Corporate Auditing syllabus

Corporate Auditing

• 1 Introduction (4 LHs)

  • Auditing meaning, objectives, nature and scope
  • Evolution, advantages and limitations
  • Error prevention, detection and rectification
  • Auditor qualities and engagement terms
  • Bookkeeping, accounting, audit and investigation
• 2 Planning an Audit and Types of Audit (6 LHs)

  • Organization understanding and audit programs
  • Tolerable errors, risks and sampling
  • Audit notebooks and staffing
  • Continuous, periodic, interim, partial, tax, cash, cost, management and data-processing audits
  • Scope, client instructions and division of work
  • Files and working papers
• 3 Internal Check and Control (6 LHs)

  • Concept, objectives, characteristics and tradeoffs
  • Internal check and internal audit
  • Auditor duties and routine checking
  • Test checks
  • Statutory versus internal audit
• 4 Vouching (6 LHs)

  • Vouching concept and objectives
  • Cash receipts, payments and sales
  • Credit sales, returns, approvals, hire purchase and consignment
  • Cash and credit purchases, discounts and returns
  • Relevant internal checks
• 5 Audit of Impersonal Ledgers (2 LHs)

  • Capital, revenue and deferred expenditure
  • Outstanding and prepaid items
  • Repairs, contingent assets and liabilities
• 6 Verification and Valuation of Asset and Liabilities (6 LHs)

  • Verification versus vouching and valuation
  • Fixed, current and wasting assets
  • Auditor duties on assets and liabilities
  • Loans, creditors, expenses, bills and contingencies
  • Confirmation and fair-value measurement
• 7 Audit of Limited Company (6 LHs)

  • Company audit preliminaries and statutory matters
  • Share capital, issues, bonuses, calls and forfeitures
  • Underwriting commission, fees and brokerage
  • Debenture issues, redemption and conversion
• 8 Audit Report (4 LHs)

  • Report meaning and contents
  • Statutory, general, qualified and tax reports
  • Evidence evaluation and sufficiency
• 9 Audit Programs and Procedures of Different Classes of Audits (4 LHs)

  • Educational, cooperative, charity, NGO and local-body audits
  • Performance audit and comparison with financial audit
• 10 Investigation (4 LHs)

  • Investigation versus audit, causes and methods
  • Program formulation and evidence collection
  • Investigations for partners, shareholders, lenders and suspected fraud
  • Investigator duties and liabilities