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Comprehensive Audit Guide

This document provides an overview of auditing including: the rise of auditing and differentiation from accounting; objectives of an audit such as detection of errors, fraud, and expression of an independent opinion; audit procedures including traditional routine checks and vouching as well as modern approaches examining accounting systems and internal controls; types of audits like internal, external, management, and computer audits; the auditor of a limited company's appointment, independence, and reports; liabilities of an auditor for negligence or misfeasance; international auditing standards set by IFAC and IAS Board; and future trends in areas like corporate governance, audit committees, and meeting user expectations.

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Kiran Kumar
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264 views9 pages

Comprehensive Audit Guide

This document provides an overview of auditing including: the rise of auditing and differentiation from accounting; objectives of an audit such as detection of errors, fraud, and expression of an independent opinion; audit procedures including traditional routine checks and vouching as well as modern approaches examining accounting systems and internal controls; types of audits like internal, external, management, and computer audits; the auditor of a limited company's appointment, independence, and reports; liabilities of an auditor for negligence or misfeasance; international auditing standards set by IFAC and IAS Board; and future trends in areas like corporate governance, audit committees, and meeting user expectations.

Uploaded by

Kiran Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

WELCOME TO OUR PROGRAM

PRESENTATION FRAMEWORK
1. 2. 3. 4. 5. 6. 7. 8. The Rise of Auditing Objectives of Audit Auditing Procedures Types of Audit Auditor of a Limited Company Liabilities of an Auditor International Standards on Auditing Future Trends

1: The Rise of Auditing


A. B. C. D. Origin Definition Differentiation between Accounting & Auditing Qualities of an Auditor

2: Objectives of Audit A. Detection and Prevention of errors and mistakes B. Detection and prevention of Fraud C. Moral check D. Expression of an independent opinion

3: Audit Procedures
A. Traditional Approach: Routine check Vouching Verification Audit Report B. Modern Approach: Examining the Accounting System Purview of Internal Control Sampling: Routine check Vouching Verification Audit Review Report
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C: Tools and Techniques:


Analytical Procedures: a) Significant Ratios b) Trends c) Investigation of Unusual fluctuations Substantive Procedures: Tests of transactions and balances Techniques: a) Observations b) Inquiries c) Confirmation d) Re-calculations e) Re-performance

4: Types of Audit
a. b. c. d. e. f. First Set Internal Audit External Audit Management Audit Cost Audit Performance Audit Computer Audit Second Set Interim Audit Continuous Audit Final Audit
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a. b. c.

5: Auditor of a Limited Company


a. b. c. d. e. f. Appointment and Related Aspects Independence Lien Status Audit Committee Auditors Report Statutory Audit Audit of Prospectus Annual Audit Certification of Directors Solvency of a Company on Voluntary winding up Special Audit
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6: Liabilities of an Auditor
a. b. c. d. e. f. g. For negligence For Misfeasance Criminal Libel Honorary Appointment Dual Appointment Third Party

7: International Standards on Auditing


a. Role of IFAC, New York b. IAS Board, New York

8: Future Trends
a. b. c. d. Corporate Governance Audit Committee Role Quality Dimensions Users Expectations

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