Auditing - लेखा-परीक्षण

Program Class: Degree/ B.Com.

Year: Third

Semester: Sixth

Subject: Commerce

                                 Course Title: Auditing

Course Learning Outcomes:

·        This course aims at imparting knowledge about the principles and methods of auditing and their application.

Credits: 5

Core Compulsory

Max. Marks: 25+75

Min. Passing Marks: 10+25

Unit

Topics

I

Methodology of Accounting, Auditing and Fraud risk management in Kautilya’s Arthshastra. Audit and Audit Process: Meaning, Nature, Objectives and Various Classes of Auditing, Standard of Auditing, Pronouncements on accepted Auditing practices, Internal Control and the need for its evaluation by the Auditor.

II

Audit Procedures: Verification programme-selective verification, Audit in depth, test checking, Auditor’s Approach to statistical sampling, Routine checking, vouchers, verification and valuation of assets and liabilities, Auditor’s Report on Profit and Loss Account and Balance Sheet.

III

Audit of Limited Companies: Qualifications and Appointment of Company Auditors, their powers, duties and liabilities as per Company Act 1956, Enquiries under Section 227 (IA), Audit of share capital, share transfer and managerial remuneration,  Additional matters in the Auditor’s Report (Manufacturing and other companies), Auditor’s Report Order 1988.

IV

Audit of Public Sector Undertaking and Banks: Special features concerning Audit of departmental undertakings, Statutory Corporations and Government Companies, Procedure of appointment of Auditors, Special features relating to the audit of Banks, Audit of Insurance Companies and audit of non-profit companies. Cost Audit: Importance of cost audit, Provisions regarding cost audit, Cost Audit report, Tax and Social Audit. Internal Audit: Objective and scope of Internal Audit, Responsibilities and Authority of Internal Auditors, Relationship between internal auditor and statutory auditor.