Basics of Auditing A Complete Study

Course Curriculum

Chapter 1: Introduction

Lecture 1: Need for Auditing

Lecture 2: Purpose of Auditing

Lecture 3: Evolution of Auditing

Lecture 4: Meaning of Auditing

Lecture 5: Features of Auditing

Lecture 6: Objectives of Auditing

Lecture 7: Principal aspects of Auditing

Lecture 8: Benefits of Auditing

Lecture 9: Limitations of Auditing

Lecture 10: Definition, Meaning and Features of Auditing

Lecture 11: Nature of Auditing

Lecture 12: Scope of Auditing

Lecture 13: Relationship between Accounting and Auditing

Lecture 14: Difference between Accounting and Auditing

Lecture 15: Difference between Audit and Investigation

Lecture 16: Basic Principles governing an Audit

Lecture 17: Significance of Audit

Lecture 18: Comparison between External Audit and Internal Audit

Chapter 2: Audit Process

Lecture 1: Audit Process

Lecture 2: Audit Process in three stages

Chapter 3: Agreeing Terms of Audit Engagement

Lecture 1: Acceptance of Audit Engagement

Lecture 2: Agreement on Audit Engagement Terms

Lecture 3: Changes in Audit Engagement Terms

Lecture 4: Audit Report prescribed by Law or Regulation

Lecture 5: Audit Engagement Letter

Lecture 6: Audit Engagement Letter in case of Recurring Audit

Lecture 7: Introduction to Audit Report

Lecture 8: Basic elements of Audit Report – Part 1

Lecture 9: Basic elements of Audit Report – Part 2

Chapter 4: Audit Planning

Lecture 1: Audit Planning

Lecture 2: Description of certain items in Audit Plan

Lecture 3: Knowledge of Client's Business

Lecture 4: Development of an Overall Audit Plan

Lecture 5: Developing the Audit Program

Lecture 6: Advantages and Disadvantages of Audit Program

Lecture 7: How to conduct systematic audit?

Lecture 8: Classification of Audit According to Time of Assurance

Lecture 9: Overcome Limitations of Continuous Audit

Chapter 5: Audit Sampling

Lecture 1: Basics of Test Checking or Sampling

Lecture 2: Judgemental Sample

Lecture 3: Statistical Sampling

Lecture 4: Random Sampling and Systematic Sampling

Lecture 5: Factors affecting size of Sample

Lecture 6: Difference between Test Checking & Routine Checking

Lecture 7: SA 530 Audit Sampling

Lecture 8: Surprise Check

Chapter 6: Audit Working Papers

Lecture 1: Audit Working Papers

Lecture 2: Working Paper Files

Lecture 3: Audit Note Book

Lecture 4: Advantages of Working Papers

Lecture 5: Access of Working Papers by others

Lecture 6: Audit Documentation SA 230

Chapter 7: Auditors Independence

Lecture 1: Concept of Auditors Independence Part 1

Lecture 2: Concept of Auditors Independence Part 2

Lecture 3: Persons disqualified for Appointment as Auditor of Company as per Companies Act

Lecture 4: Independence vis-à-vis Indebtedness of Auditor

Lecture 5: Introduction to Audit Evidence

Lecture 6: Introduction to Sufficiency and Appropriateness of Audit Evidence

Lecture 7: Sufficiency of Audit Evidence

Lecture 8: Appropriateness of Audit Evidence

Lecture 9: Sources of Audit Evidence

Lecture 10: Audit Procedures to obtain Audit Evidence

Lecture 11: Risk Assessment and Nature and Timing of Audit Procedures

Lecture 12: Audit Procedures to obtain Audit Evidence Detailed Explanation

Lecture 13: Tests of Controls

Lecture 14: Timing of Tests of Control

Lecture 15: Using Audit Evidence obtained in Previous Audits

Lecture 16: Evaluating the operating effectiveness of controls

Lecture 17: Substantive Procedures

Chapter 8: External Confirmation

Lecture 1: What is External Confirmation?

Lecture 2: Reliability of External Response

Lecture 3: Positive and Negative Confirmation Request

Lecture 4: No Response to Positive Confirmation

Lecture 5: How to handle exceptions in Confirmation request?

Lecture 6: Third party confirmation cases

Chapter 9: Vouching

Lecture 1: Vouching

Lecture 2: General Consideration in Audit of Cash Transactions

Chapter 10: Verification of Assets

Lecture 1: What is Verification in Audit Context?

Lecture 2: Difference between Verification and Vouching

Lecture 3: Objectives of Verification

Lecture 4: Verification of Building

Lecture 5: Verification of Freehold land

Lecture 6: Verification of Leasehold Property

Lecture 7: Verification of Plant and Machinery

Lecture 8: Verification of Furniture and Fixture

Lecture 9: Verification of Small Tools

Lecture 10: Verification of Patents

Lecture 11: Verification of Copy Right, Trade Mark and Goodwill

Lecture 12: Verification of Debtors

Lecture 13: Verfication of Cash at Bank and in Hand