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

Course Outcomes (COs):

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

AAF 411

Audit and Assurance

CO 124: Acquire knowledge about the overview of Audit framework and regulation and have knowledge on Internal audit and governance

CO 125: Understand in detail the Planning and risk assessment aspects involved in audit

CO 126: Understand in detail the Internal control systems in an organization as a part of audit

CO 127: Develop an insight for Audit evidence, Audit sampling, Computer-assisted audit techniques

CO 128: Understand the characteristics of review and reporting and Getting overall understanding about review and reporting

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Demonstration

 

Learning activities for the students:

Self learning assignments, Effective questions, Seminar presentation

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

18.00
Unit I: 
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
Unit II: 
Planning and risk assessment:
  • Obtaining and accepting audit engagements, objective and general principles, U
  • nderstanding the entity and its environment, Assessing audit risks, Fraud, laws and regulations.
  • Audit planning and documentation, Introduction to audit evidence.
18.00
Unit III: 
Internal control:
  • Internal control systems, uses and evaluation of internal control systems by auditors,
  • Tests of control, Communication on internal control.
18.00
Unit IV: 
Audit evidence
  • Financial statement assertions and audit Evidence, Audit procedures,
  • Audit sampling and other means of testing, non current  assets , inventory , recievables , cash and bank, common liabilities , directors remuneration and capital, 
  • Computer-assisted audit techniques, Work of others and Not-for-profit organizations
 
18.00
Unit V: 
Review and reporting
  • Subsequent events, Going concern, Written representations, Audit finalization and the final review, Audit reports
References: 
  • Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill) Auditing: Principle and Practice, S.D Sharma(Taxmann)
  • Auditing Principles and Problems: T.R Sharma (SahityaBhawan Agra) Practical Auditing: Spicer& Pegler
  • Fundamental of Auditing: Gupta &Arora(Tata McGraw Hill)
    • Study material of ACCA – F8
      • Students Guide to Auditing: ArunaJha (Taxmann)
      • Auditing: Jain, Khandelwal, Pareek(Ramesh Book Depot)
      • Auditing Theory & Practice: A.K Singh (Galgotia Publishing Company)
Academic Year: 
2020-2021
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