Auditing
Learn the process of examining financial records to provide independent assurance that financial statements present a true and fair view.
Course overview
Auditing is the independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form, when such an examination is conducted with a view to express an opinion thereon.
- Understand the objectives, scope, and principles of auditing
- Learn different types of audit and auditing standards
- Plan an audit, prepare audit programme and working papers
- Gather sufficient and appropriate audit evidence
- Evaluate internal control, perform vouching and verification
- Conduct company audit and understand auditor’s rights, duties and liabilities
- Issue audit reports and opinions (qualified / unqualified)
- Explore specialised audits: tax audit, cost audit, forensic audit, IS audit
Course chapters
Follow the chapters in a logical order for the best learning experience.
Introduction to Auditing
Understand the meaning, evolution, and importance of auditing.
Objectives and Scope of Auditing
Learn the primary and secondary objectives and the scope of an audit.
Types of Audit
Explore statutory, internal, external, continuous, interim, and other types of audit.
Principles of Auditing
Study the fundamental principles that guide the conduct of an audit.
Auditing Standards
Get introduced to Standards on Auditing (SAs) and their importance.
Audit Planning
Learn how to plan an audit engagement effectively.
Audit Programme
Prepare a detailed audit programme listing procedures to be performed.
Audit Working Papers
Understand the purpose, ownership, and contents of audit working papers.
Audit Evidence
Gather sufficient and appropriate audit evidence to support the audit opinion.
Audit Risk and Materiality
Understand audit risk components and the concept of materiality.
Internal Control
Evaluate the design and operating effectiveness of internal controls.
Internal Check and Internal Audit
Differentiate between internal check, internal control, and internal audit.
Vouching
Examine vouchers and supporting documents to verify the authenticity of transactions.
Verification and Valuation
Verify the existence, ownership, and valuation of assets and liabilities.
Audit of Assets
Audit fixed assets, investments, inventory, and other assets.
Audit of Liabilities
Verify long-term and current liabilities including contingent liabilities.
Audit of Cash and Bank
Verify cash balances, bank reconciliations, and related controls.
Audit of Purchases and Sales
Examine purchase and sales transactions for completeness and accuracy.
Audit of Debtors and Creditors
Verify receivables and payables including confirmation procedures.
Audit of Depreciation
Check the method, rate, and accounting of depreciation.
Company Audit
Understand the special provisions relating to the audit of companies.
Auditor Appointment and Removal
Learn the provisions regarding appointment, reappointment, and removal of auditors.
Rights, Duties and Liabilities of Auditor
Study the rights, duties, and civil/criminal liabilities of an auditor.
Audit Report and Opinion
Understand the structure and contents of an audit report.
Qualified and Unqualified Audit Report
Differentiate between clean, qualified, adverse, and disclaimer of opinion.
Audit of Financial Statements
Audit the complete set of financial statements and related disclosures.
Tax Audit
Understand the provisions and procedures of tax audit under the Income Tax Act.
Cost Audit
Learn the objectives, scope, and process of cost audit.
Management Audit
Evaluate the efficiency and effectiveness of management policies and decisions.
Forensic Audit
Investigate financial frauds, irregularities, and gather evidence for legal proceedings.
Information Systems Audit
Audit IT systems, controls, and data integrity in a computerized environment.
Audit of Non-Profit Organizations
Understand the special considerations in the audit of NGOs and charitable institutions.
Auditing Ethics and Independence
Uphold professional ethics, integrity, objectivity, and independence.
Auditing Case Studies
Analyse real-life and hypothetical audit case studies.
Auditing Practical Questions
Practise numerical and theoretical questions commonly asked in exams.
Auditing MCQs
Test your knowledge with multiple-choice questions covering the entire syllabus.
Recommended learning approach
Start with the fundamentals and standards, then move to planning, evidence, internal control, vouching & verification, company audit, and finally specialised audits.