♦ Basics – Financial Statements, Users of Information, Definition of Auditing, Objectives of Auditing, Inherent Limitations of Audit, Difference Between Accounting and Auditing, Investigation and Auditing

♦ Errors & Frauds – Definitions, Reasons and Circumstances, Types of Error, Types of Frauds, Risk of Fraud and Error in Audit, Auditors Duties and Responsibilities in Case of Fraud

♦ Principles of Audit, Materiality, True and Fair View

♦ Types of Audit – Meaning, Advantages, Disadvantages of Balance Sheet Audit, Interim Audit, Continuous Audit, Concurrent Audit and Annual Audit, Statutory Audit and Social Audit

♦ Audit Planning – Meaning, Objectives, Factors to be Considered, Sources of Obtaining Information, Discussion with Client, Overall Audit Approach

♦ Audit Program – Meaning, Factors, Advantages and Disadvantages, Overcoming Disadvantages, Methods of Work, Instruction Before Commencing Work, Overall Audit Approach

♦ 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.

Note: Carry Hands-on Training by Using Pedagogy of Peer-peer Learning, Simulations for Conduct of Audit and Visits to an Audit Firm.