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Auditing FYBAF II

Auditing BAF II



FYBAF Semester II


1. Introduction to Auditing (15 Lec.)

l Basics

     Financial Statements, Users of Financial Information, Definition of Auditing, Objectives of Auditing - Primary and Secondary, Expression of Opinion, Detection of Frauds and Errors, Inherent Limitations of Audit

l Errors and Frauds
     Concepts, Reasons and Circumstances, Types of Errors - Commission, Omission, Principle and Compensating, Types of Frauds, Risk of Fraud and Error in Audit, Auditor’s Duties and Responsibilities in Respect of Fraud

l Principles of Audit
     Integrity, Objectivity, Independence, Confidentiality, Skills and Competence, Materiality and Work Performed by Others, Documentation, Planning, Audit Evidence, Accounting System and Internal Control, Audit Conclusions and Reporting

l Types of Audit
     Meaning, Advantages and Disadvantages of Balance Sheet Audit, Interim Audit, Continuous Audit, Concurrent Audit, Annual Audit

l Miscellaneous
     Advantages of Independent Audit, Qualities of Auditors, Auditing Vs Accounting, Auditing Vs Investigation, the Concept True and Fair View

l Accounting Concepts Relevant to Auditing
     Materiality, Going Concern

2. Audit Planning, Procedures and Documentation (15 Lec.)

l Audit Planning
     Meaning, Objectives, Factors to be Considered, Sources of Obtaining Information, Discussions with Client, Overall Audit Plan

l Audit Programme
     Meaning, Factors to be Considered, Advantages, Disadvantages, Overcoming Disadvantages, Methods of Work, Instruction before Commencing Works of Audit, Overall Audit Approach

l Audit working Papers
     Meaning, Importance, Factors Determining Form and Contents, Main Functions /Importance, Features, Contents of Permanent Audit File, Temporary Audit File, Ownership, Custody, Access of Other Parties to Audit Working Papers, Auditors Lien on Working Papers, Auditors Lien on Client’s Books

l Audit Notebook
     Meaning, Structure, Contents, General Information, Current Information and Importance

3. Auditing Techniques (15 Lec.)

l Test Check
    Test Checking Vs Routing Checking, Test Check Meaning, Features, Factors to be Considered, When Test Checks can be Used, Advantages, Disadvantages and Precautions

l Audit Sampling
     Audit Sampling, Meaning, Purpose, Factors in Determining Sample Size - Sampling Risk, Tolerable Error and Expected Error, Methods of Selecting Sample Items, Evaluation of Sample Results Auditors Liability in Conducting Audit based on Sample

l Internal Control
    Meaning and Purpose, Review of Internal Control, Advantages, Auditors Duties, Review of Internal Control, Inherent Limitations of Internal Control, Internal Control Samples for Sales and Debtors, Purchases and Creditors, Wages and Salaries

l Internal Checks Vs Internal Control, Internal Checks Vs Test Checks

4. Internal Audit (15 Lec.)

l Meaning, Basic Principles of Establishing Internal Audit, Objectives, Evaluation of Internal Audit by Statutory Auditor, Usefulness of Internal Audit

l Internal Audit Vs External Audit, Internal Checks Vs Internal Audit

Additional Information

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ISBN-13 978-93-86758-40-8
AUTHOR Ainapure - Ainapure
YEAR 2017
ED Second