Description
Vertical – 2 : Minor
Auditing and Assurance – I
TYBAF Semester V
As Per NEP 2020 (w.e.f. the Academic Year 2026-27)
Syllabus
1. Foundations of Auditing and Assurance 15 Hours
♦ Meaning, Nature and Scope of Auditing
♦ Objectives of Audit and Inherent Limitations
♦ Need for Audit and Benefits to Stakeholders
♦ Assurance Engagements : Reasonable vs. Limited Assurance
♦ Role of Auditor, Independence and Professional Ethics
♦ Engagement Standards and Quality Control (SA 200 – Overview)
♦ Auditing in Economic, Legal and Regulatory Context
2. Audit Strategy, Planning and Programme 15 Hours
♦ Auditor’s Responsibility for Audit Planning (SA 300)
♦ Benefits and Nature of Audit Planning (Continuous and Iterative)
♦ Preliminary Engagement Activities and Ethical Compliance
♦ Establishing Overall Audit Strategy
♦ Developing Audit Plan and Audit Programme
♦ Team Planning, Supervision and Quality Control of Audit Work
♦ Flexibility and Revision of Audit Plans
3. Risk Assessment and Internal Control 15 Hours
♦ Audit Risk : Meaning and Components
♦ Inherent Risk, Control Risk and Detection Risk
♦ Understanding the Entity and its Environment
♦ Risk Assessment Procedures (SA 315)
♦ Concept and Application of Materiality (SA 320)
♦ Internal Control : Objectives, Components, Benefits and Limitations
♦ Testing of Controls and Auditor’s Response to Assessed Risks (SA 330)
♦ IT Environment, Automated Controls and Use of Data Analytics
4. Audit Evidence and Audit Procedures 15 Hours
♦ Audit Evidence : Meaning, Nature and Importance (SA 500)
♦ Sufficiency and Appropriateness of Audit Evidence
♦ Types and Sources of Audit Evidence
♦ Audit Procedures : Inspection, Observation, Confirmation, Inquiry, Analytical Procedures
♦ Audit Sampling and Sampling Risk (SA 530)
♦ External Confirmations (SA 505)
♦ Using Work of Internal Auditors (SA 610)
♦ Opening Balances, Related Parties and Analytical Procedures
♦ Evaluation of Audit Evidence and Forming Audit Opinion
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