Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Exercises, Problems
and Simulations
1.
43
2.
2, 3
3.
4, 5
46, 50
61
5.
7, 8, 9, 10
6.
11, 12
7.
13, 14, 15
54
8.
44, 48, 49
9.
20, 21
52
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
White collar crime is the frauds perpetrated by people who work in offices and steal with a pencil or a
computer terminal. The contrast is violent street crime.
Employee fraud is the use of fraudulent means to take money or other property from an employer. It
consists of three phases: (1) the fraudulent act, (2) the conversion of the money or property to the
fraudster's use and (3) the cover-up.
Embezzlement is a type of fraud involving employees' or nonemployees' wrongfully taking money or
property entrusted to their care, custody, and control, often accompanied by false accounting entries and
other forms of lying and cover-up.
Larceny is simple theft of an employers property that is not entrusted to an employee's care, custody or
control.
Defalcation is another name for employee fraud and embezzlement.
Errors are unintentional misstatements or omissions of amounts or disclosures in financial statements.
Direct-effect illegal acts are violations of laws or government regulations by the company or its
management or employees that produce direct and material effects on dollar amounts in financial
statements. "Illegal acts" (far-removed) are violations of laws and regulations that are far removed from
financial statement effects (for example, violations relating to insider securities trading, occupational health
and safety, food and drug administration, environmental protection, and equal employment opportunity).
3.2
3.3
understanding and awareness of signs of errors, frauds (including direct-effect illegal acts), and
illegal acts (far removed).
b.
design the audit to respond to knowledge of fraud risks and provide reasonable assurance of
detecting material errors and frauds (including direct-effect illegal acts).
c.
auditors should have the proper degree of professional skepticism, assuming neither dishonesty
nor unquestioned honesty of management.
d.
for reporting, the materiality concept is different: (1) for errors, the usual idea of materiality
prevails, (2) for frauds (including direct-effect and far-removed illegal acts) immateriality is
expressed in terms of "clearly inconsequential." Matters that fall below the threshold apparently
can be reported to levels of management below the board of directors and audit committee. More
important matters go to the director level, and management involvement in frauds and illegal acts
is never considered inconsequential.
The seven steps specified by SAS 99: Consideration of Fraud in a Financial Statement
Audit are:
Step 1:
Step 2:
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
Step 3:
Step
Step
Step
Step
3.4
4:
5:
6:
7:
(a) Identify Risk Factors Related to Fraudulent Financial Reporting and (b)
Assess Fraud Risks
Respond to Assessed Risks
Evaluate Audit Evidence
Communicate Fraud Matters
Document
Below are some other conditions and circumstances that have existed along with frauds in the past:
3.5
Auditors should know how to preserve the chain of custody of evidence. The chain of custody is the crucial
link of the evidence to the suspect, called the "relevance" of evidence by attorneys and judges. If
documents are lost, mutilated, coffee-soaked, compromised (so a defense attorney can argue that they were
altered to frame the suspect), they can lose their effectiveness for the prosecution.
3.6
a.
b.
The expectation is lower for far-removed illegal acts, where audit procedures (other than inquiry
and familiarity) are performed only when specific information indicates that possible illegal acts
may have a material indirect effect on financial statements.
c.
About the same degree of skepticism with respect to all the categories; in connection with errors
and frauds (including direct-effect illegal acts) auditors should have the proper degree of
professional skepticism, assuming neither dishonesty nor unquestioned honesty of management; in
connection with far-removed illegal acts, auditors should make inquiries about management's
policies and procedures for compliance with laws and regulations and obtain written management
representations concerning the absence of violations of laws and regulations.
d.
for reporting, the materiality concept is different: (1) for errors, the usual idea of materiality
prevails, (2) for frauds (including direct-effect and far-removed illegal acts) immateriality is
expressed in terms of "clearly inconsequential." Matters that fall below the threshold apparently
can be reported to levels of management below the board of directors and audit committee. More
important matters go to the director level, and management involvement in frauds and illegal acts
is never considered inconsequential.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.7
Audit risk is a concept applied both to the probability of giving an inappropriate opinion and to the
probability of failing to discover material errors and frauds in a particular disclosure or account balance.
Audit risk is a conceptual combination of the other risks: Audit Risk = Inherent Risk x Internal Control
Risk x Detection Risk.
"Audit risk in an overall sense" refers to the audit taken as a whole and the probability that an auditor will
give an inappropriate opinion on financial statements. Generally, this is the risk of giving the standard
unqualified report when a the financial statements contain material misstatements or the report should be
qualified or modified in some manner.
"Audit risk applied to individual account balances" refers to the probability that auditors will fail to
discover misstatement in a particular account balance at least equal to the tolerable misstatement assigned
to the audit of that balance. This version of audit risk is applied in concept at the individual account
balance level.
3.8
3.9
3.10
The nature of audit procedures refers to their effectiveness in detecting errors and fraud. Confirmation with
third parties is more effective in detecting errors and fraud than verbal inquiry.
The timing of audit procedures refers to when they are performed, usually at (1) interim, or at (2) year-end.
However, timing may have other aspects such as surprise procedures (unannounced to client personnel) or
procedures performed after the year-end.
The extent of the application of procedures usually refers to the sample sizes of data examined, such as the
number of customer accounts receivable to confirm, or the number of inventory types to count.
3.11
"Material information" in accounting and auditing is "information that should be disclosed if it is likely to
influence the economic decisions of financial statement users.
"Planning materiality" in an audit context is the largest amount of uncorrected dollar misstatement that
could exist in published financial statements, yet they would still fairly present the company's financial
position and results of operations in conformity with GAAP.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.12
Auditing standards do not require auditors to express planning materiality as a specific dollar amount. An
event or amount may be material by its significance, either quantitatively or qualitatively.
3.13
An audit program is a specification (list) of procedures designed to produce evidence directed toward
achieving a particular objective. Auditors indicate when they have performed each procedure, and where the
evidence is documented. Thus, audit programs are used not only for quality control and supervision, but
also as documentation that the audit team is following generally accepted auditing standards.
3.14
One type of audit program was called the "internal control program," and its objective is to guide the work
involved in:
The other type of audit program was called the "balance-audit program," and its objective is to specify the
substantive procedures for gathering direct evidence on the assertions (i.e. existence, completeness,
valuation, rights and obligations, presentation and disclosure) about dollar amounts in the account balances.
3.15
X
X
X
X
X
X
Inventory
Fixed assets
Accumulated depreciation
Accounts payable
Accrued expenses
General expense
X
X
X
X
X
X
X
X
X
X
Cash
Accounts receivable
Allowance for doubtful accounts
Sales
Sales returns
Bad debt expense
Bank loans
Long term notes
Accrued interest
Capital stock
Retained earnings
Dividends declared
Interest expense
Income tax expense
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.16
"Vouching" means the examination of documents. Generally, an item of financial information is selected
from an account, and the auditor them goes backward through the bookkeeping-filing system to find the
source documentation which supports the item selected.
"Tracing" essentially is the opposite direction compared to "vouching". In the process of tracing, the
auditor selects sample items of basic source documents and proceeds forward through the bookkeeping
process to find the final recording of the accounting transactions.
3.17
3.18
"Scanning" refers to the auditor's scrutinizing documentation for unusual items and events.
Auditors use eight general audit procedures to gather evidence: 1) inspection of records and documents
(vouching, tracing, scanning), 2) inspection of tangible assets, 3) observation, 4) inquiry, 5) confirmation, 6)
recalculation, 7) reperformance, and 8) analytical procedures. One or more of these procedures may be used
no matter what account balance, control procedure, class of transactions, or other information is under audit.
Five types of general analytical review procedures:
1.
2.
3.
4.
5.
3.19
Yes, the Hylas and Ashton research brief in the chapter showed that auditors have credited discovery of
errors and frauds to analytical review procedures in 27.1% of the cases in a set of audits, and another 18.5%
discovery rate was attributed to "prior expectations" and "discussions."
3.20
Judging from the Wright-Ashton data from KPMG Peat Marwick audits: the
overstatements/understatements look mixed in the current assets; understatements are in the majority in the
noncurrent assets; understatements appear to be in the majority in the liabilities, and; understatements
appear to be in the majority in the expense accounts.
3.21
Initial Event/Audit Procedures in Order of Apparent Effectiveness for Detecting Financial Statement
Misstatements
1.
2.
3.
4.
5.
6.
7.
8.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
a.
Correct
b.
c.
d.
Incorrect
Incorrect
Incorrect
a.
b.
Incorrect
Incorrect
c.
Incorrect
d.
Correct
a.
b.
c.
Incorrect
Incorrect
Incorrect
d.
Correct
a.
b.
Incorrect
Incorrect
c.
Incorrect
d.
Correct
3.26
b.
Correct
3.27
a.
Incorrect
b.
Correct
c.
Incorrect
d.
Incorrect
An audit program does not specify audit standards. All the GAAS are relevant in
all audits.
An audit program contains specifications of procedures the auditors believe
appropriate for the financial statements under audit.
Documentation of the assertions under audit, the evidence obtained, and the
conclusions reached describe audit documentation, not audit programs.
Reconciliation of the account balances in the financial statements with the
account balances in the client's general ledger is one element of the content of
audit documentation, not audit programs.
a.
b.
c.
d.
Incorrect
Incorrect
Correct
Incorrect
3.23
3.24
3.25
3.28
Management is responsible for making the estimates in the first place, just as
management is primarily responsible for all the financial statement elements.
Auditors need to determine the reasonableness of estimates.
Auditors need to determine estimates are presented in conformity with GAAP.
Auditors need to determine whether estimates are adequately disclosed in the
financial statements.
Independent auditors are supposed to understand the nature of errors and frauds.
Independent auditors are supposed to assess the risk of occurrence of errors and
frauds.
Independent auditors are supposed to design audits to provide reasonable
assurance of detecting errors and frauds.
Independent auditors are not required to report all finding of errors and frauds to
police authorities.
This is the risk of giving an inappropriate opinion.
This is the risk of misstatements entering the accounting system.
This is the risk that the client's internal control will not detect misstatements that
enter.
This is the risk that auditors will not detect misstatements.
The business situation creates inherent risk.
Relative risk is a theoretical expression of relative susceptibility to
misappropriation.
Control risk is a function of management's design and operation of its internal
controls.
Auditors are responsible for performing the evidence-gathering procedures that
manage and control detection risk.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.29
a.
Incorrect
b.
Incorrect
c.
Correct
d.
Incorrect
a.
Incorrect
b.
c.
d.
Incorrect
Correct
Incorrect
a.
b.
Incorrect
Incorrect
c.
d.
Correct
Incorrect
3.32
a.
b.
c.
d.
Correct
Incorrect
Incorrect
Incorrect
The objective is to perform a quality audit and keep audit risk low.
Control risk = 0 is generally not warranted.
Inherent risk = 0 is generally not warranted.
40% audit risk is too high.
3.33
a.
Incorrect
b.
Incorrect
c.
Correct
d.
Incorrect
3.34
a.
b.
c.
d.
Incorrect
Incorrect
Incorrect
Correct
3.35
a.
Incorrect
b.
Correct
c.
Incorrect
d.
Incorrect
3.30
3.31
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.36
a.
Incorrect
b.
Correct
c.
Incorrect
d.
Incorrect
3.37
a.
b.
c.
d.
Incorrect
Incorrect
Incorrect
Correct
3.38
a.
Incorrect
b.
Incorrect
c.
Incorrect
d.
Correct
The audit team would be concerned if key factors that are not consistent with
prior periods.
The audit team would be concerned if key assumptions are not similar to
industry guidelines.
The audit team would be least concerned about measurements that are objective
and not susceptible to bias
Evidence of a systematic bias, whether aggressive or conservative would be of
most concern to the audit team.
a.
Incorrect
b.
Correct
c.
Incorrect
d.
Incorrect
3.40
c.
Correct
3.41
a.
Incorrect
b.
Correct
c.
Incorrect
d.
Incorrect
While the audit team may recommend remedial actions to the audit committee,
the audit teams first concern is the effect of the illegal act on the financial
statements.
The audit teams first concern is the effect of the illegal act on the financial
statements.
While the audit team may consider whether to contact law enforcement officials,
the audit teams first concern is the effect of the illegal act on the financial
statements.
While the audit team should determine whether other similar acts may have
occurred, the audit teams first concern is the effect of the illegal act on the
financial statements.
3.39
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.42
a.
Incorrect
b.
Incorrect
c.
Correct
d.
Incorrect
The responsibility for detecting direct-effect illegal acts exactly parallels the
responsibility for errors and fraud.
The audit team must design their tests to detect all material illegal acts that
directly affect the financial statements.
The audit team must design their tests to obtain reasonable assurance that all
illegal acts with direct material statement effects are detected.
The audit team must design their tests to detect all material illegal acts that
directly affect the financial statements.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
Number of Misstatements
Overstatement
Understatement
6
10
21
17
48
22
24
32
14
23
11
24
21
25
17
40
10
13
12
24
32
30
38
45
11
16
39
52
63% understated!
55% overstated
69% overstated
57% understated!
62% understated!
69% understated!
54% understated
70% understated
57% understated
67% understated
52% overstated
54% understated
59% understated
57% understated
NOTE: The effect of adjustments on income was that 43% of the adjustments reduced the reported
income, while 28% increased the reported income. The other 29% of the adjustments were
reclassifications that neither reduced nor increased income.
b.
Asset understatements can result from accounting errors, misapplication of accounting principles,
and measurement errors (such as undercounting the inventory). A company might be motivated by
tax evasion to understated assets and income.
c.
Estimated liabilities might be measured large for conservatism. The company might over accrue
expenses in order to reduce taxable income. A fraud might be imbedded in false payables to false
vendors.
d.
The KPMG data indicate that income overstatement occurs most frequently. Apparently the cause
is usually understatement of expenses (e.g. accrued expenses).
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.44
Assertions
Existence or Occurrence
2.
Existence, Valuation.
3.
Observation.
Existence, Valuation.
4.
Confirmation.
5.
Inquiry.
6.
Recalculation.
Existence, Valuation.
7.
Reperformance
Valuation
8.
Analytical procedures.
Existence or occurrence
Valuation
Completeness
1a.
1b.
1c.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
Completeness
Raises questions that may be relevant to all assertions, but
may not produce actual "evidence." Since it is performed
on recorded amounts, it works best for Existence,
Valuation, Rights, and Presentation/Disclosure. When
applied to source documents, it might work for the
completeness assertion.
3.45
b.
c.
d.
e.
f.
g.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.46
Low Estimate
$ 6,000,000
$ 4,000,000
$ 2,000,000
$ 5,600,000
$ 1,000,000
$18,600,000
High Estimate
$12,000,000
$ 4,000,000
$ 6,000,000
$ 5,600,000
$ 2,000,000
$29,600,000
(1)
The low estimate gives benefit of doubt to survival of the business, writing off half the deferred
costs as if one-half might be written off over the next two years. The company seems to have
taken the 50% probability ($6 million) and allocated half to each of the two years.
(2)
The company seems ready to provide allowance for all the doubtful accounts receivable.
(3)
(4)
It looks like the company plans to rebuild the inventory and recover as much as it can, namely the
$4,400,000 that can be realized from selling the rebuilt parts, but the lower of cost or market was
figured incorrectly. The company seems to have subtracted the selling price ($8 million) from the
inventory cost ($10 million) to get the $2 million write-down. The correct calculation is:
Net Realizable Value:
Selling price proceeds
Cost to rebuild
Cost to market and ship (20% x $8 million)
Ceiling (net realizable value)
Floor, Subtract "normal profit" (5% x $8 million)
Floor
$ 8,000,000
( 2,000,000)
( 1,600,000)
$ 4,400,000
( 400,000)
$ 4,000,000
Replacement cost is apparently $6 million for the modern part, so the "market" for lower of cost or
market is NRV = $4,400,000, and the inventory write-down is $10 million - $4,400,000 =
$5,600,000. Sale of the rebuilt parts will produce zero profit in subsequent period(s):
Selling price
Inventory sold (written-down cost)
Rebuilding cost
Total cost of goods sold
Cost to market and ship
Profit
(5)
$ 8,000,000
$ 4,400,000
2,000,000
(6,400,000)
(1,600,000)
-0-
For a contingency such as this government contract dispute, GAAP suggests recognizing loss at
the lower end of a range for loss, so a $1 million loss provision would satisfy GAAP.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.46
3.47
Debit
$ 6,000,000
$ 4,000,000
$ 2,000,000
$ 5,600,000
$ 1,000,000
Credit
$ 6,000,000
$ 4,000,000
$ 2,000,000
$ 5,600,000
$ 1,000,000
Paul is not justified in acting upon a belief that IR = 0. He may have seen no adjustments
proposed because (1) none were material or (2) Tordik's control system has functioned well in the
past and prevented/detected/corrected material errors. If IR = 0, then AR = 0 and no further audit
work need be done. Conservative auditing standards and practice do not permit this level of
(non)work based on this little evidence and knowledge.
b.
Hill is not justified in acting upon a belief that CR = 0. She may well know that Edward's internal
accounting control is exceptionally good, but (1) her review did not cover the last month of
Edward's fiscal year and (2) control procedures are always subject to lapses. If CR = 0, then AR =
0 and no further audit work need be done. Conservative audit practice does not permit assessment
of control risk at 0% to the exclusion of other audit procedures.
c.
Insofar as audit effectiveness is concerned, Fields' decision is within the spirit of audit standards. Even
if IR = 1 and CR = 1, if DR = 0.02, the AR = 0.02. This audit risk (AR) seems quite small.
However, Fields' decision may result in an inefficient audit.
d.
This case was deliberately left ambiguous, without putting probability numbers on the audit risks.
Students will need to experiment with the model. One approach is to compare the current audit to
a hypothetical last year's audit when "everything was operating smoothly." Assume:
Last Year:
Current Year:
3.47
3.48
Audit Procedures
Types of procedures used by auditors in general, with examples:
1a.
Find brokers' invoices and cancelled checks showing agreement with record amounts for
securities investments.
1b.
Select a sample of shipping documents and trace them to sales invoices, sales journal
recording and posting to general ledger.
1c.
2.
3.
Observation
4.
Confirmation
5.
6.
Recalculation
7.
Reperformance
8.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.49
3.50
Audit Confirmations
a.
An audit confirmation is a written statement to the CPA from someone outside the enterprise on a
fact which that person is qualified to affirm.
b.
The party supplying the information requested must be knowledgeable and independent,
i.e., he must have knowledge of information of interest to the auditor and he must be
outside the scope of influence of the organization being audited, and
2.
The auditor must obtain the information directly from the informed party.
High
$ 78,000
$ 92,000
7,000
5,000
$ 71,000
$ 87,000
$ 12,000
$12,000
Write down the inventory to the nearest end of the auditor's range.
b.
3.51
No adjustment is necessary. The management estimate of $80,000 is within the auditors' range
estimate.
Risk Assessment
Refer to the question for the items 1-15. Discussion can range across many reasons.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
11.
12.
13.
14.
15.
Increase
Increase
No effect
Increase
Increase
3.52
3.53
SAS 99 Review
a.
Management fraud is deliberate fraud committed by management that injures investors and
creditors through materially misleading financial statements. The class of perpetrators is
management; the class of victims is investors and creditors; and the instrument of perpetration is
financial statements. Sometimes management fraud is called "fraudulent financial reporting,''
which was defined by the National Commission on Fraudulent Financial Reporting (1987) as
"intentional or reckless conduct, whether by act or omission, that results in materially misleading
financial statements."
Defalcation is another name for employee fraud, embezzlement, and larceny. Employee fraud is
the use of fraudulent means to take money or other property from an employer . It usually involves
falsifications of some kind--false documents, lying, exceeding authority, or violating an
employer's policies. Embezzlement is a type of fraud involving employees' or nonemployees'
wrongfully taking money or property entrusted to their care, custody, and control, often
accompanied by false accounting entries and other forms of lying and cover-up. Larceny is simple
theft--for example, an employee taking an employer's money or property that has not been
entrusted to the custody of the employee.
b.
Under GAAS, auditors are responsible for assessing the risk of material misstatements due to
management fraud and due to misappropriation of assets (employee fraud); consider this
assessment when designing procedural responses (overall response and specific procedural
response); ask management abut its understanding of fraud risk in the company; pay attention to
fraud risk factors; document the risk assessment and management knowledge in the audit
documentation; determine whether the company has specific control to mitigate fraud risks;
consider the effectiveness of the company's prevention, detection, and deterrence programs;
perform procedures to provide a reasonable assurance of detecting material misstatements due to
fraud.
c.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.53
Concern-heightening factors:
These next "red flags" have more to do with employee frauds (misappropriations of assets) than
management fraud, but auditors are supposed to know about them:
Missing documents.
Second endorsements on checks.
Unusual endorsements.
Unexplained adjustments to inventory balances.
Unexplained adjustments to accounts receivable.
Old items in bank reconciliations.
Old outstanding checks.
Customer complaints.
Unusual patterns in deposits in transit.
Cash shortages and overages.
Excessive voids and credit memos.
Customer complaints.
Common names or addresses for refunds.
Adjustments to receivables and payables.
General ledger does not balance.
Increased past due receivables.
Inventory shortages.
Increased scrap.
Alterations on documents.
Duplicate payments.
Employees cannot be found.
Second endorsements on checks.
Documents photocopied.
Dormant accounts become active.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.53
3.54
2.
To report to the SEC under the requirements of the Private Securities Litigation Reform
Act (when illegal acts material to the financial statements are not reported to the SEC by
the company's board of directors).
3.
4.
To respond to a subpoena.
5.
To communicate with a funding or other agency when required in audits of entities that
receive governmental financial assistance.
3.55
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.56
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.57
Reasonable
Reasonable
Reasonable
Reasonable
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.58
An example of fraudulent
financial reporting would be if
Hardi improperly capitalized an
immaterial lease in a deliberate
attempt to overstate income.
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.59
Decreases
audit risk
Increases audit
risk
Reconciliation of bank
statements.
Decreases
audit risk
Increases audit
risk
Decreases
audit risk
Decreases
audit risk
The system is not outdated (it is only three years old) and
appears to be meeting Westerns needs. The system was
tested very recently (last year) by the prior auditors and
found to be operating effectively. (In contrast, an outdated
accounting system would increase inherent risk).
Has no impact
on audit risk
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.59
3.60
Increases audit
risk
Has no impact
on audit risk
The fact that Ridge was selected because it had the best and
lowest bid has no impact on audit risk.
Increases audit
risk
Increases audit
risk
Has no impact
on audit risk
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e
3.61
McGraw-Hill/Irwin
Auditing and Assurance Services, Louwers et al., 2/e