This source, "The Why and How of Auditing" by Charles Hall, is a comprehensive guide for auditors covering the entire audit process. The book is structured into three main parts: Planning, which includes client acceptance and risk assessment; Performing, offering detailed guidance on auditing various financial statement areas such as cash, receivables, investments, and property; and Completing, which addresses wrapping up the audit with procedures like evaluating subsequent events, considering going concern, and creating audit reports. The author emphasizes the importance of risk assessment as the foundation for efficient and effective audits, highlighting how understanding client risks and internal controls shapes audit procedures and documentation. Various chapters provide practical advice and common practices for auditing specific accounts and topics, such as addressing the risks of fraud and ensuring sufficient audit documentation. The book also touches on the audit risk model and the iterative nature of materiality assessments throughout the audit.

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