Download Auditing Theory Notes, PDF, Books, Syllabus for B COM, BBA 2022. We provide complete auditing theory pdf. Auditing Theory study material includes auditing theory notes, auditing theory syllabus, courses, books, question paper, MCQ, case study, questions and answers and available in auditing theory pdf form.
Auditing Theory subject is included in B.COM, BBA so students can able to download auditing theory notes for B.COM, BBA 3rd year and auditing theory notes for B.COM, BBA 6th semester.
Table of Contents
Auditing Theory Syllabus
- Origin of audit, definition, accountancy vs. auditing, objects of an audit, different classes of audit, location of errors, generally accepted auditing practice, audit evidence, auditing in-depth, accounting/auditing statements.
- Audit function of an auditor, Integrity, Objectivity and independence of an auditor, section 226, section 314 and code of ethics.
- Audit planning, factors affecting audit planning, audit programming and quality control for audit.
- Considerations of laws and regulations in an audit of financial statements and audit procedures.
- Internal control: Meaning, importance, internal check, internal audit, evaluation of internal control.
- Vouching: Meaning, substantial procedures and vouching of cash transactions and trading transactions. Audit of Financial statement: Audit of income statement and position statement in respect of the depreciation, valuation of inventory, share capital, reserve and surplus, current assets and liabilities, investment, fixed assets.
- Appointment, right, duties and liabilities of an auditor.
- Cost Audit: Meaning, procedures, CARO, MAOCARO, Management Audit-meaning, procedures and benefits.
- Audit of banking companies, audit of cooperative banks and institutions, audit of general insurance business companies, audit of partnership accounts and audit of government companies.
- Auditing in an EDP Environment: Problems in an EDP Environment, control in an EDP Environment and computer assisted auditing techniques.
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Auditing Theory Notes
Audit may be defined as ‘an official inspection of an individual’s or organization’s accounts, typically by an independent body’. A precise definition of the term ‘Auditing’ is difficult to give. Some of the definitions given by different authors are as follows:
According to Montgomery, a well known author, “auditing is a systematic examination of the books and records of a business or the organization in order to ascertain or verify and to report upon the facts regarding the financial operation and the result thereof”.
Spicer and Pegler expanded the above definition as follows:
“An audit may be said to be such an examination of the books, accounts and vouchers of a business as well enable the auditor to satisfy that the Balance Sheet is properly drawn up, so as to give a true and fair view of the state of affairs of the business and whether the Profit or Loss for the financial period according to the best of his information and the explanations given to him and as shown by the books, and if not, in what respect he is not satisfied.”
Auditing Theory Questions and Answers
- Briefly explain the origin of audit.
- Define audit. What is the difference between auditing and accounting?
- What are the objectives of audit?
- Identify generally accepted auditing practices.
- Why investor’s considerations are important in formulating and executing auditing practices?
- Elaborate the importance of auditing in current situations and prevalent company practices.
- What are the various statutory requirements in carrying out various auditing practices?
- What do you understand by audit evidence? What factors constitute auditing evidences?
- What do you understand by word “Auditing in depth?” What are the key methods of performing in depth audit?
- What are the key implications of accounting/auditing financial statements?
Auditing Theory Question Paper
If you have already studied the auditing theory notes, then it’s time to move ahead and go through previous year auditing theory question paper.
It will help you to understand question paper pattern and type of auditing theory question and answer asked in B.COM, BBA 3rd year auditing theory exam. You can download the syllabus in auditing theory pdf form.
Auditing Theory Books
Below is the list of auditing theory book recommended by the top university in India.
- David Coderre, Internal Audit: Efficiency through Automation John Wiley & Sons, 2009.
- Emile Woolf, Moira Hindson, Audit and Accountancy Pitfalls: A Casebook for Practising Accountants, Lawyers and Insurers, John Wiley & Sons, 2011.
- Iain Gray, Stuart Manson, The Audit Process: Principles, Practice and Cases, Cengage Learning EMEA, 2007.
- Jeanette Franzel, Single Audit: Opportunities exist to improve the Single Audit Process and Oversight, DIANE Publishing, 2009.
- Susan Switzer, Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-Driven Reporting, John Wiley & Sons, 2007.
In the above article, a student can download auditing theory notes for B.COM, BBA 3rd year and auditing theory notes for B.COM, BBA 6th semester. Auditing Theory study material includes auditing theory notes, auditing theory books, auditing theory syllabus, auditing theory question paper, auditing theory case study, auditing theory questions and answers, auditing theory courses in auditing theory pdf form.
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