Audit and Assurance

Paper Code: 
AAF 411
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

The objective of this course is to gain knowledge of auditing procedures and techniques and their application.

18.00

Audit Framework and Regulation: Concept of audit and other assurance Engagements, External audits, Corporate Governance, Professional Ethics and ACCA’s Code of Ethics and Conduct Internal audit and governance: Differences between external audit and internal audit, scope of the internal audit function, outsourcing and internal audit assignments

18.00

Planning and Risk Assessment: Obtaining and accepting Audit engagements, objective and general principles, Understanding the entity and its environment, Assessing audit risks, Fraud, laws and regulations Audit planning and documentation

18.00

Internal control: Internal control systems, uses and evaluation of internal control systems by auditors, Tests of control, Communication on internal control

18.00

Audit evidence: Financial statement assertions and audit Evidence, Audit procedures, Audit sampling and other means of testing, Audit of specific items, Computer-assisted audit techniques, Work of others and Not-for-profit organizations

18.00

Review and reporting: Subsequent events, Going concern, Written representations, Audit finalization and the final review, Audit reports

Essential Readings: 

• Study material of ACCA

• Students Guide to Auditing: Aruna Jha (Taxmann)

• Auditing: Jain, Khandelwal, Pareek(Ramesh Book Depot)

• Auditing Theory & Practice: A.K Singh (Galgotia Publishing Company)

References: 

• Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)

•Auditing: Principle and Practice, S.D Sharma(Taxmann)

• Auditing Principles and Problems: T.R Sharma (Sahitya Bhawan Agra)

•Practical Auditing: Spicer& Pegler

• Fundamental of Auditing: Gupta & Arora(Tata Mc Graw Hill)

Academic Year: