This edition has fully integrated the eight new standards adopted by the PCAOB. And, most importantly, the risk assessment chapter was restructured to incorporate the exacting risk assessment process as outlined in the new PCAOB risk standards.The book has fully integrated the latest updates from the International Standards of Auditing (ISAs) and the Auditing Standards Board (ASB).Each chapter now begins with a list of the AU/ISA Sections that are covered from the Codification of Statements on Auditing Standards published by the AICPA and the list of PCAOB Auditing Standards covered in that chapter.This edition incorporates the major changes to the structure and the content of the auditing section of the CPA examination for 2011 and has been designed to provide multiple opportunities for students to practice questions that they will encounter on the CPA exam.