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AUDITING

Basics of Auditing a Complete Study

English

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06 UNITS

127 TOPICS

20 Hours

Overview:

This course provides an intensive conceptual and applied introduction to auditing in society. It focuses on concepts and applications related to financial-statement auditors’ professional responsibilities as well as major facets of the audit process including risk assessment and audit reporting. In the U.S. financial-statement audits and related services generally are provided by Certified Public Accountants (CPAs). To succeed in this course, you should anticipate engaging in critical thinking and thoughtful communication about audit professionals' decision environments, decision processes, and deliverables. Additionally, you should understand the macro-level learning objectives in each of the course's weekly modules.

Unit 1: Introduction to Auditing

An Overview of Auditing

Origin and Evolution of Auditing

Meaning and Definition of Auditing

Objectives of Auditing

Features of Auditing

Importance of Auditing

Types of Auditing

Advantages of Auditing

Limitations of Auditing

Basic Auditing Keywords and Meaning

Unit 2: Introduction to Auditing II

Internal Auditing vs External Auditing

Auditing vs. Investigation

Auditing vs Accounting

Continuous Audit - Meaning and Characteristics

Advantages and Disadvantages of Continuous Audit

Final Audit - Meaning and Characteristics

Advantages and Disadvantages of Final Audit

Continuous Audit vs. Final Audit

Interim Audit

Advantages and Disadvantages of Interim Audit

Continuous Audit vs. Interim Audit

Classification of Audit

Unit 3: Internal Control System

Internal Control System

Internal Control Structure

Types of Internal Control

Advantages and Disadvantages of Internal Control System

Internal Check and its Characteristics

Characteristics of Good System of Internal Check

Objectives and Principles of Internal Check

Internal Check Advantages and Disadvantages

Internal Check With Regard To Sales, Purchases, Fixed Assets and Cash Transactions

Unit 4: Internal Auditing

Internal Audit

Objectives of Internal Audit

Advantages and Disadvantages of Internal Audit

Importance of Internal Audit

Internal Auditor Requirement and Qualification

Responsibilities of an Internal Auditor

Qualities of a Good Internal Auditor

Internal Check vs Internal Audit

Internal Audit vs External Audit

Unit 5: Verification and Valuation

Verification and Valuation of Assets and Liabilities

Valuation and Verification of Assets from an Auditor’s Point Of View

Methods of Valuation of Assets

Vouching - Meaning, Ojective, Importance and Techniques

Difference between Verification and Vouching

Routine Checking - Meaning, Objectives, Advantages and Disadvantages

Appointment of Auditor

Articles of Association (AOA)

Qualification and Disqualification of a Company Auditor

Audit Note Book - Meaning, Importance, Objectives, Contents and Advantages

Audit Programme - Meaning, Nature, Advantages & Disadvantages

Flexible Audit Programme

Auditing Work Papers

Audit Sampling

Stages in Audit Sampling

Unit 6

Differences Between Internal Audit And Statutory Audit

Important Auditing Terms and Topics

Audit Evidence

Rights, Duties and Liabilities of Auditor

Rights and Duties of the Auditor in case of Audit of Banking Companies

Rights and Duties of the Auditor in case of audit of Co-Operative Society

Rights and Duties of the Auditor in case of Audit of Educational Institution

Investigation Meaning and Classes

Qualified Audit Report

Types of Audit Report

Management Audit: Meaning, Objectives, Advantages and Limitations

Cost Audit - Meaning, Objectives, Advantages and Disadvantages

Difference Between Book-Keeping, Accountancy and Auditing