Auditing Tutorial
Auditing Useful Resources
Selected Reading
- Auditing - Tax Audit
- Auditing - Management Audit
- Auditing - Audit of Hotels
- Audit of Co-Operative Societies
- Audit of Shipping Company
- Audit of Electricity Supply Company
- Auditing - Audit of Doctors
- Audit of Partnership Firms
- Audit of Sole Proprietary Concern
- Audit of Clubs & Theatre
- Audit of Charitable Institutions
- Audit of Educational Institutions
- Auditing - Audit of Hospitals
- Auditing - Capital and Revenue
- Depreciation, Reserves & Provision
- Auditing - Audit Verification
- Auditing - Vouching of Ledger
- Vouching of Cash Transactions
- Auditing - Trading Transactions
- Auditing - Mechanized Accounting
- Auditing - Audit Vouching
- Auditing - Audit Sampling
- Auditing - Internal Audit
- Internal Check and Auditor
- Auditing - Internal Check
- Auditing - Internal Control
- Auditing - Audit Techniques
- Auditing - Types of Evidence
- Auditing - Audit Evidence
- Duties of Audit Staff
- Methods of Audit
- Modification of Audit Program
- Examples of Audit Program
- Auditing - Audit Program
- Auditing - Audit Planning
- Preparation before an Audit
- Auditing - Classifications
- Auditing - Limitations
- Auditing - Advantages
- Auditing - Basic Principles
- Detection and Prevention of Errors
- Detection and Prevention of Fraud
- Auditing - Introduction
- Auditing - Home
Auditing Useful Resources
Selected Reading
- Who is Who
- Computer Glossary
- HR Interview Questions
- Effective Resume Writing
- Questions and Answers
- UPSC IAS Exams Notes
Auditing - Audit Planning
Auditing - Audit Planning
Audit planning is required for an Auditor to conduct an effective and efficient audit. Target of audit planning should be about the following −
Time budgets
Recruitment of audit staff
Schedule about date of audit procedure
Base of Audit Planning
Audit planning should be based on the following −
Complete accounting knowledge of cpent’s business
Repabipty of internal control system
Programming of audit procedures and
Co-ordination of staff
Development of Audit Plan
The following points need to be considered at the time of preparation of an audit plan −
Auditor Engagement terms
Statutory responsibipty of Auditor
Co-ordination with other Auditors
Internal control system of branches and subsidiaries
Repabipty of internal control system of an organization
To mark important audit areas
Impact of legal rules
Nature and timing of reports
Standard on Auditing 300 (SA 300)
The Standard on Auditing (SA) came into effect from 1st April, 2008; this deals with the auditor’s responsibipty to plan an audit of financial statements.
| Scope | SA 300 deals with the Auditors responsibipty to plan an audit of financial statements. |
| Objective | To plan the audit to perform it in an effective manner. |
| Effective | SA 300 is effective on financial statements for the period starts from 1st April, 2008 |
| Prepminary Engagement Activities | Auditor shall communicate with predecessor Auditor, in case of change in Auditor. Auditor shall undertake performing procedures as per SA 220, evaluating comppance of ethical requirement as per SA 220 and estabpshing terms as engagement as per SA 210. |
| Planning Activities |
To set the scope, directions and timing of audit which guide the development of audit program, the Auditor shall estabpsh an overall audit strategy. Identify the characteristics of the engagement that defines scope. To Plan the timing of audit and the nature of communication, ascertainment of the reporting objectives of the engagement plan is required. Consideration of significant factors in directing the engagement team’s effort. |
| Documentation |
Overall audit strategy. The Audit Plan. In case of any significant changes made the overall strategy or audit plan and reasons for such changes. |