Auditing

Paper Code: 
ATG 511
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 application

9.00
Unit I: 
Auditing:

Meaning, Objects, Fraud, Errors, Book-Keeping Accounting and Auditing, Classification of audits, Planning and procedure of audit, Audit Programmes; Auditors working papers, Test Checking and Routine Checking

9.00
Unit II: 
Internal Control and Internal Check System

Meaning, Objectives and evaluation of internal control, Internal check and internal audit, Internal Control regarding sales, purchases, asset liabilities and salaries and wages

Unit III: 
Audit Procedure

Meaning, Objective and Importance of Vouching, Vouching and Routing Checking, General Principle of Vouching, Vouching of different item of transactions,

Verification and Valuation of Assets and Liabilities With special reference to Plant & Machinery, Building, Goodwill, Patent, Copy Right, Investment, Debtors, Inventories, Share Capital and Loans, Contingent Liabilities and Contingent Assets ; Rules laid down in Kingston Cotton Mills Co Ltd, Irish Woolen Co Ltd

9.00
Unit IV: 
Audit of Joint Stock Companies:

Appointment, removal and remuneration of company auditor, Audit of share capital, debentures and managerial remuneration, Audit for the purpose of statutory reports and prospectus. Rights, duties and liabilities of an auditor laid down in London and General Bank Case, CIT v/s G.M Dandedkar,  Anupam Roy v/s P.K Mukharjee

9.00
Unit V: 
Divisible Profits and Dividends

Divisible Profits and Dividends with legal provisions of Companies Act(With special reference to (depreciation) and relevant Case Laws

Auditors Report: Definition, Distinction between Auditor’s Report and Auditor’ Certificate, Contents of Auditor’s Report, Classification (Clean, Qualified ,Disclaimer )

 

Essential Readings: 
  1. Auditing: Jain, Khandelwal(Shivam Publisher)
  2. Students Guide to Auditing: Aruna Jha(Taxmann)
  3. Auditing: Jain, Khandelwal, Pareek(Ramesh Book Depot)
  4. Auditing Theory & Practice: A.K Singh ( Galgotia Publishing Company New Delhi)

 

References: 
  1. Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
  2. Auditing: Principle and Practice, S.D Sharma(Taxmann)
  3. Auditing Principles and Problems: T.R Sharma (Sahitya Bhawan Agra)
  4. Practical Auditing: Spicer& Pegler
  5. Fundamental of Auditing: Gupta & Arora(Tata Mc Graw Hill)

 

Academic Year: 
2014-2015
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