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Auditing
Course Objectives:
This course will enable the students to-
The Objective of this course is to gain knowledge of auditing procedures and techniques and its application.
Course Outcomes (COs):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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COM 501 |
Auditing |
CO 155 Understand the basic working knowledge of the Audit and its terminology and to understand the Nature and Objective of Audit. CO 156 Explain the objectives of conducting audits of financial statements and its internal controls system. CO 157 Identify the auditor’s responsibilities in Verification and Valuation of Assets and Liabilities. CO 158 Apply critical thinking skills andsolve auditing problems through the use of case studies CO 159 To understand or develop the knowledge of distribution of dividend and Profit among the shareholder and the reports prepared by the auditors.
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Approach in teaching: Explanations, Discussion, Project work.
Learning activities for the students: Field activities, Presentation, Giving tasks |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
Auditing: Meaning, Objects, Fraud, Errors, Book-Keeping Accounting and Auditing, Classification of audits, Planning and procedure of audit, Audit Programmes; Auditors working papers, Test Checking and Routine Checking
Internal Control and Internal Check System- Meaning, Objectives and evaluation of internal control, Internal check and internal audit, Internal Control regarding sales, purchases, asset liabilities and salaries and wages
Audit Procedure-Meaning, Objective and Importance of Vouching, Vouching and Routing Checking, General Principle of Vouching, Vouching of different item of transactions,
Verification and Valuation of Assets and Liabilities With special reference to Plant & Machinery, Building, Goodwill, Patent, Copy Right, Investment, Debtors, Inventories, Share Capital and Loans, Contingent Liabilities and Contingent Assets ; Rules laid down in Kingston Cotton Mills Co Ltd, Irish Woolen Co Ltd
Audit of Joint Stock Companies: Appointment, removal and remuneration of company auditor, Audit of share capital, debentures and managerial remuneration, Audit for the purpose of statutory reports and prospectus. Rights, duties and liabilities of an auditor laid down in London and General Bank Case, CIT v/s G.M Dandedkar, Anupam Roy v/s P.K Mukharjee
Divisible Profits and Dividends: Divisible Profits and Dividends with legal provisions of Companies Act(With special reference to (depreciation) and relevant Case Laws
Auditors Report: Definition, Distinction between Auditor’s Report and Auditor’ Certificate, Contents of Auditor’s Report, Classification (Clean, Qualified, Disclaimer)
1. Auditing: Jain, Khandelwal (Shivam Publisher)
2. Students Guide to Auditing: Aruna Jha(Taxmann)
3. Auditing: Jain, Khandelwal, Pareek(Ramesh Book Depot)
4. Auditing Theory & Practice: A.K Singh (Galgotia Publishing Company New Delhi)
1. Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
2. Auditing: Principle and Practice, S.D Sharma(Taxmann)
3. Auditing Principles and Problems: T.R Sharma (Sahitya Bhawan Agra)
4. Practical Auditing: Spicer& Pegler
5. Fundamental of Auditing: Gupta & Arora(Tata Mc Graw Hill)
