited and why
- Professional standards and ethics
- How to assess audit risk
- Tips on collecting and documenting audit evidence
- The best way to get to know your client
- Auditing practices for every business angle (revenue, purchases, personnel, and more)
- What you′ll need to complete the audit
Equipped with fundamental auditing concepts and investigative skills after reading this book, any novice in auditing can kick-start his/her journey in the auditing world.Get this book >>
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#2 – The Internal Auditing Pocket Guide: Preparing, Performing, Reporting and Follow-up
Authored by one of the reputed management consultant J. P. Russell, the first and the only edition published in March 2007 focuses on the aspects of internal auditing and is appropriate for internal audit learners and practitioners. The publication house for this book is Amer Society for Quality.
This top auditing book is like a crash course for someone who wants to learn the basics of auditing and internal auditor’s functions. Management Consultant and Quality Audit J. P. Russell is experienced business practitioner, with over 30 years’ experience in Quality audits and management consulting. Quick summary and explained examples makes the novice auditor to get into real world easily and helps in applying various audit approaches, which Russell has presented based on his previous experience.
Key Takeaways from this Best Auditing Book
You will find these things, when you open the book:
- Basic concepts and fundamentals of Audit
- Conducting audit against quality, environment, safety and other audit criteria
- ISO 19011 – Its purpose and practical application examples
- How to conduct internal audit – Planning, Vouching, Report drafting, management communication
This top auditing book is appropriate for those who have some basic knowledge of audit of principles and techniques.Get this book >>
#3 – Fraud Examination:
With the university professors and doctorates drafting one of the renowned books on the subject of practices of fraud detection, the authors, W. Steve Albrecht, Conan C. Albrecht, Chad O. Albrecht and Mark F. Zimbelman, has published their recent version of this best auditing book in association with Cengage in 4th (2011). This book is basically for the advanced level students of audits and accounting.
With the background of audit practice, the authors have focused on the growing occasions of discovery of frauds. This best auditing book understands the business closely and explains the nature of fraud, exploring e-commerce businesses to understand e-business frauds, discussion on forensic auditing and analysis, increasing the student’s ‘ learner’s ability of fine reading of financial statements/results. This book propels critical thinking, getting into management’s shoes to understand the motivations and ways to manipulate financial records and window-dress the public records.
The authors have association with Marriott School of Management at Brigham Young University and University of Arizona.
Key Takeaways from this Top Auditing Book
Somewhere near to 700 pages book gives edge to the auditors to detect manipulative practices deployed in the business and to detect frauds, through forensic analysis. Authors’ practical experience, professional approach and observations on the public records is eye-catching and worth mentioning and their combined efforts on this book will provide readers complete new approach of looking at financial records.Get this book >>
#4 – Forensic and Investigative Accounting:
One of the most interesting topics of Forensic Accounting seen in the discussions of accountants, author CPA Crumbley has drafted a compilation book on Forensic and Investigative Accounting. This top auditing book is co-authored by Lester E. Heitger and G. Stevenson Smith. The publication house for this book is CCH Inc. and the latest edition of this book is 6th (2013).
Well written book on auditing by the renowned Professors on the favorite topic of government regulators, this top auditing book provides introductory steps for getting into fraud accounting. Written in simpler layman’s language and continued updating of the contents are the added benefits which readers will be deriving from this publication.
Key Takeaways from this Best Auditing Book
- Basic understanding of forensic accounting
- Forensic techniques required by auditors
- Courtroom procedures
- Technical analysis through various charting and analytical techniques
When you are having basic accounting and auditing theoretical as well as practical application knowledge, and if you want to move onto understanding forensic accounting practices and audits, it will be recommended to go for this book to start with. Yes, as I said, it’s recommended for the beginners. For advanced level, there are other auditing books such as Wiley publishing’s Fraud Accounting and Auditing etc.Get this book >>
#5 – Auditing and Assurance Services:
Drafted by PricewaterhouseCoopers and Deloitte professors, this best auditing book provides practical approach and understanding of the audit concepts and hence, gives more detailed and info-graphic picture of the audit and assurance service world. Authors Al Arens, Randy Elder and Mark S. Beasley published this book with Pearson and the recent edition is 16th edition which was published in 2016. It is preferable for basic level audit understanding, as well as intermediate level students also, to get the insights of the audit world.
From start to finish approach to Auditing and Assurance related topics, covering recent applicable auditing standards in the US GAAS framework. Every topic has given illustrative examples to give application-side view to the readers and providing some real world situations through questions and solving them in light of learning outcomes. CPA Al Arens is a PricewaterhouseCoopers Professor of Accounting Emeritus at Michigan State University. CPA Randy Elder is a Professor of Accounting at Syracuse University and CPA Mark S. Beasley is a Deloitte Professor of Enterprise Risk Management and Professor of Accounting at North Carolina State University.
Key Takeaways from this Top Auditing Book
- Difference between accounting and auditing
- Auditing concepts, standards
- Format reports, opinions, including SOX (Sarbanes-Oxley Act)
- Testing methodologies, test of details and substantive testing difference and various test methods
- Certain excel techniques for auditors
This top auditing book is suitable for those who are preparing for CPA level exams and also to those who want to understand the basics of the audit. A lot of web resource references have been mentioned in the book, which gives the additional reading opportunity to those who want to go into very details.Get this book >>
#6 – Auditing Cases: An Interactive Learning Approach:
Published by Pearson and authored by North Carolina State University and Brigham Young University professors, this is practical oriented book which provides insights of audit profession and interacts with the readers through various thought process and exercises.
First of all, I need to clear here that this auditing textbook is not for the beginners who might want to learn through examples/cases. When you are equipped with your fundamentals of audits and now ready to deploy your skills on the audit of financial records, this book will serve as a model / example of how real audit looks like. In nutshell, I could say that the author has adopted active learning approach to give students/readers insights of audit world.
Key Takeaways from this Best Auditing TextBook
- It focuses on major activities covered in the audit process and is based on the actual companies’ situations.
- This book also covers certain situations of fraud detection and how to deal with the various situations arising in the real world companies.
- The coverage of the various situations, which the authors have tried to incorporate in this book, is quite impressive.
#7 – MP Auditing & Assurance Services: A Systematic Approach:
Authored by William Messier Jr., a Deloitte and Touche Professor of at the School of Accountancy, Georgia State University Frank, this top auditing book is published by McGraw-Hill Education and is co-authored by Steven Glover and Douglas Prawitt. The recent edition of 2013 (9th) provides guidance for the beginners of audit profession.
A practical world adopted practices are illustrated in this auditing textbook with the help of diagrams and tables and data analytical software ACL software is also included in this best auditing books package. With the real world examples, illustrations and analogies, the authors have adopted “stop and think” approach to teach audit concepts. Understanding the concept and its well thought application is what has been focused throughout the book.
Key Takeaways from this Top Auditing TextBook
- A systematic approach as mentioned in title covers.
- The authors introduce the three underlying concepts of audit risk, materiality and evidence.
- After that, the author discusses audit planning, control risk assessment.
- This is followed by a discussion of the nature, the timing and the extent of the evidence required arrive at an appropriate level of detection risk.
- Very real-world friendly book, with best combination of authors’ practical experience and dynamic approach to learning of audit is what a student/reader can get from this book.
#8 – Simplified Approach to Advanced Auditing and Professional Ethics:
This is yet another academic publication by McGraw-Hill Education and authored by CA Vikas Oswal. It covers syllabus of Chartered Accountancy Final level syllabus. The latest edition of 2016 (9th) focuses on the advanced level auditing for those who are aware of basic concepts of audit and have practical experience of the audit world (though, not necessary).
Focused on Chartered Accountancy final level students of India, the author has followed the syllabus for the final level exam that is conducted by the Institute of Chartered Accountants of India. What makes it differentiating are easy to remember Mnemonics, use of extensive charts and diagrams and appropriate examples. Again, the recent amendments to the books have kept the readers in line with recent regulations and updated auditing framework deployed in the auditing profession.
Key Takeaways from this Best Auditing Book
- Standard on Auditing, including revised and recent amendments
- Companies (Accounting Standards) Amendment Rules,2016
- CARO, 2016
- Exam Questions of the past years including the Nov. 2016 Exam
- Accounting Standards and Schedule III with illustration
Other books that you may like
- Best Accounting Books of all Time
- Top Management Accounting Books
- Top Investment Book
- Best Management Books
- Best Corporate Finance Books
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