Auditing Principles and Techniques

Auditing: Principles and Techniques is an attempt to explain the concepts, principles and techniques of auditing, and their applications in practical situations, in a simple and lucid language. The primary object of writing this book is to meet the requirements of undergraduate students of commerce...

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Detalles Bibliográficos
Autor principal:	Basu, S. K. (-)
Formato:	Libro electrónico
Idioma:	Inglés
Publicado:	Noida : Pearson India 2005.
Edición:	1st ed
Materias:	Auditing.
Ver en Biblioteca Universitat Ramon Llull:	https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009815724206719

Tabla de Contenidos:

Cover
Preface
Contents
Chapter 1: Nature of Auditing
1.1 Introduction
1.2 Origin of the Word 'Audit'
1.3 Early History of Audit
1.4 Auditing Defined
1.5 Essential Features of Auditing
1.6 Why is there a Need for an Audit?
1.7 Objective of an Audit
1.8 Errors and Frauds in Accounting
1.8.1 Errors
1.8.2 Fraud
1.9 Role of Auditors in Detecting Errors and Frauds
1.10 Relation between Book-keeping, Accountancy and Auditing
1.10.1 Book-keeping
1.10.2 Accountancy
1.10.3 Auditing
1.10.4 Accountancy vs Auditing
1.11 Basic Principles Governing an Audit
1.12 Postulates of Auditng
1.13 Scope and Procedures of Audit
1.14 Changes in the Concept of Auditing
1.15 Social Objectives of Audit
1.16 Advantages of Auditing
1.17 Limitations of Auditing
1.18 Qualities of an Auditor
1.19 Auditing and other Services
Points to Ponder
Review Questions
Chapter 2: Classification of Auditing
2.1 Introduction
2.2 Classification of Audit
2.2.1 Classification on the Basis of Organisation
2.2.2 Classification on the Basis of Function
2.2.3 Classification on the Basis of Practical Approach
2.2.4 Classification on the Basis of Audit Dimension
2.3 Classification on the Basis of Organisation
2.3.1 Audit Required under Law
2.3.2 Audit of Other Organisations Not Covered by Any Law
2.4 Classification on the Basis of Function
2.4.1 External Audit
2.4.2 Internal Audit
2.4.3 External Audit and Internal Audit Compared and Contrasted
2.4.4 Distinction between External and Internal Audit
2.5 Classification on the Basis of Practical Approach
2.5.1 Continuous Audit
2.5.2 Periodical or Final or Complete Audit
2.5.3 Interim Audit
2.5.4 Partial Audit
2.5.5 Occasional Audit
2.5.6 Standard Audit
2.5.7 Balance Sheet Audit.
2.6 Classification on the Basis of Audit Dimension
2.6.1 Management Audit
2.6.2 Cost Audit
2.6.3 Tax Audit
2.6.4 Human Resource Audit
2.6.5 System Audit
2.6.6 Propriety Audit
2.6.7 Performance or Efficiency Audit
2.6.8 Environmental Audit
2.6.9 Social Audit
2.6.10 Cash Transaction Audit
2.6.11 Energy Audit
2.6.12 Secretarial Audit
Points to Ponder
Review Questions
Chapter 3: Techniques and Procedures of Auditing
3.1 Introduction
3.2 Preparatory Steps before Commencement of Audit
3.3 Preparation by the Auditor
3.3.1 Audit Planning
3.3.2 Audit Programme
3.3.3 Audit Notebook
3.3.4 Audit Working Papers
3.3.5 Audit Files
3.3.6 Audit Manual
3.3.7 Audit Memorandum
3.4 Principles and Techniques of Auditing
3.4.1 Important Audit Techniques
3.5 Procedures Followed in Course of Audit
3.5.1 Audit Evidence
3.5.2 Routine Checking
3.5.3 Test Checking
3.5.4 Auditing in Depth
3.5.5 Cut-off Examination
3.5.6 Statistical Sampling
3.5.7 Surprise Checking
3.5.8 Audit Flow Chart
3.5.9 Internal Control Questionnaires
3.5.10 Audit Tests
Points to Ponder
Review Questions
Chapter 4: Internal Control, Internal Check and Internal Audit
4.1 Introduction
4.2 Internal Control
4.2.1 Definition
4.2.2 Basic Elements of Internal Control
4.2.3 Objectives of Internal Control
4.2.4 Types of Internal Control
4.2.5 Evaluation of Internal Control
4.2.6 Internal Control and the Auditor
4.2.7 Internal Control in Specific Areas of Business
4.2.8 Internal Control Questionnaire
4.3 Internal Check
4.3.1 Definition
4.3.2 General Considerations in Framing a System of Internal Check
4.3.3 Objectives of Internal Check
4.3.4 Shortcomings of Internal Check System
4.3.5 Safeguard Against the Shortcomings of Internal Check.
4.3.6 Internal Check and the Auditor
4.3.7 General Principles of Internal Check for a Few Transactions
4.4 Internal Audit
4.4.1 Definition
4.4.2 Basic Principles of Establishing Internal Auditing in a Business Concern
4.4.3 Scope and Objectives of Internal Audit
4.4.4 Functions of Internal Audit
4.4.5 Essential Elements of Internal Audit
4.4.6 Area of Internal Audit
4.4.7 Distinction between Internal Audit and External Audit
4.4.8 Relying Upon the Work of an Internal Auditor
4.5 Auditor's Independence
4.5.1 Advantages of Independent Audit
4.5.2 Provisions for Safeguarding Independent Auditors
4.6 Distinction between Internal Control and Internal Audit
4.7 Distinction between Internal Check, Internal Audit and Internal Control
Points to Ponder
Review Questions
Chapter 5: Vouching
5.1 Introduction
5.1.1 Transaction Tests
5.1.2 Weakness Tests
5.2 Concept of Vouching
5.3 Objectives of Vouching
5.4 Importance of Vouching
5.5 Vouching and Verification
5.6 Vouching and Routine Checking
5.7 Concept of Voucher
5.8 Internal and External Evidence
5.9 General Principles of Vouching
5.10 Teeming and Lading: A Challenge to Vouching
5.11 Vouching of Different Types of Transactions
5.11.1 Vouching of Capital Expenditure
5.11.2 Vouching of Investments
5.11.3 Vouching of Borrowing from Banks
5.11.4 Vouching of Trading Transactions
5.11.5 Vouching of Cash Book
Points to Ponder
Review Questions
Chapter 6: Verification and Valuation of Assets and Liabilities
6.1 Introduction
6.2 Meaning of Verification of Assets
6.3 Meaning of Valuation of Assets
6.4 Difference between Verification and Valuation
6.5 Importance of Verification of Assets
6.6 Importance of Valuation of Assets
6.7 General Principles for Verification and Valuation of Assets.
6.8 Problems in Verification
6.9 Problems in Valuation
6.10 Window Dressing-A Challenge to Verification
6.11 Verification and Valuation of Assets
6.12 Verification and Valuation of Intangible Assets
6.12.1 Goodwill
6.12.2 Patent
6.12.3 Copyright
6.12.4 Trademarks
6.13 Verification and Valuation of Fixed Assets
6.13.1 Land and Buildings
6.13.2 Building
6.13.3 Plant and Machinery
6.13.4 Furnitures and Fixtures
6.13.5 Motor Vehicles
6.13.6 Assets Acquired under Hire Purchase System
6.14 Verification and Valuation of Investments
6.14.1 Quoted Investments
6.14.2 Unquoted Investments
6.15 Verification and Valuation of Current Assets
6.15.1 Stock-in-trade
6.15.2 Work-in-Progress
6.15.3 Sundry Debtors
6.15.4 Bills Receivables
6.15.5 Cash at Bank
6.15.6 Cash-in-hand
6.15.7 Prepaid Expenses
6.16 Verification and Valuation of Fictitious Assets
6.16.1 Preliminary Expenses
6.16.2 Discount on Issue of Shares or Debentures
6.17 Verification and Valuation of Contingent Assets
6.18 Verification and Valuation of Liabilities
6.19 Verification and Valuation of Fixed or Long Term Liabilities
6.19.1 Debentures
6.19.2 Secured Long Term Loans
6.20 Verification and Valuation of Current Liabilities
6.20.1 Sundry Creditors
6.20.2 Bills Payable
6.20.3 Bank Overdraft
6.20.4 Provision for Taxation
6.20.5 Outstanding Liabilities for Expenses
6.21 Verification and Valuation of Contingent Liabilities
6.22 Events Occurring after the Balance Sheet Date
6.22.1 Adjusting Events
6.22.2 Non-adjusting Events
6.22.3 Other Events
6.23 Prior Period and Extraordinary Items and Changes in Accounting Policies
Points to Ponder
Review Questions
Chapter 7: Depreciation
7.1 Definition of Depreciation
7.2 Purposes of Providing Depreciation.
7.3 Causes of Depreciation
7.4 Basis of Charging Depreciation
7.5 Quantum of Depreciation
7.6 Distinction between Depreciation and Amortisation
7.7 Different Methods of Depreciation
7.8 Depreciation Accounting as per AS-6
7.9 Accounting Disclosure Requirement
7.10 Legal Necessity of Provision for Depreciation
7.11 Provision for Depreciation for Past Years
7.12 Depreciation on Low Value Items
7.13 Depreciation on Wasting Assets
7.14 Change in the Method of Depreciation
7.15 Auditor's Duty as Regards Depreciation
7.16 Legal Views as Regards Depreciation
Points to Ponder
Review Questions
Chapter 8: Reserves and Provisions
8.1 Concept of Reserves
8.2 Concept of Provisions
8.3 Difference between Reserves and Provisions
8.4 Classification of Reserves
8.4.1 Revenue Reserve
8.4.2 Capital Reserve
8.4.3 Capitalisation of Reserve
8.4.4 Reserve Fund
8.4.5 Sinking Fund
8.4.6 Secret Reserve
8.4.7 Specific Reserve
Points to Ponder
Review Questions
Chapter 9: Company Audit
9.1 Introduction
9.2 Preliminaries before Commencement of Company Audit
9.3 Audit of Share Capital Transactions
9.3.1 Audit of Shares Issued for Cash
9.3.2 Audit of Shares Issued for Consideration other than Cash
9.3.3 Shares Issued at a Discount
9.3.4 Shares Issued at a Premium
9.3.5 Calls in Arrear
9.3.6 Calls in Advance
9.3.7 Forfeiture of Shares
9.3.8 Re-issue of Forfeited Shares
9.3.9 Issue of Right Shares
9.3.10 Buying Back of Equity Shares
9.3.11 Employees Stock Option Scheme (ESOPS)
9.3.12 Issue and Redemption of Preference Shares
9.3.12 Alteration of Share Capital
9.3.13 Reduction of Share Capital
9.3.14 Share Transfer
9.4 Audit of Debentures
9.4.1 Issue of Debentures
9.4.2 Redemption of Debentures
9.4.3 Interest on Debentures.
9.4.4 Re-issue of Redeemed Debentures.

Auditing Principles and Techniques

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