Audit Practices

Paper Code: 
ATG 617 A
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The Objective of this course is to gain knowledge of auditing procedures and techniques and their applications.

COURSE OUTCOMES (COs):

Course

Learning outcome

 (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

ATG  617 A

Audit Practices

CO227: Differentiate Audit of Banks & Audit of Co-operative Societies.

CO228:Interpret Audit of Insurance Companies & Audit of Educational Institutions

CO229:Critique the Audit    of Government Companies & Audit of Accounts of Private Concerns and Partnership Firms

CO230:Check the concept of Investigation and its procedure of Investigation and differentiate between the Investigation and Audit.

CO231:Inferring recent trends in Auditing such as Cost Audit, Tax Audit, Management Audit, Social Audit, Environment Audit, EDP Audit.

 

Approach in teaching:

Explanations,

Discussion, Demonstration, Action Research, Project work.

 

Learning activities for the students:

Field activities, Presentation, Giving tasks

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

 

9.00
Unit I: 
Audit of Different Institutions:

(a) Audit of Banks:
Legislation relevant to Audit of Banks, Internal Control Evaluation Auditor’s report, Special Audit, RBI Norms relating to Advances, Creation of Provision for Bad and Doubtful Advances, Income recognition, Long Form Audit Report
(b) Audit of Co-operative Societies

9.00
Unit II: 
(c) Audit of Insurance Companies

Legislation relevant to Audit of Insurance Companies( Life Insurance and General Insurance), Review of Internal Control, Audit Report
(d) Audit of Educational Institutions

9.00
Unit III: 
Audit

Audit of Government Companies
Audit of Accounts of Private Concerns and Partnership Firms

9.00
Unit IV: 
Investigation

Meaning, objectives, procedure. Investigation on behalf of prospective purchaser of business, prospective lender and prospective investor. Investigation for valuation of shares, Investigation for reporting in prospectus.

9.00
Unit V: 
Recent Trends in Auditing

Nature and Significance of Cost Audit, Tax Audit, Management Audit, Social Audit, Environment Audit, EDP Audit (Audit in Computerized environment), AS and SAP(Concepts, Objectives, Essential).

Essential Readings: 

1.Students Guide to Auditing: Aruna Jha(Taxmann)
2.Auditing: Jain, Khandelwal, Pareek(Ramesh Book Depot)
3. Fundamental of Auditing: Gupta & Arora(Tata Mc Graw Hill)
4. Auditing Theory & Practice: A.K Singh ( Galgotia Publishing Company New Delhi)

References: 

1. Auditing: Jain, Khandelwal(Shivam Publisher)
2. Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
3. Auditing: Principle and Practice, S.D Sharma(Taxmann)
4. Auditing Principles and Problems: T.R Sharma (Sahitya Bhawan Agra)

Academic Year: 
2021-2022
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