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Chapter 1 : Introduction to Auditing

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

2 Meaning of Auditing

3 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

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

5 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

6 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

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

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

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