Course Overview
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Course Synopsis
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In this subject, students will be able to grasp the knowledge regarding fundamental concepts and objectives of auditing, general principles governing, reasonable assurance, legal consideration regarding auditor’s rights and duties, importance of books of account and financial statements for auditing, the need for understanding entity and its environment etc. Moreover, student will study different types of audit tests and verification approaches which are used for testing and verification of assets, equity, liabilities, sales, inventories, cash and bank balances etc. Students will also explore the importance of statistical sampling techniques for planning and audit of financial statements. Some special topics such as audit of small entities, auditor’s report on a complete set of general purpose financial statements, modified auditor’s report and types of audit opinions are also the part of the syllabus which will be learned by the students at successful completion of this subject.
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Course Learning Outcomes
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Upon completing the course, students will be able to:
- Grasp the knowledge regarding the nature, purpose, structure of an audit and its importance for stakeholders
- Explain the role of both governing standards and regulations in planning and execution of an audit
- Comprehend the importance of understanding the entity and its environment for audit plan and forming opinion
- Apply the techniques available for the evaluation of internal controls and identify areas of weaknesses
- Explain the range of audit procedures available to auditor as a means of generating audit evidence
- Identify the principles involved in testing and verifying items that appear in client’s financial statements
- Know the nature and requirements of sampling for audit program
- Apply auditing standards and procedures to different types of entities including publicly traded companies, small businesses and non-profit organizations etc.
- Effectively communicate audit findings through written report and oral presentation
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Course Calendar
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1
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Fundamentals of Auditing
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3
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Advantages & Disadvantages of Auditing
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4
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Objectives & General Principles of Financial statement's audit
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6
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Legal Considerations Regarding Auditing
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7
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Rights, Duties and Liabilities of Auditor
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8
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Liabilities of an Auditor
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9
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Books of accounts & Financial statements
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10
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Statutory Requirements Regarding Company Accounts
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11
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Understanding entity, its environment & Risks of material misstatement
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12
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Understanding entity, its environment & Risks of material misstatement (Cont)
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13
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Understanding entity, its environment & Risks of material misstatement (Cont.)
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14
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Understanding Entity, its environment & Risks Of Material misstatement (Cont..)
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15
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Understanding entity, its environment & Risks of material misstatement (Cont...)
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16
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Review of 15 Lectures (Practice Assignment)
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17
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Documenting The Internal Control System
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18
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Evaluating the Internal Control System
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19
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Internal Control Questionnaire
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21
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Substantive Procedures
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23
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Sufficient Appropriate Audit Evidence
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24
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Testing The Sales System
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25
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Testing The Purchases System
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26
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Testing The Purchases System (continued)
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27
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Testing The Payroll System
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28
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Testing The Cash System
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29
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Testing The Cash System (Continued)
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31
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Testing The Non-Current Assets
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32
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Verification Approach of Audit
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33
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Verification Of Assets
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34
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Letter of Representation
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35
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Verification of Equity
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36
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Verification of Bank Balances
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37
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Verification of Stock in Trade and Store & Spares
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42
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Planning an Audit of Financial Statements
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43
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Audit Planning (Establishing overall audit strategy)
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44
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Auditor’s Report on a complete set of general purpose Financial Statements
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45
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Modified Auditor’s Report
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