Audit video lecture

What is an Audit? , Why is there a need for an audit? , Relationship between auditing and accounting, Financial Reporting Standards (IFRSs), Who can be an auditor?

Auditor’s report, Types of audit, Financial statement of audits, Operational audits, Compliance audits.

Advantages and disadvantages of auditing, Stages of auditing, Features of auditing profession.

Objective of an Audit, General Principles of an Audit, International Standards on Auditing (ISAs), International Auditing Practice Statements (IAPSs), SCOPE OF AN AUDIT, Audit-Evidence Audit Risk and Materiality.

What is reasonable assurance?, Reasonable assurance through audit evidence AUDIT RISK AND MATERIALITY, Responsibility for the Financial Statements.

Audit Requirement, Appointment, Duties, Rights and Liabilities of Auditor, Remuneration of Auditors, Procedure for Change of Subsequent Auditors/ Removal of Auditors / Appointment of New Auditors, Change of Auditors, Checklist, Removal of Auditors, Qualification & Disqualification of Auditors.

Powers/Rights of an Auditor,Duties of an Auditor,Reading and Inspection of Auditors,Signature & Date On Auditors,Audit of Cost Accounts,Auditors’ Liabilities.

Auditors’ Liabilities,Civil Liabilities,Duty of care under contract Law,Breach of contract,Tort action of negligence,Jeb Fasteners v Marks Bloom (1980),How to minimize the liabilities.

Books of Account to be Kept by Company,Accounting Cycle,Voucher,Books of Original Entry,Books of Secondary Entry,Financial Statement,Recording of Transactions from Source Documents,Source Documents,Recording in the Books,JOURNAL,Subdivision of Journal,SALES JOURNAL,Supporting Document,Purchase Order Reference No,Trade Discount,SettlementTerms, Entering the Transaction of Credit Sales in Sale Journal,Purchase Journal,Need for a Purchase Journal,Supporting Document,Entering the Transaction of Credit,Purchases in Purchase Journal, SalesReturnJournal(ReturnsInwardJournal), Supporting documents,Purchase return journal(Returns outward journal),Supporting document,Entering Transactions in Purchases Return Journal,Cash Book.

Books of Account to be kept by Company,Annual Accounts and Balance Sheet,Contents of Balance Sheet,Balance Sheet,Statement of changes in equity,Treatment of Surplus Arising on Revaluation of Fixed Assets,Director’s Report,Balance Sheet of Holding Companies,Consolidated Financial Statements,Authentication of Balance Sheet,Additional Statement of Accounts and Reports, Auditor’s interest in the statutory books.

Risk Assessment Procedures & Sources of Information(Inquiries of management and others within the entity,Analytical procedures and Observation and inspection),Discussion among the Audit Team.

Understanding the Entity and Its Environment, including Its Internal,Control,Business Operations,Investments,Financing,Financial Reporting.

RECAP, Sources of Obtaining Understanding,Risk Assessment Procedures & Sources of InInformation,Understanding the Entity and Its Environment, Including Its Internal Control,Objectives and Strategies and Related Business Risks,Business Risk is the risk that objectives and strategies would not be met.

Measurement and Review of the Entity’s Financial Performance,Internal Control,Definition of internal control,Components of internal control.

Components of Internal Control(The control environment,The entity’s risk assessment process The information system, including the related business processes relevant to financial reporting and communication,Control activities,Monitoring of controls),Assessing the Risk of Material Misstatement,Significant Risks that require Special Audit Considerations,Revision of Risk Assessment.

Assignment

Documenting The Internal Control System, Auditor’s Work On The Internal Control, Categories of Internal Control, Flowchart Of Purchase.

Use of the major symbols in flow charts, Internal Control Questionnaire.

Internal Control Questionnaire, Construction of an ICQ, Internal Control Evaluation Checklists.

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing

Fundamentals of Auditing