| 1. | Auditing Basics | 10% |
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| | • | Major influences of auditing; nature and scope of auditing; basic concepts of auditing; role of evidence in auditing; auditing techniques and practices – generally accepted auditing standards; the concept of materiality in auditing. | | • | Fixed assets, investments, inventories, debtors, loans and advances, cash and bank balances, debentures and creditors, provisions for taxation, proposed dividend and gratuity – other items in the balance sheet; verification of items in the profit and loss account; contingent liabilities; disclosure of accounting policies, practice; expenditure during the period of construction; adjustments for previous year – provisions of the Companies Act, 1956 regarding accounts. Restructure | | • | Statistical sampling in auditing. Use of ratios and percentages for comparison and analysis trends - inter-firm and intra-firm comparison. |
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| 2. | Companies Act Provisions relating to Audits | 10% |
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| | • | Auditors' appointment, remuneration, removal, rights of statutory auditors, duties of statutory auditors, joint auditors, branch audits. | | • | report versus certificate, contents of the reports, qualifications in the report. | | • | relevant provisions of the Companies Act, 1956 and the Income-tax Act, 1961. | | • | Interface between statutory auditor and internal auditor. | | • | Corporate Governance |
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| 3. | Review and Audit of Internal Control Systems | 15% |
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| | • | Nature and scope of internal auditing, financial versus operational audit; concepts of efficiency audit, propriety audit, voucher audit, compliance audit, pre and post audits. | | • | CARO | | • | Audit Report | | • | Internal auditing function | | • | Planning and process of internal audit | | • | Verification of evidence, detailed checking versus sampling plans, statistical sampling as used in internal auditing; flow chart techniques. | | • | Internal control, nature and scope, internal auditor and internal controls. | | • | Field work, collecting evidences, interviews; memoranda. | | • | Audit notes and working papers. | | • | Audit reports - techniques of effective reporting; follow up of audit report. | | • | Summary reports of top management. | | • | Communications in internal auditing - improving auditor-auditee relationship. | | • | Scope of Audit Committee | | • | Internal audit and investigation of fraud |
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| 4. | Information System Audit. | 10% |
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| 5. | Introduction to Management Audit. | 5% |
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