Ensure your course remains current with the 8th Edition!
Your course deserves to be equipped with the latest information and cutting-edge assessments, ensuring its relevance and effectiveness. That's why we're thrilled to introduce a hassle-free solution that brings you the most current and impactful content for your course.
Gay and Simnett’s acclaimed Auditing & Assurance Services in Australia is moving to an all-digital delivery model.
Engage students and invigorate assignments with up-to-date coverage of carefully selected topics and assessments. You can also create and assign your own assessment questions within the Test Builder.
What does the new Auditing & Assurance Services in Australia look like?
It's as easy as 1, 2, 3...
Up-to-date eBook
- Each chapter has been updated to address the current auditing standards, changes to professional and regulator, and shifts in the audit environment and technology use, particularly data analytics.
- Throughout the text there is a heightened emphasis on assurance of sustainability and climate-related disclosures in response to the demand.
Enhanced Online Instructor Resource Library
- Access to an enhanced library of instructor resources online in the Open Learning Centre:
- PowerPoint Slides
- Solutions manual
- Discussion and review questions and answers
Refreshed Digital Test Bank in Connect
- Build your assessments from our bank of pre-written, up-to-date questions.
- Create and assign your own assessment questions using our template of question types.
Key Updates & Changes
Since the publication of the 7th edition in 2018, significant developments have unfolded due to amendments to auditing standards, other professional and regulatory pronouncements, and changes in the audit environment and the use of technology. Moreover, to align with societal demands and the growing emphasis on organisations accounting for sustainability and climate-related matters, there has been an escalated focus on providing assurance for sustainability and climate-related disclosures.
Throughout the text, references to paragraphs within the auditing and assurance standards have been updated to the new paragraph references in the amended auditing and assurance standards in effect at 1 May 2023.
Hear from authors Grant Gay and Roger Simnett as they outline the major changes and updates to the new edition.
Major Changes by Chapter
Chapter 1, Assurance and auditing: an overview
- The discussion of extending assurance to a broader range of subject matter has been enhanced to reflect current societal demands.
Chapter 2, Audit regulation, structure of the profession and auditor’s liability
- The discussion of audit quality has been updated due to the introduction of new auditing standards ASQM 1 and ASQM 2 covering audit quality management.
- Consideration has been given to the need for the auditing profession to improve the quality of their performance based on ASIC’s inspection program and discussion has been included of ASIC’s changes to the focus of the program and the distribution of its findings.
Chapter 3, Ethics, independence and corporate governance
- The discussion has been updated for the significant restructure of and amendments made to APES 110.
- Discussion has been included of recent research and recommendations concerning auditor rotation and fees from non-audit services.
- The discussion of corporate governance has been updated for the issuing of the 4th edition of the ASX Corporate Governance Council Corporate Governance Principles and Recommendations.
Chapter 4, Overview of elements of the financial report audit process
- Discussion of automated tools and techniques has been included.
- From Chapter 4, and then throughout the book, discussion of audit risk and its components has been updated based on the revised auditing standard ASA 315.
Chapter 5, Planning, understanding the entity and assessing business risk
- The discussion of audit tendering has been expanded.
Chapter 6, Assessing inherent risk and other specific business risks
- Discussion of the new concept of a spectrum of inherent risk has been included.
Chapter 7, Understanding and assessing internal control
- The discussion of controls in an IT environment has been updated.
- Updated discussion of internal control based on the requirements of the revised ASA 315
Chapter 8, Tests of controls
- Increased consideration of ASA 315 and proposed ASA 500 in response to assessed risks.
Chapter 9, Substantive tests of transactions and balances
- Increased consideration of ASA 315 and proposed ASA 500 in response to assessed risks.
- Moved discussion on data analytics in relation to substantive testing in order to consolidate impact of data analytics on the audit in the one place in Chapter 10.
Chapter 10, Data analytics and audit sampling
- Increased consideration of ASA 315 and proposed ASA 500 in response to assessed risks.
- Updated discussion of major control systems to reflect current control environments and electronic processing of transactions.
- Discussion of data analytics has been consolidated, including adding new learning objectives on describing data analytics, integrity and reliability of data, using data analytics at various stages of the audit process, and the use of audit sampling techniques when undertaking data analytics.
Chapter 11, Completion and reviewand
- Updated and expanded discussion of accounting estimates.
- UIpdated and expanded discussion of the going concern basis.
Chapter 12, The auditor’s reporting obligations
- Discussion of the auditor’s responsibilities for the appropriateness of the going concern basis have been updated for amendments and proposed amendments to the auditing standards.
- Updated discussion on types of audit reports issued in Australia, with reference to recent AUASB research studies.
Chapter 13, Other assurance services and advanced topics
- New separate and revised learning objectives for assurance of sustainability reports and integrated report assurance, and for assurance of climate-related reports, including greenhouse gas statements.
- Updated discussion of limited assurance, assurance on internal control environments, and the audit of blockchain and crypto-currency environments.
Chapter 14, Internal auditing
- Updated discussion of approaches to assessing risk management, control and governance processes, including new information added on the three lines of defence model.
Chapter 15, Audit and assurance services in the public sector
- Updated and expanded discussion of the applicability of auditing standards in the public sector.
Hear more from Authors Grant Gay and Roger Simnett on the 8th Edition
Practical Applications
Practical Applications
The authors describe how the text helps students learn how to apply auditing theory to practice using relevant global examples and case studies.
Benefits of Digital
Benefits of a Digital Text
Grant talks through the benefits of a digital only textbook, including mobility and navigation, and the ancillary materials available within Connect.
Quest: Journey Through the Lifespan - The first learning game of its kind in Developmental Psychology!
Quest: Journey Through the Lifespan is an engaging and innovative auto-graded learning game housed in Connect for psychology courses. It provides students with an engaging experience to apply content from their human development curriculum to real-life scenarios.
Students play unique characters who range from 9-months-old to 80-years-old and make decisions that apply key concepts and theories as they negotiate events in an array of authentic environments.
As students explore real-world behaviors, cultures, and processes, they encounter diverse contexts and biological, cognitive, and socioemotional factors. Each quest offers multiple options for students to choose from, allowing for different experiences among classmates. This enhances their understanding of the complexity and diversity of real human development.
About the Authors
Grant Gay MEc Monash, FCA, FCPA, is a principal in his own consulting company, providing auditing and accounting advice and conducting executive education courses. He was previously an Associate Professor in the Department of Accounting and Finance at Monash University, specialising in auditing and financial accounting. He is also a former audit partner with KPMG and has extensive Australian and international audit experience. Grant is a former member of the Australian Auditing and Assurance Standards Board, as well as being an experienced facilitator in the Chartered Accountants Program and a former author in the CPA Program. He has researched extensively in the audit area and has published numerous refereed articles.
Roger Simnett AO, PhD UNSW, FCPA, is an Emeritus Professor at UNSW Sydney and a Professorial Research Fellow and Research Director at the Deakin Integrated Reporting Centre at Deakin University. He has more than 25 years background in international standard setting, including being a member of the International Auditing and Assurance Standards Board (2002–2005, 2019–2021), and Chair and CEO of the Australian Auditing and Assurance Standards Board (2017–2020). He researches extensively in audit and assurance and has numerous refereed and professional publications. In 2018 Roger was awarded the Order of Australia for service to the accounting profession and education. He is also a Fellow of CPA Australia and the Academy of Social Sciences.
Sarah Hofmann BCom Deakin, CPA, is responsible for the thorough updating and revision of the end-of-chapter questions and exercises. She initially spent 10 years in the Victorian Public Service in a variety of and accounting and audit-related roles, working with a number of Victorian and government departments. Sarah has now been working in local government for more than 10 years across various business, finance and management roles.
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Our adaptive-learning platform Connect guides students’ learning throughout their course and assesses their grasp of important concepts.
Student progress is recorded and available as a series of detailed metrics and powerful insights. This allows you to see areas of difficulty, so you can intervene and ensure every student reaches their learning goal.
Within Connect you can assign video cases featuring real companies to help students analyse and apply key marketing concepts.
Each video is followed by a series of assignable assessment questions tied to the course learning objectives.
Application-Based Activities (ABAs) are immersive, online simulations that provide students with valuable practice using problem solving skills to apply their knowledge to realistic scenarios.
They put students in the role of a Marketing Manager, allowing them to practice analysing sales results, refining promotional strategies and more.
Get in touch to learn more!
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