Description

Advanced Auditing

MCOM Semester III

Syllabus

1. Company Audit
♦ Introduction to Audit – Audit of Ledgers, General Considerations, Scrutiny of Ledgers of Assets, Personal and Revenue Accounts
♦ Company Audit – Audit of Shares, Qualifications and Disqualifications of Auditors, Appointment of Auditors, Removal of Auditors, Powers and Duties of Auditors, Branch Audit, Joint Audit, Special Audit, Reporting requirements under the Companies Act, 2013
♦ Concepts of true and fair and materiality and audit risk in the context of audit of companies
♦ Audit reports, qualifications, notes on accounts, distinction between notes and qualifications, detailed observations by the statutory auditor to the management vis-a-vis obligations of reporting to the members

2. Special Audits
♦ Special points in audit of different types of undertakings, i.e. Educational Institutions, Hotels, Clubs, Hospitals

3. Audit Under Other Laws
Cost Audit, Environmental Audit, Energy Audit, Audit under different statutes, viz. Income Tax, Other Direct Tax Laws and Indirect Taxes

4. Auditing in Computerised Environment
Audit under Computerised Environment : Computer Auditing, specific problems of EDP Audit, need for review of internal control especially procedure controls and facility controls, techniques of audit of EDP output, use of computers for internal and management audit purposes, test packs, computerised audit programmes, involvement of the auditor at the time of setting up the computer system