ABREMA: Site modifications

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Last update: May 16, 2008. Updates of pages on the ABREMA website occur frequently (every month if not every week), although most are not of major significance. The following is a chronological list of the dates of significant modifications to the ABREMA pages since October 25, 1995, the most recent being first. Following the date is a brief description of the nature of the modification.

May 16, 2008. Suggested style for referencing material sourced from this site added to the Terms of use.
May 20, 2006. Reversion to use of the term "acceptable level of detection risk" rather than "allowable level of detection risk". This is consistent with International Standards on Auditing (ISAs). (Refer to January 3, 1997 below.)
May 16, 2006. Clarification of some of the underlying concepts to the model; addition of a "menu bar" and several other mostly cosmetic changes to facilitate site navigation.
December 26, 2005. Google ads and search engine introduced.
November 19, 2005. Updating of references to ISAs issued by IFAC up to September 2005. The CA Magazine provides a good discussion of the new Canadian standards (which are broadly in line with ISAs) in the article Risk and Reward.
May 24, 2004. Further reworking and clarification of the pages underlying the tabular representation and related pages.
April 30, 2004. Extensive modification, reworking and clarification of the 20 pages underlying the tabular representation of the ABREMA framework, together with a number of pages underlying the glossary .

January 21, 2004. Reworking and clarification of acceptable level of detection risk and related pages. Correction to audit risk tables, where in the last paragraph, the incorrect use of the term "achievable level of audit risk [AR]" was replaced by the correct term "acceptable level of audit risk [AR*]".
January 13, 2004. Addition of a new page entitled International Standards on Auditing highlighting differences between ABREMA and International Standards on Auditing (ISAs).
June 27, 2003. Clarification of several glossary items including analytical procedures and schedule of audit differences .

March 12, 2003. Clarification of the meaning of several glossary items including audit approach, levels of aggregation, roll forward procedures, cut-off test and fraud.
February 12, 2003. Update of pages to the XHTML 1.0 Transitional Document-type standard.
December 13, 2002. Refinement of the meaning of planning materiality.
November 28, 2002. Addition of a knowledge test of audit risk concepts as they relate to the client acceptance/rejection decision.
October 14, 2002. Addition of a table for the evaluation of the achievable level of audit risk given the levels of inherent, control and detection risks.
September 20, 2002. Addition of links page with links to discussion papers and other online publications dealing with the topical items of interest to students of auditing, such as the topic of auditor independence.
July 2, 2002. Refinement of the audit approach generator.
June 26, 2002. Reworking and clarification of audit risk concepts and related pages.
April 18, 2002. Cosmetic changes and other minor housekeeping.
October 18, 2001. Addition of two more interactive applications - a random number generator and a substantive procedures generator. Removal of the four financial statement applications which will be revised and integrated with additional teaching material, to be available in a new restricted "students only" area.
May 23, 2001. Inclusion of material on audit testing and sampling procedures.
December 1, 2000. Expansion of the definitions of inherent, control and detection risks at the financial statement, account balance and assertion levels. (Refer Glossary).
August 29, 2000. Correction of error in the page headed audit risk concepts.
August 16, 2000. Addition of the Freefind search engine (since replaced with Google).
July 7, 2000. Alterations to, and further elaboration of, pages relating to cash at bank, inventories, trade accounts receivable and trade accounts payable.
May 31, 2000. Revision of pages associated with audit risk concepts.
April 27, 2000. Refinement of the distinction between reporting materiality and planning materiality.
April 19, 2000. Move to new web site; minor housekeeping.
Mar 15, 2000. Removal of EWS search engine and the link to Url minder service.
July 1, 1998. Mainly housekeeping: Style sheets were introduced to help achieve a cleaner look, and a more consistent feel, to the pages; some pages that were not used were dropped; a site map was added.
March 10, 1998. Acknowledgement of the selection of the site for inclusion in the Scout Report, a publication of the Internet Scout Project, a project of the InterNIC, based at the University of Wisconsin-Madison.
April 1, 1997. Additional explanatory material, including references to international auditing and ethical standards issued by IFAC, were added to the pages relating to the client acceptance/ retention stage (advanced view).
March 4, 1997. New tables were created to assist in the estimation of the allowable level of detection risk, given evaluations of the acceptable level of audit risk, inherent risk and control risk. The tables provide greater flexibility than the previous tables based on the then current ISA400 "Risk Assessments and Internal Control" (Editor's note: ISA400 was withdrawn in December 2004), but at the same time provide results that are consistent with the concepts underlying that standard.
February 10, 1997. Mainly housekeeping: A tidying up of the home page and some linked pages; correction of spelling mistakes; simplification of materiality concepts referred to in the audit planning stages of the cash, inventory, payables and receivables applications.
January 7, 1997. A new page setting out the limitations of the model was added.
January 3, 1997. In order to achieve greater consistency with International Standards on Auditing, the term "acceptable level of detection risk" was replaced by the term "allowable level of detection risk". (Note: In 2003, ISAs reverted to using the term "acceptable level of detection risk". However, this reversion has not been reflected in these pages.)
November 20, 1996. Addition of the EWS search engine.
November 19, 1996. Addition of the HBPP Web Award Logo, to acknowledge the award by Harcourt Brace Professional Publishing (Top Five Accounting Web Sites - November 18-24, 1996).
September 2, 1996. The addition of the practical application "trade accounts payable".
August 5, 1996. The addition of the practical application "retail inventory".
July 25, 1996. The addition of the audit approach generator, designed to illustrate some of the concepts underlying the model as they relate to the determination of the audit approach.
July 16, 1996. The addition of the practical application "trade accounts receivable".
July 5, 1996. The addition of the practical application "cash at bank".
July 2, 1996. The "BASE REF" tags included in the HTML script of two ABREMA pages (the home page and the tabular representation page) were commented out. This allows the relational links included in all ABREMA pages to function when the pages are downloaded to a local site.
June 24, 1996. Modification of the nature of evidence required for various audit approaches, as shown in the table to be used as a guide in the determination of the audit approach.
June 11, 1996. Addition of a link to the free URL-Minder service.
May 30, 1996. Elaboration of the definition of assertions together with the footnote explaining the link between ISA assertions and the financial statement assertions used in this model (completeness, validity and accuracy).
April 22, 1996. Expansion of the definition of materiality to distinguish between reporting materiality and planning materiality.
February 27, 1996. Refinements to the definitions of materiality and audit risk and related pages.
February 20, 1996. Redefinition of parallel simulation as a CAAT that provides evidence of the effectiveness of design of a programmed control, rather than the effectiveness of operation.
February 15, 1996. Refinement of the definitions of audit objective (and terms underlying that definition) and the word reperformance as it relates to the gathering of audit evidence.
February 8, 1996. Refinement of the glossary definition of acceptable level of audit risk.
February 2, 1996. In the audit planning stage, reference to detection risk DR₂ was changed to a reference to the acceptable level of detection risk DR*₂. This is considered to be a more appropriate description of what is estimated in the audit planning stage. No changes were made to references to detection risk in other stages of the audit.
February 1, 1996. Addition of two tables. The first table provides guidelines for evaluating the acceptable level of detection risk. The second table provides guidelines for determining the audit approach, given the various levels of control and detection risk.
January 31, 1996. Addition of this page.

Activity Based Risk Evaluation Model of Auditing

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