Chapter 1 : Introduction to Auditing

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Presentation transcript:

Chapter 1 : Introduction to Auditing T.Y. B com (Honours) Academic Year : 2009-10 Trimester : V

Meaning of Auditing

Audit Process Flow Phase I : Proposal for Audit Offer and acceptance Phase II : Planning the Audit Gathering Preliminary Information Phase III : Execution of the Audit Performing Audit procedures Phase IV : Reporting Preparation of Audit Report

Important Aspects of the Audit Process Engagement Letter Planning & controlling the Audit Ascertainment of Systems Audit Programme Audit Risks Compliance Tests Substantive Tests Documentation

Important Aspects of the Audit Process Analytical Review of financial Statements Letter of Representation Audit Report Dating of The Audit Report Signing of the Audit Report

Principles of Audit Integrity, Objectivity and Independence Confidentiality Skill and competence Work done by others Documentation Planning Audit Evidence Accounting System and Internal control Audit conclusions and Reporting

Basic Audit concepts The True and Fair View Audit Evidence Independence of the Auditor Materiality Responsibility of the Auditor Audit Risk Ethical Conduct

Basic Accounting Principles and Assumptions Going concern Accrual concept Consistency concept Prudence Concept Substance over form Objectivity Comparability Relevance Materiality Adherence to Statute