discusses the basics of audit such as nature, scope, objectives, advantages, limitations etc. of an audit. Also, Audit Engagement Auditor’s Independence; Role of International Auditing and Assurance Standards Board (IAASB) & Auditing and Assurance Standards Board (AASB) have been discussed.
The chapter is devoted to Audit Strategy; Audit planning and Audit programme ;
focusses on Audit Documentation; Audit evidence; Related Party Transactions, Written Representations, External Confirmations, Subsequent Events, Going Concern.
is devoted to Audit Risk, Identifying and Assessing the Risk of Material Misstatement, Risk Assessment procedures; Understanding the entity and its environment; Internal Control.
discusses the Responsibility for the Prevention and Detection of Fraud; Fraud Risk Factors; Risks of Material Misstatement Due to Fraud; Communication of Fraud.
extensively deals with the Impact of IT related Risks, Impact on Controls, Internal Financial Controls, Audit approach, Understanding and documenting Automated environment, data analytics for audit.
discusses about Audit Sampling.
deals with analytical procedures.
MODULE – 2
is devoted to the Audit of Items of Financial Statements.
discusses the provisions of the Company Audit.
discusses about various aspects of Auditor’s Report.
deals with the Audit of Banks.
extensively deals with the Appointment of Auditor, Audit Procedure and Audit Report in respect of different Category of Entities.