Syllabus
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An audit is a systematic and independent examination of documents, operations, statements, records, and performance of an organization to evaluate if the information provided accurately represents the underlying facts and circumstances. The steps of an audit include acquiring knowledge of the client's business, evaluating internal controls, planning the audit, verifying evidence, using experts, obtaining management representations, using internal auditors' work, documenting procedures, checking for frauds and errors, and forming an opinion.
Syllabus
- 1. What is Audit It is a Systematic & Independent examination of DOSRP for stated purpose. D - Documents O - Operations S - Statements R - Records P - Performance
- 2. Steps of Audit Engagement Letter – AAS 26 – SA 210 Appointment of an Auditor. Acquiring the knowledge of client business – AAS 20 Objective & Scope of Audit – AAS2 Basic principles governing an Audit – AAS 1 – SA 200 Evaluation of Internal Control System – AAS 6 Planning of an Audit – AAS 8 Verification & Vouching. Audit Evidence – AAS 5 Using the work of an Expert – AAS 9 Representation by Management – AAS 11
- 3. Using the work of Internal Auditor – AAS 7 Documentation AAS 3 Chequing Frauds & Errors at 8 , 9 & 10 – AAS 4 Formation of Opinion – AAS 28