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Course Outline Principles of Auditing B.Com V 2024

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94 views2 pages

Course Outline Principles of Auditing B.Com V 2024

Course outline Jwiueiueheie9e93heje

Uploaded by

dania
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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LAHORE COLLEGE FOR WOMEN UNIVERSITY, LAHORE

Department of Management Sciences

Syllabus B.Com Program

Year – 3 (5th Semester)

Course Title: PRINCIPLES OF AUDITING

Course Objective:
The objective of the course is to introduce the students about essentials concepts of Auditing, its
objectives and qualities of a good auditor. This course will elaborate the student’s internal and
external control. In this course the terminology of vouchers, verification of liabilities and assets
will be introduced to students.

Learning Outcomes:
After study of this course, the students will be furnished the knowledge of:
 Preparatory steps before commencement of Audit, auditor reports, Meaning of
Verifications of Assets
 Meaning of Divisible Profit and investigations.
 Auditing of specialized Institutions.
 International Audit Standards.

Module Titles
1. Introduction: Origin, and Definition, Features, History, Scope, and Objectives of Audits.
Relation between Book keeping, auditing and accounting, qualities of good auditors,
Principles, why there is a need for an audit? Errors and frauds in Accounting, Role of
Auditors in detecting errors and frauds.
2. Introduction to Classification, External audit, Internal Audit, External Audit and Internal
Audit Compared and contrasted, Continuous Audit, complete Audit, and Interim Audit.
3. Preparatory steps before Commencement of Audit, Preparation by the auditor: - Audit
Planning, Programme, Notebook, Working Papers, and Files. Principles and techniques of
Audit: - Important Audit Techniques. Procedure followed in course of Audit:-Audit
Evidence, Routine checking.
4. Internal Control: Definition, Basic Elements, Types of Internal Control, Evaluation of
Internal Control, Internal Control and Auditor, Internal Check: Definition, General
considerations, objectives, Advantages, Shortcomings, Safeguard against shortcomings,
Internal check and auditor, General Principles of Internal Check. Internal Audit, Definition,
Principles and Scope and objectives, Functions, Elements, Advantages, Disadvantages of
Internal Audit, Distinction between Internal Audit and External Audit System.
5. Vouching: Definition of voucher and vouching. Importance of Vouching, Vouching and
Verification, Vouching and Routine Checking, Internal and External Evidence, Principles of
vouching, Teeming and Lading, Vouching of cash book complete, Vouching of Trading
Transactions.
6. Introduction, Meaning of Verifications of Assets, Meaning of Valuation of Assets,
Difference between verification and valuation, General Principles for Verification and
Valuation of Assets, Problems in verification, Window Dressing, Verification and valuation
of intangible Assets, Verification and valuation of land, building, plant & machinery,
furniture and fixtures, verification and valuation of Preliminary expenses, Debentures,
creditors, bill payable, bank overdraft outstanding liabilities for expenses.
7. Auditor: Liabilities for negligence, misfeasance, criminal, lible, and third party.
8. Audit Reports: Definition of Report, Definition of Audit Report, Types of Auditor’s Report:
Clean Report, Qualified Report, Adverse Report.
9. Meaning of Divisible Profit, Meaning of dividend, Profit VS Divisible Profit, difficulties in
the determination of profits, directors and payment of dividend, appropriation of profits,
revaluation of fixed assets and the auditors, secret reserve and auditor, sinking fund, Legal
Views as Regards Dividends.
10. Specialized Audit: Audit of hospitals, Insurance Company, Sugar Mill and Bank.
11. Investigation: Meaning, difference with audit. Objects, qualities, scope and types of
investigation.
12. International Audit Standards

Note: All topics will be study with the reference to International Audit Standards

Text Books/Readings
1. Auditing Principles & Techniques by S.K. Basu Latest Editions.
2. Khawaja Amjad Saeed. Auditing Accountancy & Taxation Services Institutes Latest
Edition.
3. Auditing by Muhammad Irshad, Naveed Publication, Lahore.
4. Zafar M. Zaidi. Auditing.
5. Meigs & Larson. Principles of Auditing. University of Congress Richard, D. Irwin.
6. Attwood and Stein, N.D.de Paula's Auditing Principles and Practice. Pitman Publishing
Ltd.,London.

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