Basics Of Auditing A Complete Study

Learn the fundamentals of auditing to excel in accounting and auditing career

What you'll learn

Understand Meaning of Audit

Understand Principal aspects of Audit

Understand Benefits of Auditing

Requirements

Basics of Accounting

Basics of Financial Statements

Description

Are you an Accounting or Finance Professional?
Are you an Accounting or Finance Student planning a career in either of the fields?
Are you a Professional Course Student planning career as Auditor?
Then this course is for you.
Welcome to Basics of Auditing A Complete Study
The basic purpose of Auditing is to confirm the authenticity of Books of Accounts prepared by an accountant.
So, the auditing begins, where the function of an accountant ends.Auditing is done to determine the true and fair picture of accounts examining the books of accounts with supporting documents.
Auditing provides lots of benefits like Verification of Books of Accounts, Independent Opinion, Moral Check, Protection of the Rights and Interests of Share holders, Reliance by Outsiders, Ensures compliance with level requirements & Strengthens Internal Control.
Hence, by taking this course, you will learn
i) Evolution, Meaning, Features, Objectives, Principal aspects, Benefits and Limitations  of Auditing
ii) Audit Process
iii) Audit Engagement Terms
iv) Audit Planning
v) Audit Sampling
vi) Audit Working Papers
vii) Auditors Independence
viii) External Confirmation
ix) Verification of Assets
x) Verification of Liabilities
xi) Special Audits covering Educational Institutions, Hospital, Cinema Halls, Charitable Institutions, Club, Hotels, Local Bodies, etc.)
This course is structured in Self paced learning style.
You may find accounting terminologies used in this course. Hence, you should have Basic knowledge of Accounting.
Advanced auditing tools and concepts will be launched as separate courses in the due course.


Overview

Section 1: Introduction

Lecture 1 Need for Auditing

Lecture 2 Purpose of Auditing

Lecture 3 Evolution of Auditing

Lecture 4 Meaning of Auditing

Lecture 5 Features of Auditing

Lecture 6 Objectives of Auditing

Lecture 7 Principal aspects of Auditing

Lecture 8 Benefits of Auditing

Lecture 9 Limitations of Auditing

Lecture 10 Definition, Meaning and Features of Auditing

Lecture 11 Nature of Auditing

Lecture 12 Scope of Auditing

Lecture 13 Relationship between Accounting and Auditing

Lecture 14 Difference between Accounting and Auditing

Lecture 15 Difference between Audit and Investigation

Lecture 16 Basic Principles governing an Audit

Lecture 17 Significance of Audit

Lecture 18 Comparison between External Audit and Internal Audit

Section 2: Audit Process

Lecture 19 Audit Process

Lecture 20 Audit Process in three stages

Section 3: Agreeing Terms of Audit Engagement

Lecture 21 Acceptance of Audit Engagement

Lecture 22 Agreement on Audit Engagement Terms

Lecture 23 Changes in Audit Engagement Terms

Lecture 24 Audit Report prescribed by Law or Regulation

Lecture 25 Audit Engagement Letter

Lecture 26 Audit Engagement Letter in case of Recurring Audit

Lecture 27 Introduction to Audit Report

Lecture 28 Basic elements of Audit Report - Part 1

Lecture 29 Basic elements of Audit Report - Part 2

Section 4: Audit Planning

Lecture 30 Audit Planning

Lecture 31 Description of certain items in Audit Plan

Lecture 32 Knowledge of Client's Business

Lecture 33 Development of an Overall Audit Plan

Lecture 34 Developing the Audit Program

Lecture 35 Advantages and Disadvantages of Audit Program

Lecture 36 How to conduct systematic audit?

Lecture 37 Classification of Audit According to Time of Assurance

Lecture 38 Overcome Limitations of Continuous Audit

Section 5: Audit Sampling

Lecture 39 Basics of Test Checking or Sampling

Lecture 40 Judgemental Sample

Lecture 41 Statistical Sampling

Lecture 42 Random Sampling and Systematic Sampling

Lecture 43 Factors affecting size of Sample

Lecture 44 Difference between Test Checking & Routine Checking

Lecture 45 SA 530 Audit Sampling

Lecture 46 Surprise Check

Section 6: Audit Working Papers

Lecture 47 Audit Working Papers

Lecture 48 Working Paper Files

Lecture 49 Audit Note Book

Lecture 50 Advantages of Working Papers

Lecture 51 Access of Working Papers by others

Lecture 52 Audit Documentation SA 230

Section 7: Auditors Independence

Lecture 53 Concept of Auditors Independence Part 1

Lecture 54 Concept of Auditors Independence Part 2

Lecture 55 Persons disqualified for Appointment as Auditor of Company as per Companies Act

Lecture 56 Independence vis-à-vis Indebtedness of Auditor

Lecture 57 Introduction to Audit Evidence

Lecture 58 Introduction to Sufficiency and Appropriateness of Audit Evidence

Lecture 59 Sufficiency of Audit Evidence

Lecture 60 Appropriateness of Audit Evidence

Lecture 61 Sources of Audit Evidence

Lecture 62 Audit Procedures to obtain Audit Evidence

Lecture 63 Risk Assessment and Nature and Timing of Audit Procedures

Lecture 64 Audit Procedures to obtain Audit Evidence Detailed Explanation

Lecture 65 Tests of Controls

Lecture 66 Timing of Tests of Control

Lecture 67 Using Audit Evidence obtained in Previous Audits

Lecture 68 Evaluating the operating effectiveness of controls

Lecture 69 Substantive Procedures

Section 8: External Confirmation

Lecture 70 What is External Confirmation?

Lecture 71 Reliability of External Response

Lecture 72 Positive and Negative Confirmation Request

Lecture 73 No Response to Positive Confirmation

Lecture 74 How to handle exceptions in Confirmation request?

Lecture 75 Third party confirmation cases

Section 9: Vouching

Lecture 76 Vouching

Lecture 77 General Consideration in Audit of Cash Transactions

Section 10: Verification of Assets

Lecture 78 What is Verification in Audit Context?

Lecture 79 Difference between Verification and Vouching

Lecture 80 Objectives of Verification

Lecture 81 Verification of Building

Lecture 82 Verification of Freehold land

Lecture 83 Verification of Leasehold Property

Lecture 84 Verification of Plant and Machinery

Lecture 85 Verification of Furniture and Fixture

Lecture 86 Verification of Small Tools

Lecture 87 Verification of Patents

Lecture 88 Verification of Copy Right, Trade Mark and Goodwill

Lecture 89 Verification of Debtors

Lecture 90 Verfication of Cash at Bank and in Hand

Lecture 91 Verification of Petty Cash

Lecture 92 Verification of Inventories

Lecture 93 Verification of Stocks Lying with Third Parties

Lecture 94 Verification of Bills Receivables

Lecture 95 Verification of Prepaid Expenses

Lecture 96 Verification of Sinking Fund Policies

Lecture 97 Capital Expenditure and Revenue Expenditure

Lecture 98 What is Depreciation

Lecture 99 Purpose of Providing Depreciation

Lecture 100 Depreciation on Wasting Assets

Lecture 101 Methods of Providing Depreciation

Lecture 102 Factors to be considered in Selecting Depreciation Policy

Section 11: Verification of Liabilities

Lecture 103 Verification of Loans and Borrowings

Lecture 104 Verification of Trade Creditors

Lecture 105 Verification of Contingent Liability

Lecture 106 Verification of Bills Payable

Lecture 107 Verification of Amount due to Subsidiary Companies

Lecture 108 Verification of Outstanding Expenses

Section 12: Special Audits

Lecture 109 Audit of Educational Institutions

Lecture 110 Audit of Hospital

Lecture 111 Audit of Cinema Halls

Lecture 112 Audit of Charitable Institutions

Lecture 113 Audit of Club

Lecture 114 Audit of Hotels

Lecture 115 Audit of Local Bodies

Lecture 116 Audit of Small Companies

Lecture 117 Audit of Partnership Firm

Lecture 118 Audit of Hire Purchase Company

Lecture 119 Audit of Publishers

Lecture 120 Audit of Incomplete Records

Lecture 121 Audit of Leasing Companies

Lecture 122 Audit of Non Governmental Organisations (NGOs)

Section 13: Cost Audit

Lecture 123 What is Cost Audit?

Lecture 124 Applicability for maintenance of Cost Records

Lecture 125 Maintenance of Cost Records

Lecture 126 Applicability of Cost Audit

Lecture 127 Who can be Cost Auditor?

Lecture 128 Appointment of Cost Auditor

Lecture 129 Removal of Cost Auditor

Lecture 130 Casual Vacany of Cost Auditor

Lecture 131 Remuneration of Cost Auditor

Lecture 132 Submission of Cost Audit Report

Lecture 133 Non Applicability of Cost Audit Rules

Lecture 134 Penal provisions in case of Default in Cost Audit

Section 14: Company Audit

Lecture 135 Introduction to Company Audit

Lecture 136 Qualifications for being appointed as Auditor

Lecture 137 Persons not eligible for being appointed as an Auditor

Lecture 138 Appointment of First Auditors

Lecture 139 Appointment of Subsequent Auditors Non Government Company

Lecture 140 Appointment of Subsequent Auditors Government Company

Lecture 141 Case 1 Eligibility for Appointment as Auditor of Company

Lecture 142 Case 2 Shares held by relative and impact on Auditors Appointment

Lecture 143 Case 3 Shares held by relative and impact on Auditors Appointment

Lecture 144 Case 4 Shares held by relative and impact on Auditors Appointment

Lecture 145 Is it possible to issue shares at discount?

Lecture 146 Services prohibited for Auditors

Lecture 147 Case on Disqualification of Auditor

Lecture 148 Case - Auditor Disqualification after appointment

Lecture 149 Rotation of Auditors - Class of Companies

Lecture 150 Auditors term (period) of appointment

Section 15: Fraud and responsibilities of Auditor

Lecture 151 What is Fraud?

Lecture 152 Characteristics of Fraud

Lecture 153 How Fraudulent Financial Reporting is accomplisehd?

Lecture 154 How Management overrides Controls?

Lecture 155 Why Management / Employees commit Fraud?

Lecture 156 What and how of Misappropriation of Assets?

Lecture 157 How defalcation of cash is attempted?

Lecture 158 Circumstances indicating possibilities of Fraud

Lecture 159 Reporting of Fraud to Central Government by Audtior

Lecture 160 Reporting of Fraud to Audit Committee or Board

Section 16: Internal Control System

Lecture 161 What is Internal Control System

Lecture 162 Scope of Internal Control System

Lecture 163 Objectives of Internal Control System

Lecture 164 What is Control Environment?

Lecture 165 Limitations of Internal Control System

Lecture 166 What is Control Risk?

Lecture 167 Audit Risk

Lecture 168 Internal Check

Lecture 169 Auditors Duty with regard to Internal Control System - Part 1

Lecture 170 Auditors Duty with regard to Internal Control System - Part 2

Lecture 171 Internal Control Questionnaire - Part 1

Lecture 172 Internal Control Questionnaire - Part 2

Lecture 173 Difference between Checklist and Internal Control Questionnaire

Lecture 174 Difference between Internal Audit, Internal Control & Internal Check

Section 17: Internal Audit

Lecture 175 What is Internal Audit and applicability of Internal Audit for Companies

Lecture 176 Internal Audit Function

Section 18: FINAL SECTION

Lecture 177 Bonus Lecture

Accounting / Finance Professionals,Accounting / Finance Students,CA / CMA / CS / CFA / CPA / CIMA Students