Basics Of Auditing

Tags: Financial Statement , Internal Auditing

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

Last updated 2022-01-10 | 3.8

- Understand Meaning of Audit
- Understand Principal aspects of Audit
- Understand Benefits of Auditing

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.

Who this course is for:

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

Course content

18 sections • 177 lectures

Introduction 18 lectures

Need for Auditing Preview 01:23

Purpose of Auditing Preview 02:54

Evolution of Auditing Preview 03:44

Meaning of Auditing Preview 03:12

Features of Auditing Preview 03:10

Objectives of Auditing Preview 03:54

Principal aspects of Auditing Preview 05:49

Benefits of Auditing Preview 04:24

Limitations of Auditing Preview 02:39

Definition, Meaning and Features of Auditing Preview 12:24

Nature of Auditing Preview 10:22

Scope of Auditing Preview 07:27

Relationship between Accounting and Auditing Preview 04:38

Difference between Accounting and Auditing Preview 09:00

Difference between Audit and Investigation Preview 04:23

Basic Principles governing an Audit Preview 06:04

Significance of Audit Preview 11:44

Comparison between External Audit and Internal Audit Preview 03:09

Audit Process 2 lectures

Audit Process Preview 05:18

Audit Process in three stages Preview 04:14

Agreeing Terms of Audit Engagement 9 lectures

Acceptance of Audit Engagement Preview 07:43

Agreement on Audit Engagement Terms Preview 03:42

Changes in Audit Engagement Terms Preview 01:27

Audit Report prescribed by Law or Regulation Preview 01:34

Audit Engagement Letter Preview 09:26

Audit Engagement Letter in case of Recurring Audit Preview 01:48

Introduction to Audit Report Preview 05:36

Basic elements of Audit Report - Part 1 Preview 11:29

Basic elements of Audit Report - Part 2 Preview 06:24

Audit Planning 9 lectures

Audit Planning Preview 04:18

Description of certain items in Audit Plan Preview 02:17

Knowledge of Client's Business Preview 02:42

Development of an Overall Audit Plan Preview 02:55

Developing the Audit Program Preview 02:17

Advantages and Disadvantages of Audit Program Preview 03:36

How to conduct systematic audit? Preview 01:25

Classification of Audit According to Time of Assurance Preview 04:56

Overcome Limitations of Continuous Audit Preview 01:08

Audit Sampling 8 lectures

Basics of Test Checking or Sampling Preview 02:28

Judgemental Sample Preview 01:38

Statistical Sampling Preview 00:46

Random Sampling and Systematic Sampling Preview 06:27

Factors affecting size of Sample Preview 04:22

Difference between Test Checking & Routine Checking Preview 01:35

SA 530 Audit Sampling Preview 09:02

Surprise Check Preview 01:27

Audit Working Papers 6 lectures

Audit Working Papers Preview 01:50

Working Paper Files Preview 01:25

Audit Note Book Preview 01:18

Advantages of Working Papers Preview 01:17

Access of Working Papers by others Preview 01:52

Audit Documentation SA 230 Preview 05:09

Auditors Independence 17 lectures

Concept of Auditors Independence Part 1 Preview 05:00

Concept of Auditors Independence Part 2 Preview 03:46

Persons disqualified for Appointment as Auditor of Company as per Companies Act Preview 12:45

Independence vis-à-vis Indebtedness of Auditor Preview 01:55

Introduction to Audit Evidence Preview 03:10

Introduction to Sufficiency and Appropriateness of Audit Evidence Preview 03:17

Sufficiency of Audit Evidence Preview 02:53

Appropriateness of Audit Evidence Preview 01:30

Sources of Audit Evidence Preview 01:12

Audit Procedures to obtain Audit Evidence Preview 01:06

Risk Assessment and Nature and Timing of Audit Procedures Preview 01:39

Audit Procedures to obtain Audit Evidence Detailed Explanation Preview 06:54

Tests of Controls Preview 03:58

Timing of Tests of Control Preview 00:52

Using Audit Evidence obtained in Previous Audits Preview 01:40

Evaluating the operating effectiveness of controls Preview 01:16

Substantive Procedures Preview 03:10

External Confirmation 6 lectures

What is External Confirmation? Preview 03:09

Reliability of External Response Preview 03:28

Positive and Negative Confirmation Request Preview 06:05

No Response to Positive Confirmation Preview 01:16

How to handle exceptions in Confirmation request? Preview 01:40

Third party confirmation cases Preview 01:25

Vouching 2 lectures

Vouching Preview 05:55

General Consideration in Audit of Cash Transactions Preview 06:42

Verification of Assets 25 lectures

What is Verification in Audit Context? Preview 01:28

Difference between Verification and Vouching Preview 03:59

Objectives of Verification Preview 01:54

Verification of Building Preview 02:08

Verification of Freehold land Preview 01:14

Verification of Leasehold Property Preview 00:51

Verification of Plant and Machinery Preview 01:41

Verification of Furniture and Fixture Preview 01:36

Verification of Small Tools Preview 01:03

Verification of Patents Preview 01:03

Verification of Copy Right, Trade Mark and Goodwill Preview 02:01

Verification of Debtors Preview 04:29

Verfication of Cash at Bank and in Hand Preview 02:57

Verification of Petty Cash Preview 01:36

Verification of Inventories Preview 02:10

Verification of Stocks Lying with Third Parties Preview 00:58

Verification of Bills Receivables Preview 00:44

Verification of Prepaid Expenses Preview 00:53

Verification of Sinking Fund Policies Preview 00:46

Capital Expenditure and Revenue Expenditure Preview 07:00

What is Depreciation Preview 03:54

Purpose of Providing Depreciation Preview 08:36

Depreciation on Wasting Assets Preview 02:25

Methods of Providing Depreciation Preview 02:34

Factors to be considered in Selecting Depreciation Policy Preview 04:26

Verification of Liabilities 6 lectures

Verification of Loans and Borrowings Preview 01:18

Verification of Trade Creditors Preview 01:24

Verification of Contingent Liability Preview 01:44

Verification of Bills Payable Preview 01:06

Verification of Amount due to Subsidiary Companies Preview 00:52

Verification of Outstanding Expenses Preview 00:46

Special Audits 14 lectures

Audit of Educational Institutions Preview 05:31

Audit of Hospital Preview 04:00

Audit of Cinema Halls Preview 05:43

Audit of Charitable Institutions Preview 04:39

Audit of Club Preview 04:11

Audit of Hotels Preview 06:02

Audit of Local Bodies Preview 03:35

Audit of Small Companies Preview 01:23

Audit of Partnership Firm Preview 03:18

Audit of Hire Purchase Company Preview 02:27

Audit of Publishers Preview 02:20

Audit of Incomplete Records Preview 02:22

Audit of Leasing Companies Preview 02:44

Audit of Non Governmental Organisations (NGOs) Preview 05:10

Cost Audit 12 lectures

What is Cost Audit? Preview 01:33

Applicability for maintenance of Cost Records Preview 01:29

Maintenance of Cost Records Preview 01:27

Applicability of Cost Audit Preview 02:38

Who can be Cost Auditor? Preview 01:17

Appointment of Cost Auditor Preview 04:35

Removal of Cost Auditor Preview 00:55

Casual Vacany of Cost Auditor Preview 00:39

Remuneration of Cost Auditor Preview 01:30

Submission of Cost Audit Report Preview 01:52

Non Applicability of Cost Audit Rules Preview 00:36

Penal provisions in case of Default in Cost Audit Preview 03:43

Company Audit 16 lectures

Introduction to Company Audit Preview 00:46

Qualifications for being appointed as Auditor Preview 01:06

Persons not eligible for being appointed as an Auditor Preview 12:23

Appointment of First Auditors Preview 02:36

Appointment of Subsequent Auditors Non Government Company Preview 03:06

Appointment of Subsequent Auditors Government Company Preview 01:47

Case 1 Eligibility for Appointment as Auditor of Company Preview 02:26

Case 2 Shares held by relative and impact on Auditors Appointment Preview 03:30

Case 3 Shares held by relative and impact on Auditors Appointment Preview 03:29

Case 4 Shares held by relative and impact on Auditors Appointment Preview 03:31

Is it possible to issue shares at discount? Preview 01:57

Services prohibited for Auditors Preview 06:50

Case on Disqualification of Auditor Preview 01:22

Case - Auditor Disqualification after appointment Preview 03:25

Rotation of Auditors - Class of Companies Preview 03:26

Auditors term (period) of appointment Preview 04:38

Fraud and responsibilities of Auditor 10 lectures

What is Fraud? Preview 02:57

Characteristics of Fraud Preview 02:43

How Fraudulent Financial Reporting is accomplisehd? Preview 05:46

How Management overrides Controls? Preview 02:38

Why Management / Employees commit Fraud? Preview 02:20

What and how of Misappropriation of Assets? Preview 03:50

How defalcation of cash is attempted? Preview 04:21

Circumstances indicating possibilities of Fraud Preview 05:21

Reporting of Fraud to Central Government by Audtior Preview 02:51

Reporting of Fraud to Audit Committee or Board Preview 00:53

Internal Control System 14 lectures

What is Internal Control System Preview 02:30

Scope of Internal Control System Preview 01:05

Objectives of Internal Control System Preview 03:22

What is Control Environment? Preview 03:07

Limitations of Internal Control System Preview 02:38

What is Control Risk? Preview 01:16

Audit Risk Preview 07:59

Internal Check Preview 03:48

Auditors Duty with regard to Internal Control System - Part 1 Preview 06:32

Auditors Duty with regard to Internal Control System - Part 2 Preview 02:17

Internal Control Questionnaire - Part 1 Preview 05:11

Internal Control Questionnaire - Part 2 Preview 01:32

Difference between Checklist and Internal Control Questionnaire Preview 02:31

Difference between Internal Audit, Internal Control & Internal Check Preview 07:39

Internal Audit 2 lectures

What is Internal Audit and applicability of Internal Audit for Companies Preview 03:27

Internal Audit Function Preview 02:22

FINAL SECTION 1 lectures