ACC311 : Fundamentals of Auditing

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Course Info

Course Category

Accounting, Banking & Finance

Course Level

Undergraduate

Credit Hours

3

Pre-requisites

MGT101, MGT402

Instructor

Mian Ahmad Farhan (ACA)
Chartered Accountant
The Institute of Chartered Accountants of Pakistan

Course Contents

Fundamentals of Auditing Auditor’s Report Advantages & Disadvantages, Objectives & General Principles of Auditing Reasonable Assurance Legal Considerations Regarding Auditing Rights, Duties and Liabilities of Auditor Overview of Books of Accounts & Financial statements Statutory Requirements Regarding Company Accounts Understanding entity, its environment & Risks of material misstatement Documenting & Evaluating the Internal Control System Internal Control Questionnaire Audit Tests Substantive Procedures Audit Evidence Testing the System (i.e. Sales, Purchases, Payroll, Cash and Others etc.) Testing The Non-Current Assets Verification Approach of Audit Verification of Assets, Equity, Bank Balances, Stock in Trade, Stores & Spares Letter of Representation Audit & Statistical Sampling Internal Auditing Audit Planning and Establishing Overall Audit Strategy Auditor’s Report on a Complete Set of General Purpose Financial Statements Modified Auditor’s Report