Basics of Auditing A Complete Study

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Need for Auditing Preview
Purpose of Auditing
Evolution of Auditing
Meaning of Auditing
Features of Auditing
Objectives of Auditing
Principal aspects of Auditing
Benefits of Auditing
Limitations of Auditing

Audit Process Preview
Audit Process in three stages

Vouching Preview
General Consideration in Audit of Cash Transactions

Concept of Auditors Independence Part 1
Concept of Auditors Independence Part 2
Persons disqualified for Appointment as Auditor of Company as per Companies Act
Independence vis-à-vis Indebtedness of Auditor
Introduction to Audit Evidence
Introduction to Sufficiency and Appropriateness of Audit Evidence
Sufficiency of Audit Evidence
Appropriateness of Audit Evidence
Sources of Audit Evidence
Audit Procedures to obtain Audit Evidence
Risk Assessment and Nature and Timing of Audit Procedures
Audit Procedures to obtain Audit Evidence Detailed Explanation
Tests of Controls
Timing of Tests of Control
Using Audit Evidence obtained in Previous Audits
Evaluating the operating effectiveness of controls
Substantive Procedures

What is External Confirmation?
Reliability of External Response
Positive and Negative Confirmation Request
No Response to Positive Confirmation
How to handle exceptions in Confirmation request?
Third party confirmation cases

What is Verification in Audit Context? Preview
Difference between Verification and Vouching
Objectives of Verification
Verification of Building
Verification of Freehold land
Verification of Leasehold Property
Verification of Plant and Machinery
Verification of Furniture and Fixture
Verification of Small Tools
Verification of Patents
Verification of Copy Right, Trade Mark and Goodwill
Verification of Debtors
Verfication of Cash at Bank and in Hand
Verification of Petty Cash
Verification of Inventories
Verification of Stocks Lying with Third Parties
Verification of Bills Receivables
Verification of Prepaid Expenses
Verification of Sinking Fund Policies
Capital Expenditure and Revenue Expenditure
What is Depreciation
Purpose of Providing Depreciation
Depreciation on Wasting Assets
Methods of Providing Depreciation
Factors to be considered in Selecting Depreciation Policy

Verification of Loans and Borrowings
Verification of Trade Creditors
Verification of Contingent Liability
Verification of Bills Payable
Verification of Amount due to Subsidiary Companies
Verification of Outstanding Expenses

Audit of Educational Institutions
Audit of Hospital
Audit of Cinema Halls
Audit of Charitable Institutions
Audit of Club
Audit of Hotels
Audit of Local Bodies
Audit of Small Companies
Audit of Partnership Firm
Audit of Hire Purchase Company
Audit of Publishers
Audit of Incomplete Records
Audit of Leasing Companies
Audit of Non Governmental Organisations (NGOs)
Untitled Lesson

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Audit Planning
Description of certain items in Audit Plan
Knowledge of Client's Business
Development of an Overall Audit Plan
Developing the Audit Program
Advantages and Disadvantages of Audit Program
How to conduct systematic audit?
Classification of Audit According to Time of Assurance
Overcome Limitations of Continuous Audit

Basics of Test Checking or Sampling
Judgemental Sample
Statistical Sampling
Random Sampling and Systematic Sampling
Factors affecting size of Sample
Difference between Test Checking & Routine Checking
SA 530 Audit Sampling
Surprise Check

Audit Working Papers
Working Paper Files
Audit Note Book
Advantages of Working Papers
Access of Working Papers by others
Audit Documentation SA 230

What is Cost Audit?
Applicability for maintenance of Cost Records
Maintenance of Cost Records
Applicability of Cost Audit
Who can be Cost Auditor?
Appointment of Cost Auditor
Removal of Cost Auditor
Casual Vacany of Cost Auditor
Remuneration of Cost Auditor
Submission of Cost Audit Report
Non Applicability of Cost Audit Rules
Penal provisions in case of Default in Cost Audit

Introduction to Company Audit
Qualifications for being appointed as Auditor
Persons not eligible for being appointed as an Auditor
Appointment of First Auditors
Appointment of Subsequent Auditors Non Government Company
Appointment of Subsequent Auditors Government Company
Case 1 Eligibility for Appointment as Auditor of Company
Case 2 Shares held by relative and impact on Auditors Appointment
Case 3 Shares held by relative and impact on Auditors Appointment
Case 4 Shares held by relative and impact on Auditors Appointment
Is it possible to issue shares at discount?
Services prohibited for Auditors
Case on Disqualification of Auditor
Case - Auditor Disqualification after appointment
Rotation of Auditors - Class of Companies
Auditors term (period) of appointment

What is Fraud?
Characteristics of Fraud
How Fraudulent Financial Reporting is accomplisehd?
How Management overrides Controls?
Why Management / Employees commit Fraud?
What and how of Misappropriation of Assets?
How defalcation of cash is attempted?
Circumstances indicating possibilities of Fraud
Reporting of Fraud to Central Government by Audtior Preview
Reporting of Fraud to Audit Committee or Board

What is Internal Control System
Scope of Internal Control System
Objectives of Internal Control System
What is Control Environment?
Limitations of Internal Control System
What is Control Risk?

Internal Audit Function
What is Internal Audit and applicability of Internal Audit for Companies Preview