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 Outcome (COs):

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

AAF 411

Audit and Assurance

Upon successful completion of this course, the student will be able to:

CO 124: Explain the overview of the Audit framework and regulation and Internal audit and governance

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

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

CO 127: Distinguish between Audit evidence, Audit sampling, Computer-assisted audit techniques 

CO 128: Analyze the characteristics of review and reporting and Getting overall understanding of 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, Understanding 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 , receivables , 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
Essential Readings: 
  • 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)
  • 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 McGraw Hill)
Academic Year: 
2021-2022
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