Introduction to auditing, Meaning, Objects and Techniques
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Auditing
This document provides an overview of auditing. It defines auditing as an unbiased examination and evaluation of a company's financial statements, internally or externally. It distinguishes auditing from bookkeeping and accounting by noting that auditing examines the accuracy and fairness of financial records, while bookkeeping records transactions and accounting analyzes results. The document also describes common types of errors like omissions and commissions that may occur, and how they differ from intentional frauds. Finally, it gives examples of specific frauds like misappropriation of cash, goods, assets, and manipulation of accounts.
Internal check internal audit internal control
The document discusses internal check, internal audit, and internal control. It defines each term and describes their objectives and characteristics. Internal check refers to built-in checks in accounting processes to segregate duties among employees. Internal audit involves continuous review of operations and records by a dedicated staff. Internal control comprises plans and methods to safeguard assets and ensure efficient management. The document outlines the scope, advantages, limitations of each system and how they help management and auditors.
Vouching of cash transactions
This document provides information on the process of vouching in accounting. It defines vouching as comparing accounting entries to supporting documents like receipts. It then discusses vouching for different types of cash transactions recorded in the cash book, including opening balances, cash sales, payments to creditors, and payments for expenses. For each transaction type, it lists the supporting documents that should be examined to verify the entry, such as cash memos, invoices, pay stubs, and receipts. The document provides guidance on steps an auditor should take to properly voucher transactions during an audit.
Internal audit
The document discusses internal audit, providing definitions, objectives, principles and need. It defines internal audit as an independent function that appraises an entity's operations to strengthen governance and risk management. The scope of internal audit includes reviewing accounting and controls, ensuring efficiency and compliance. It is needed due to increased business size, regulations, and technology usage. Internal audit adds value through risk management, assurance, compliance and fraud prevention. Key principles are integrity, objectivity, independence and professional care. The Companies Act 2013 requires certain public and private companies to appoint internal auditors.
Planning of audit
This is a step-by-step process on how to plan and carry out Auditing. This shall be useful for Accountants , professionals,small businesses,big businesses.
Auditing-definition & objective of auditing
This PowerPoint presentation summarizes auditing. It covers the definition and objectives of auditing, different types of audits like statutory audit and cost audit. It also discusses internal check, its characteristics and advantages. Internal audit is explained along with its objectives, advantages and differences from internal check. The presentation is intended to provide an overview of key concepts in auditing.
Introduction to auditing
Auditing ensures monitoring and provides a review and correction mechanism. It emerged as an independent, professional medium separate from business services. Auditing examines facts independently and provides expert opinions and advice to ensure quality standards. The objectives of an audit are to express an expert opinion, detect and prevent errors and frauds, and ensure financial statements present a true and fair view. Auditing is needed to increase the reliability and credibility of financial information and ensure the proper reporting of an entity's financial position.
Objectives of auditing
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
Recommended
Auditing
This document provides an overview of auditing. It defines auditing as an unbiased examination and evaluation of a company's financial statements, internally or externally. It distinguishes auditing from bookkeeping and accounting by noting that auditing examines the accuracy and fairness of financial records, while bookkeeping records transactions and accounting analyzes results. The document also describes common types of errors like omissions and commissions that may occur, and how they differ from intentional frauds. Finally, it gives examples of specific frauds like misappropriation of cash, goods, assets, and manipulation of accounts.
Internal check internal audit internal control
The document discusses internal check, internal audit, and internal control. It defines each term and describes their objectives and characteristics. Internal check refers to built-in checks in accounting processes to segregate duties among employees. Internal audit involves continuous review of operations and records by a dedicated staff. Internal control comprises plans and methods to safeguard assets and ensure efficient management. The document outlines the scope, advantages, limitations of each system and how they help management and auditors.
Vouching of cash transactions
This document provides information on the process of vouching in accounting. It defines vouching as comparing accounting entries to supporting documents like receipts. It then discusses vouching for different types of cash transactions recorded in the cash book, including opening balances, cash sales, payments to creditors, and payments for expenses. For each transaction type, it lists the supporting documents that should be examined to verify the entry, such as cash memos, invoices, pay stubs, and receipts. The document provides guidance on steps an auditor should take to properly voucher transactions during an audit.
Internal audit
The document discusses internal audit, providing definitions, objectives, principles and need. It defines internal audit as an independent function that appraises an entity's operations to strengthen governance and risk management. The scope of internal audit includes reviewing accounting and controls, ensuring efficiency and compliance. It is needed due to increased business size, regulations, and technology usage. Internal audit adds value through risk management, assurance, compliance and fraud prevention. Key principles are integrity, objectivity, independence and professional care. The Companies Act 2013 requires certain public and private companies to appoint internal auditors.
Planning of audit
This is a step-by-step process on how to plan and carry out Auditing. This shall be useful for Accountants , professionals,small businesses,big businesses.
Auditing-definition & objective of auditing
This PowerPoint presentation summarizes auditing. It covers the definition and objectives of auditing, different types of audits like statutory audit and cost audit. It also discusses internal check, its characteristics and advantages. Internal audit is explained along with its objectives, advantages and differences from internal check. The presentation is intended to provide an overview of key concepts in auditing.
Introduction to auditing
Auditing ensures monitoring and provides a review and correction mechanism. It emerged as an independent, professional medium separate from business services. Auditing examines facts independently and provides expert opinions and advice to ensure quality standards. The objectives of an audit are to express an expert opinion, detect and prevent errors and frauds, and ensure financial statements present a true and fair view. Auditing is needed to increase the reliability and credibility of financial information and ensure the proper reporting of an entity's financial position.
Objectives of auditing
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
Internal Audit
The document discusses the purpose and functions of an internal audit department. It defines internal auditing as an independent process that evaluates risk management, controls, and governance to improve an organization's operations. An internal audit department is necessary to comply with regulations like SOX, ensure proper financial and risk controls, and review operations for effectiveness and compliance. The department performs several types of audits, including financial, operational, compliance, and special investigations audits. In conclusion, having an internal audit reduces risks for a company through systematic evaluation of controls, operations, and compliance.
Auditing (Introduction to Auditing)
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
6. audit techniques
Audit techniques are tools and methods used by auditors to collect evidence to support their opinions on a client's financial assertions. The document outlines various audit techniques including posting and extension verification, vouching, confirmations, physical examination, reconciliation, testing, analysis of financial statements, sampling techniques, compliance testing, and substantive testing. Specific techniques are described like vouching of transactions, confirmation with third parties, testing of representative samples, and analytical review of financial statements. Obtaining management representations and using audit sampling are also discussed.
Basic concepts in auditing
This document defines auditing and discusses key auditing concepts like audit evidence, internal and external evidence, compliance and substantive procedures. It explains that an audit is an independent examination of financial information to express an opinion. Audit evidence refers to any information used by the auditor to draw conclusions. There are different types of evidence, with internal evidence being less reliable than external evidence from outside the entity. Compliance procedures check the internal control system, while substantive procedures check transaction accuracy and balances.
Audit evidence questions
The document discusses questions and answers related to audit evidence. It covers topics like how much evidence is needed, factors that increase reliability, reasons for gathering evidence, ways to gather evidence including analytical procedures, limitations of different types of evidence sources, use of experts, and procedures for identifying related parties.
Audit of insurance companies
The document summarizes an audit of Jubilee General Insurance. It discusses the types of insurance the company offers, how insurance works, and the steps taken to audit the company's motor insurance. The auditor issued an unqualified opinion, finding the financial statements to be accurate and in accordance with accounting principles. Some recommendations included improving the company's internal controls and office environment.
Cost audit of material, labour and overheads
This document summarizes the key areas a cost auditor should review regarding material, labor, and overhead costs. For material costs, the auditor should check ordering levels, inventory levels, purchasing procedures, stock records, and payments. For labor costs, the auditor should verify attendance, leave, wages, overtime, and idle time. For overhead costs, the auditor should examine the allocation bases, sample expense items, compare actual to budgeted costs, and check proper allocation between finished and unfinished goods.
Forensic Accounting
This document discusses forensic accounting, including what forensic accountants do and the typical process they follow. It defines forensic accounting as utilizing accounting, auditing, and investigative skills to identify, interpret, and communicate evidence from financial transactions and events, especially for actual or anticipated legal disputes. It describes that forensic accountants perform investigations and analyses of complex financial issues to assist with litigation, insurance claims, fraud investigations, and other legal matters. The typical process involves meeting with clients, collecting relevant evidence, analyzing the evidence, preparing a report, and presenting findings.
The Role of Internal Audit
This document discusses the role of internal auditing in banks. It defines internal auditing as an independent, objective function that evaluates risk management, controls, and governance processes to help an organization achieve its objectives. The document outlines key differences between internal and external auditing. Internal auditing resides within an organization, evaluates a wide range of risks and controls, and reports to the audit committee, while external auditing resides outside the organization and focuses on financial risks and statutory audits. The document also describes internal audit's role in risk-based auditing and reporting, advisory services, and continuous improvement of operations.
Internal controls in auditing
The document discusses internal controls in auditing, including the objectives, components, and case studies related to internal controls. It describes the control environment, risk assessment, control activities, information and communication, and monitoring as the main components of internal controls. The document also differentiates between substantive tests and tests of controls in auditing.
Verification and valuation of assets and liabilities
The document discusses verification and valuation of assets and liabilities. It describes the auditor's role in verifying the existence, ownership, classification, and valuation of assets and liabilities. Key aspects of verification include examining documentary evidence, testing internal controls, and confirming physical existence, ownership, and proper use of assets. Valuation involves determining the exact value of assets based on original cost, depreciation, and factors like useful life. Specific guidance is provided on verifying types of assets like fixed assets, investments, stock, debtors, creditors, and bills payable.
Internal check audit (ppt)
This document discusses internal controls, internal checks, internal audits, and the differences between them. It provides advantages and limitations of each. Internal controls help ensure organizational objectives are achieved. Internal checks involve separating duties so employees check each other's work. Internal audits continuously review financial and operational matters to detect errors and fraud. Key differences include internal checks focusing on transaction processing while internal controls ensure policy compliance, and internal audits are appointed by management for early error detection versus statutory audits appointed by shareholders.
Costing
This document discusses costing in libraries. It defines costing as the process of obtaining estimates to produce a product, provide a service, or operate a department. There are two main types of costs - direct costs that can be directly attributed to an activity, and indirect costs that are overhead costs. Costs are also classified as fixed, variable, semi-variable, or step costs. Understanding costs is important for libraries as it helps with budgeting, pricing services, assessing productivity, and making decisions about services. The key elements of cost include materials, labor, expenses, and capital costs.
Chapter 05 Overhead Costs
01.Understand the concept of ‘Overheads’.
02.Understand classification, allocation, apportionment and absorption of overheads.
03. Understand the Primary and Secondary Distribution of Overheads.
04. Understand the Traditional & Activity Based Costing methods
05. Identify the value added & non value added activity
Audit Process, Audit Procedures, Audit Planning, Auditing
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Internal audit ppt
Internal audit is an independent appraisal activity within an organization that reviews systems, procedures, and compliance with policies. It helps ensure efficient controls are in place for all organizational activities and assets. The purpose of internal audit is to detect errors and fraud, identify risks, and forewarn management about deficiencies. It identifies both issues and opportunities to improve an organization's financial, operational, and planning processes. Certain companies and trusts are required by law to appoint an internal auditor, including those with a paid up capital over 50 lakh rupees or average annual turnover exceeding 5 crore rupees for the last three years.
Auditing and assurance standards
1. The document discusses auditing and assurance standards, including the roles of the International Auditing and Assurance Standards Board (IAASB) and the Auditing and Assurance Standards Board (AASB) in India in setting standards.
2. It describes the standard-setting process undertaken by the AASB, including determining priority areas, forming study groups, exposure drafts, final drafts, and issue of standards.
3. Key aspects of audit work covered include audit planning, evidence, quality control, working papers, and files. Factors affecting planning and benefits of planning are highlighted. Characteristics of objective evidence are also noted.
Auditing
This document discusses the valuation and verification of assets and liabilities. It provides details on how to value and verify different types of assets such as fixed assets, intangible assets, current assets, and different types of liabilities including capital, reserves, creditors, bills payable, and loans. It also discusses the liabilities and responsibilities of an auditor, including liability for negligence, liability under statutes like the Companies Act, and liability to third parties. The valuation and verification of assets and liabilities is an important part of the auditing process to ensure the accuracy of financial statements.
Auditor's report
An auditor's report formally presents the results of an audit. It assesses whether a company's financial statements are fairly presented and comply with accounting standards. The report includes sections identifying the statements audited, the auditor's responsibilities, and their opinion on whether the statements give a true and fair view. Auditors can issue unqualified, qualified, disclaimer of opinion, adverse opinion, or exception reports depending on any issues identified during the audit.
Unit 1 Introduction to Auditing
This document provides an introduction and overview of auditing. It discusses the origin and development of auditing from ancient times to the modern era where computers are used. It also defines auditing, outlines the syllabus which includes the meaning, characteristics, scope, principles, functions, limitations and advantages of auditing. The purpose of an audit is to provide reliable information to decision makers by having an independent verification of accounts.
Chapter2 attitude-bba notes
Attitudes are enduring organizations of thoughts, feelings, and behaviors toward people or objects. They have three main components - affective (feelings), behavioral (intentions), and cognitive (beliefs). Some key work attitudes include job satisfaction, job involvement, and organizational commitment. The theory of cognitive dissonance proposes that people seek to reduce inconsistencies between their attitudes, beliefs, and behaviors. When dissonance arises, people try to resolve it by changing their behavior, minimizing the importance of their behavior, changing their attitude, or adding new cognitions to outweigh the dissonant ones.
Introduction to Auditing
The document provides an introduction to auditing, including:
1. The origin of auditing dates back over 2000 years to ancient Egypt and Greece, where audits were conducted to check accounts and hear explanations for suspected fraud.
2. An audit examines an entity's financial records and enables the auditor to determine if the balance sheet and profit/loss statement accurately reflect the entity's financial position and performance.
3. The main objectives of an audit are to detect and prevent errors, detect and prevent fraud, express an independent opinion on the accounts, and act as a moral check.
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The document discusses the purpose and functions of an internal audit department. It defines internal auditing as an independent process that evaluates risk management, controls, and governance to improve an organization's operations. An internal audit department is necessary to comply with regulations like SOX, ensure proper financial and risk controls, and review operations for effectiveness and compliance. The department performs several types of audits, including financial, operational, compliance, and special investigations audits. In conclusion, having an internal audit reduces risks for a company through systematic evaluation of controls, operations, and compliance.
Auditing (Introduction to Auditing)
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
6. audit techniques
Audit techniques are tools and methods used by auditors to collect evidence to support their opinions on a client's financial assertions. The document outlines various audit techniques including posting and extension verification, vouching, confirmations, physical examination, reconciliation, testing, analysis of financial statements, sampling techniques, compliance testing, and substantive testing. Specific techniques are described like vouching of transactions, confirmation with third parties, testing of representative samples, and analytical review of financial statements. Obtaining management representations and using audit sampling are also discussed.
Basic concepts in auditing
This document defines auditing and discusses key auditing concepts like audit evidence, internal and external evidence, compliance and substantive procedures. It explains that an audit is an independent examination of financial information to express an opinion. Audit evidence refers to any information used by the auditor to draw conclusions. There are different types of evidence, with internal evidence being less reliable than external evidence from outside the entity. Compliance procedures check the internal control system, while substantive procedures check transaction accuracy and balances.
Audit evidence questions
The document discusses questions and answers related to audit evidence. It covers topics like how much evidence is needed, factors that increase reliability, reasons for gathering evidence, ways to gather evidence including analytical procedures, limitations of different types of evidence sources, use of experts, and procedures for identifying related parties.
Audit of insurance companies
The document summarizes an audit of Jubilee General Insurance. It discusses the types of insurance the company offers, how insurance works, and the steps taken to audit the company's motor insurance. The auditor issued an unqualified opinion, finding the financial statements to be accurate and in accordance with accounting principles. Some recommendations included improving the company's internal controls and office environment.
Cost audit of material, labour and overheads
This document summarizes the key areas a cost auditor should review regarding material, labor, and overhead costs. For material costs, the auditor should check ordering levels, inventory levels, purchasing procedures, stock records, and payments. For labor costs, the auditor should verify attendance, leave, wages, overtime, and idle time. For overhead costs, the auditor should examine the allocation bases, sample expense items, compare actual to budgeted costs, and check proper allocation between finished and unfinished goods.
Forensic Accounting
This document discusses forensic accounting, including what forensic accountants do and the typical process they follow. It defines forensic accounting as utilizing accounting, auditing, and investigative skills to identify, interpret, and communicate evidence from financial transactions and events, especially for actual or anticipated legal disputes. It describes that forensic accountants perform investigations and analyses of complex financial issues to assist with litigation, insurance claims, fraud investigations, and other legal matters. The typical process involves meeting with clients, collecting relevant evidence, analyzing the evidence, preparing a report, and presenting findings.
The Role of Internal Audit
This document discusses the role of internal auditing in banks. It defines internal auditing as an independent, objective function that evaluates risk management, controls, and governance processes to help an organization achieve its objectives. The document outlines key differences between internal and external auditing. Internal auditing resides within an organization, evaluates a wide range of risks and controls, and reports to the audit committee, while external auditing resides outside the organization and focuses on financial risks and statutory audits. The document also describes internal audit's role in risk-based auditing and reporting, advisory services, and continuous improvement of operations.
Internal controls in auditing
The document discusses internal controls in auditing, including the objectives, components, and case studies related to internal controls. It describes the control environment, risk assessment, control activities, information and communication, and monitoring as the main components of internal controls. The document also differentiates between substantive tests and tests of controls in auditing.
Verification and valuation of assets and liabilities
The document discusses verification and valuation of assets and liabilities. It describes the auditor's role in verifying the existence, ownership, classification, and valuation of assets and liabilities. Key aspects of verification include examining documentary evidence, testing internal controls, and confirming physical existence, ownership, and proper use of assets. Valuation involves determining the exact value of assets based on original cost, depreciation, and factors like useful life. Specific guidance is provided on verifying types of assets like fixed assets, investments, stock, debtors, creditors, and bills payable.
Internal check audit (ppt)
This document discusses internal controls, internal checks, internal audits, and the differences between them. It provides advantages and limitations of each. Internal controls help ensure organizational objectives are achieved. Internal checks involve separating duties so employees check each other's work. Internal audits continuously review financial and operational matters to detect errors and fraud. Key differences include internal checks focusing on transaction processing while internal controls ensure policy compliance, and internal audits are appointed by management for early error detection versus statutory audits appointed by shareholders.
Costing
This document discusses costing in libraries. It defines costing as the process of obtaining estimates to produce a product, provide a service, or operate a department. There are two main types of costs - direct costs that can be directly attributed to an activity, and indirect costs that are overhead costs. Costs are also classified as fixed, variable, semi-variable, or step costs. Understanding costs is important for libraries as it helps with budgeting, pricing services, assessing productivity, and making decisions about services. The key elements of cost include materials, labor, expenses, and capital costs.
Chapter 05 Overhead Costs
01.Understand the concept of ‘Overheads’.
02.Understand classification, allocation, apportionment and absorption of overheads.
03. Understand the Primary and Secondary Distribution of Overheads.
04. Understand the Traditional & Activity Based Costing methods
05. Identify the value added & non value added activity
Audit Process, Audit Procedures, Audit Planning, Auditing
audit process,audit procedures,audit planning,audit report,audit program,exit conference,client response,advance business consulting, http://mba4help.com, miami, jose cintron
Internal audit ppt
Internal audit is an independent appraisal activity within an organization that reviews systems, procedures, and compliance with policies. It helps ensure efficient controls are in place for all organizational activities and assets. The purpose of internal audit is to detect errors and fraud, identify risks, and forewarn management about deficiencies. It identifies both issues and opportunities to improve an organization's financial, operational, and planning processes. Certain companies and trusts are required by law to appoint an internal auditor, including those with a paid up capital over 50 lakh rupees or average annual turnover exceeding 5 crore rupees for the last three years.
Auditing and assurance standards
1. The document discusses auditing and assurance standards, including the roles of the International Auditing and Assurance Standards Board (IAASB) and the Auditing and Assurance Standards Board (AASB) in India in setting standards.
2. It describes the standard-setting process undertaken by the AASB, including determining priority areas, forming study groups, exposure drafts, final drafts, and issue of standards.
3. Key aspects of audit work covered include audit planning, evidence, quality control, working papers, and files. Factors affecting planning and benefits of planning are highlighted. Characteristics of objective evidence are also noted.
Auditing
This document discusses the valuation and verification of assets and liabilities. It provides details on how to value and verify different types of assets such as fixed assets, intangible assets, current assets, and different types of liabilities including capital, reserves, creditors, bills payable, and loans. It also discusses the liabilities and responsibilities of an auditor, including liability for negligence, liability under statutes like the Companies Act, and liability to third parties. The valuation and verification of assets and liabilities is an important part of the auditing process to ensure the accuracy of financial statements.
Auditor's report
An auditor's report formally presents the results of an audit. It assesses whether a company's financial statements are fairly presented and comply with accounting standards. The report includes sections identifying the statements audited, the auditor's responsibilities, and their opinion on whether the statements give a true and fair view. Auditors can issue unqualified, qualified, disclaimer of opinion, adverse opinion, or exception reports depending on any issues identified during the audit.
Unit 1 Introduction to Auditing
This document provides an introduction and overview of auditing. It discusses the origin and development of auditing from ancient times to the modern era where computers are used. It also defines auditing, outlines the syllabus which includes the meaning, characteristics, scope, principles, functions, limitations and advantages of auditing. The purpose of an audit is to provide reliable information to decision makers by having an independent verification of accounts.
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Chapter2 attitude-bba notes
Attitudes are enduring organizations of thoughts, feelings, and behaviors toward people or objects. They have three main components - affective (feelings), behavioral (intentions), and cognitive (beliefs). Some key work attitudes include job satisfaction, job involvement, and organizational commitment. The theory of cognitive dissonance proposes that people seek to reduce inconsistencies between their attitudes, beliefs, and behaviors. When dissonance arises, people try to resolve it by changing their behavior, minimizing the importance of their behavior, changing their attitude, or adding new cognitions to outweigh the dissonant ones.
Introduction to Auditing
The document provides an introduction to auditing, including:
1. The origin of auditing dates back over 2000 years to ancient Egypt and Greece, where audits were conducted to check accounts and hear explanations for suspected fraud.
2. An audit examines an entity's financial records and enables the auditor to determine if the balance sheet and profit/loss statement accurately reflect the entity's financial position and performance.
3. The main objectives of an audit are to detect and prevent errors, detect and prevent fraud, express an independent opinion on the accounts, and act as a moral check.
Auditing principle and objective
The document outlines the objectives of conducting an audit of financial statements. The primary objective is to express an opinion on whether the financial statements are presented fairly and in accordance with generally accepted accounting principles. The secondary objective is to report on the financial condition of the business. The document also discusses transaction-related and balance-related audit objectives, the four phases of an audit, and the auditor's role in detecting errors and preventing fraud.
Type of auditing
The document discusses different types of audits. It defines statutory audit as a compulsory audit prescribed by law for certain organizations like companies, banks, insurance companies, and co-operative societies. Government audit covers the audit of government funds and public enterprises. Non-statutory or private audits are voluntary and terms are agreed between the auditor and client. Other types discussed include sole proprietorship and partnership audits, as well as operational, management, and social audits.
Social Responsibilities of business & business ethics
This document discusses the social responsibility of business. It defines social responsibility as business decisions and actions that are desirable to society. It provides arguments both for and against social responsibility, such as justifying a business's existence and avoiding government regulation as reasons for, and violating profit goals and burdening consumers as reasons against. The document also covers the different types of social responsibility businesses have and how they relate to stakeholders, as well as the role of businesses in environmental protection and the importance of business ethics.
Attitude ppt(mba hons.)
Attitudes are evaluative statements that indicate one's feelings toward people, objects, events, or situations either favorably or unfavorably. An attitude can be positive or negative. Positive attitudes are characterized by optimism while negative attitudes express disdain. Attitudes are formed through experiences, classical conditioning, observation of others, and more. They influence behavior and consist of affective, cognitive, and behavioral components. To change attitudes, one can provide new information, influence of peers, resolve inconsistencies, and use communication strategies. A study assessed student attitudes and found them to be generally low positive or low negative. Suggestions to improve attitudes include visualizing goals, setting expectations, dealing with problems effectively, and maintaining an optimistic outlook
Auditing notes
1. Auditing originated in the 18th century with the rise of large-scale industries and businesses, which led to more complex accounting practices.
2. Auditing involves the systematic and independent examination of a company's financial records and documents to verify that the financial statements accurately reflect the company's transactions and financial position.
3. Auditing provides benefits such as detecting errors and fraud, protecting shareholder interests, checking directors and management, and giving an independent opinion on the business's financial health. However, auditors also face limitations like not detecting every fraud and having to rely on information from company personnel.
Organizational Behavior - Values, Attitude, Job Satisfaction
Values represent basic convictions about what is good and desirable. They influence our perceptions and attitudes, and generally shape behavior. There are two main types of values: terminal values which are desirable end-states, and instrumental values which are preferable modes of behavior. Different cultures can be assessed based on their values along dimensions such as individualism versus collectivism. Attitudes are learned predispositions to respond favorably or unfavorably to objects, and are influenced by values. Common attitudes studied in organizational behavior are job involvement, organizational commitment, and job satisfaction.
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This document provides an overview of audit planning topics including:
- The importance of audit planning to obtain sufficient evidence and keep costs reasonable.
- Key planning activities like understanding the client's business, assessing risks, and developing responses.
- How inherent, control, and detection risks contribute to overall audit risk.
- The use of analytical procedures during planning, fieldwork, and completion to identify unusual fluctuations.
- The three phases of audit work: planning, interim, and final, and how they relate to risk assessment and evidence gathering.
Auditing.pdf
The document provides information on audit definitions, objectives, types, process and best practices. It defines an audit as an unbiased assessment and verification of records and documents. The purpose of an audit is to determine the adequacy, compliance and effectiveness of a system or process. An audit involves systematically collecting objective evidence, checking it against audit criteria, and reporting any findings or non-conformances. It also outlines the roles of the client and auditor and the typical audit activities from planning to reporting.
Internal Audit effectiveness
The document discusses internal audit effectiveness and quality assessment (IAEQA). IAEQA involves evaluating the effectiveness, efficiency, and quality of an organization's internal audit function. It assesses compliance with internal auditing standards and benchmarks the function against a balanced scorecard approach. The methodology uses a holistic evaluation of the internal audit process, coverage, findings, skills, and compliance with standards. Key components reviewed include the internal audit process, compliance with standards, skills/competence, structure, cross-functional engagement, and board oversight. Specific tactical audit areas are also assessed by re-performing audit procedures and critically reviewing findings. The outcome is an internal audit effectiveness scorecard and action plan to improve areas.
Ris Based Auditing Training March 2020.pptx
The document provides an overview of risk-based approach to financial statement auditing. It discusses key stages of an audit including planning, assessing risks, documenting systems, testing controls and statements, and reporting. The document outlines assessing risks using the PCAS approach, which involves evaluating risks at the financial statement and assertion levels. It also discusses establishing materiality thresholds which help determine what could influence users' economic decisions. The permanent audit file and understanding the client organization are important for planning the audit engagement.
Basic Internal Auditing Presentation
The document discusses the purpose and role of internal auditing. It describes internal auditing as an independent function that examines and evaluates an organization's activities to help management discharge their responsibilities effectively. The objective is to promote control within the organization at a reasonable cost. The document outlines the audit process, including planning, performing, reporting, and following up on corrective actions. It provides best practices for tasks like risk assessment, test design, documentation, reporting findings, and building trust with auditees.
Risk-Based Financial Statements Auditing.pptx
The document provides guidance on conducting a risk-based audit of financial statements using the PCAS (Planning, Control evaluation, Substantive testing) approach. It discusses understanding the client and its environment, assessing risks, documenting accounting systems and internal controls, testing controls and statements, and reporting. The PCAS approach involves general risk assessment, identifying risks to financial statement assertions, evaluating controls, and determining the audit response and evidence required. Fraud risks are also assessed separately. Alternative templates for risk assessment are presented. The overall aim is to plan and perform the audit in a manner responsive to the degree of risk.
internal-audit-competency-framework (1).pdf
This document outlines a competency framework for internal auditors organized into two main knowledge areas: professionalism and performance. For each knowledge area, competencies are defined at three levels - general awareness, applied knowledge, and expert. For professionalism competencies like mission of internal auditing, independence, ethics, and professional development are described. For performance competencies like governance, risk, controls, engagement planning, fieldwork, and outcomes are outlined. The framework provides definitions of each competency at the increasing levels of expertise to guide internal auditors in developing skills.
Practical approach to auditing v2
Practical approach to auditing is a presentation intended to help new auditors to quickly grab the skills and approach to audit engagements. The material touched on the attributes of auditors, audit planning, work programmes, audit journaling, working papers, audit test procedures, compliance and substantive test, elements of an audit report, file referencing etc..
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The document defines internal audit as an independent, objective function that evaluates risk management, controls and governance to help an organization achieve its objectives. It lists skills like communication, technical expertise, integrity, business acumen and skepticism as important for internal auditors. The document also describes functional and administrative reporting structures and outlines the key components an internal audit charter should include like scope, responsibilities and standards. Finally, it provides an overview of the audit process from planning to closing meetings and recommends training resources on auditing best practices.
3g 1 Audit Administration Software Webmars
This document summarizes an audit process management tool called WEBMARS that aims to simplify and automate audit workflows. The tool allows auditors to plan audits, create engagement orders, manage audit reports, assign and track follow-up tasks to auditees, and analyze processes to ensure compliance with standards. Key benefits highlighted include enabling a paperless audit process, centralized data access, automated reminders, and time savings which allow auditors to focus more on process improvement.
Webmars Presentation Ver1
This document summarizes an audit process management tool called WEBMARS that aims to simplify and automate audit workflows. The tool allows auditors to plan audits, create engagement orders, manage audit reports, assign and track follow-up tasks to auditees, and analyze processes to ensure compliance with standards. Key benefits highlighted include enabling a paperless audit process, centralized data access, automated reminders, and time savings which allow auditors to focus more on process improvement.
Iso Internal Auditor
The document provides information on conducting internal audits, including:
1) It discusses auditor competence and responsibilities, such as being objective, ethical, and maintaining confidentiality.
2) It explains how to manage an audit program, including establishing objectives and procedures, scheduling audits, and maintaining records.
3) It describes the audit process, from planning and document review, to conducting on-site activities like interviews and observations, and preparing the audit report.
SFC Plan of engagement
The presentation provided an overview of the internal audit department's organization, mission, and 2009/10 audit plan for the audit committee. It discussed the department's responsibilities in providing independent assurance and consulting services. It also outlined the audit approach, including risk-based planning and a rating system for audit reports. Quality assurance processes were reviewed, including onboarding, training, performance reviews, and internal/external reviews. The benefits of internal audit for ensuring adherence to policies and ongoing risk management were also highlighted.
CISA Training - Chapter 1 - 2016
This document provides an overview of the key topics covered in the 2016 CISA Review Course, including IS auditor roles and responsibilities, audit planning, risk analysis, internal controls, performing IS audits, and compliance vs substantive testing. The document outlines ISACA standards and guidelines for IS auditing, and frameworks like COBIT 5 that help achieve governance and management objectives for enterprise IT. Methodologies, techniques, and objectives for risk-based auditing are also summarized.
Approach note on internal audit [compatibility mode]
The document provides an overview of internal audit processes and guidelines. It defines internal audit and its objectives of risk management, control, and governance. It discusses enterprise risk management frameworks and the internal audit process, approach, methodology, and standards. The document outlines assessing risks and controls, sampling methodology, tools, reporting, and the relationship between internal audit and fraud. It provides details on the internal audit execution process and guidelines for compliance with auditing standards.
Examining Audit Quality, Common Engagement Deficiencies and the Importance of...
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Iso 9001 2015 process audit checklist
This document provides a checklist for auditing processes to assess compliance with ISO 9001:2015. The checklist includes questions addressing process definition, resources, execution, monitoring, and improvement. Scoring criteria are provided to rate audit findings as compliant, opportunity for improvement, minor nonconformance, or major nonconformance. The checklist is intended to ensure audits are conducted systematically and consistently.
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Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
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Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
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Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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Introduction to auditing, Meaning, Objects and Techniques
- 1. AUDITING Meaning of Auditing Definition by ICAI
- 2. OBJECTS OF COMPANY AUDIT General Considerations Internal Control True and Fair Materiality Comparative Study
- 3. BASIC PRINCIPLES OF AUDITING Introduction Audit Professional Traits of an Auditor Confidentiality Skills and Competence Audit Evidence Documentation Auditing Conclusions and Reporting
- 4. TECHNIQUES OF AUDITING Vouching Physical Verification Confirmation Inquiry Scanning Reconciliation Flow Charting Electronic data processing records
- 5. AUDIT PLANNING Need for Audit Planning : Appropriate attention is devoted to important aspects of audit Potential problems are identified Timely completion of work Proper utilization of manpower Co-ordination of work
- 6. STEPS FOR PLANNING AN AUDIT Knowledge of client’s business Developing the overall plan Developing the audit programme Review of the audit plan/programme
- 7. Internal Control Internal Check Internal Audit Audit Procedure Some Important Terms of Audit