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Audit and Assurance [1]

Paper Code: 
25AAF411
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to cultivate knowledge and understanding of the assurance engagement process within the context of the professional regulatory framework.

Course Outcomes: 

Course

Course Outcomes

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

 

 

 

 

 

 

 

 

25AAF411

 

 

 

 

 

 

 

 

Audit and Assurance (Theory)

CO121: Develop an understanding of Audit framework, regulations, audit and governance.

CO122:             Analyze planning and risk assessment aspects involved in the audit.

CO123: Describe the Internal               control

system,                 Audit Evidence and internal audit function.

CO124:                  Distinguish between internal and external audit, Audit sampling                    and Computer-assisted audit techniques CO125: Analyze the concept of Subsequent events, Going concern, Written representations and auditor’s report.

CO126:                   Contribute

effectively in course – specific interaction.

Approach in teaching:

Interactive Lectures, Discussions, Tutorials, Problem                    solving sessions, Presentations

 

 

Learning activities for the students:

Self-

learning assignments, Case Study Analysis, Presentations,                          Group Discussions

Continuous Assessment       Test,

Semester             End Examinations, Quiz, Assignments,                        Class Presentations, Individual and group projects

 

12.00
Unit I: 
Audit Framework and Internal Audit:

• 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.

12.00
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.
• Work performed during interim and final audit.

12.00
Unit III: 
Internal Control:

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

12.00
Unit IV: 
Audit Evidence:

• Financial statement assertions and Audit Evidence.
• Audit procedures, Audit sampling and other means of testing.
• Audit of Specific items like inventory, receivables, cash and bank, common liabilities, directors remuneration and capital.
• Automated tools and techniques, Work of others and Not-for-profit organizations

12.00
Unit V: 
Review and Reporting:

• Subsequent events, Going concern, Written representations.
• Audit finalization and the final review.
• Independent Auditors reports.

Essential Readings: 

ACCA Study Text- Audit and Assurance (International)

References: 

1. ACCA F8 Audit and Assurance: Study Text

E-Content:
1. https://ebookpbt.files.wordpress.com/2011/11/acca-f8-audit-and-assurance... [2] bpp.pdf

Reference Journals:
1. International Journal of Auditing

Academic Year: 
2025-2026 [3]

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Source URL: https://accountingtaxation.iisuniv.ac.in/courses/subjects/audit-and-assurance-9

Links:
[1] https://accountingtaxation.iisuniv.ac.in/courses/subjects/audit-and-assurance-9
[2] https://ebookpbt.files.wordpress.com/2011/11/acca-f8-audit-and-assurance-int-study-text-
[3] https://accountingtaxation.iisuniv.ac.in/academic-year/2025-2026