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Course Objective
The course is designed to achieve the following objectives. These are to
- explain the nature, purpose and scope of an audit of financial statements
- consider compliance with national laws and regulations in an audit
- appraise theoretical and regulatory national auditing frameworks and international auditing guidelines
- describe the audit procedures undertaken in the planning of an audit
- discuss the nature of internal controls, the procedures required to evaluate control risk and the use of tests of control
- perform auditing procedures in EDP environment understand auditors’ professional liabilities
- organize and conduct cost audit of different concerns as to utilization of material, labors and overhead.
- conduct management/Efficiency Audit for evaluating value addition for the unit.
305.01 Introduction to Auditing
Weight -10%
Meaning, Nature and Scope of Audit, Objectives of Audit: Primary and Secondary, Types of Audit and distinction between Statutory and Non-statutory audit, Internal and external audit, Interim and Final Audit, Financial Audit and Cost Audit. Assurance Engagements
Weight - 15%
305.02 Legal Status and Position of an Auditor
The provisions of the Companies Act regarding Auditors, Appointment, Remuneration, Rights and Powers, Responsibilities and Duties, Qualification and Disqualification, Resignation and Removal
Weight – 20%
305.03 Basic Principles Governing an Audit-ISA 200.
General Principles of an audit, Independence, Integrity, Objectivity, Professional Competence and Due Care, Confidentiality; Accounting concepts: Prudence, Consistency, Accrual, Going Concern, Substance over form, Reasonable Assurance, Audit Risk and Materiality, Responsibility for Financial Statements, Auditors’ liability to third party, Process of promulgation of International Standards on Auditing, Professional behavior, Technical standards.
Weight -15%
305.04 Audit Planning& Control
Terms of Engagement (Engagement Letter), Review of the client’s business and accounting requirements, systems and procedures, preceding year’s financial statements, client generated information, determining the audit risk and materiality level, assessment of control environment, audit planning memorandum, detailed audit programs, allocation and supervision of work, audit working papers (documentation and evidence), Ref: ISA 210, 300, 230, 240, 400, 500R.
Weight - 20%
305.05 Audit Techniques
General understanding of the financial statements and accounting policies, Evaluation of internal controls and accounting systems, Compliance Tests, Substantive tests, Analytical Review Procedures, assessment of materiality level, Inspection, Observation, Enquiry, Third Party Confirmation, Re-performance, Sampling techniques, auditing in a computerized environment, reliance on the work of other auditors and experts, Review of working papers and documentation, audit completion procedures.
Weight- 20%
305.06 Audit Reports
Auditors’ responsibility to report under the Companies Act, Basic Elements of the Auditors’ Report, Types of Audit Opinion, Auditors’ responsibility to consider fraud and error in an audit of financial statements (ISA 240), Consideration of laws and regulations in an audit of financial statements (ISA 250), Other Factors affecting the audit opinion: Subsequent Events, Contingencies, Going Concern, Letter of representation from client management, Management Letter.
Text Book
1. Auditing, an International Approach, 3rd Canadian edition - Robertson & Smieliauskas
2. Auditing - B.N. Tendon
3. Auditing - Kaja Amjad Sayeed
4. Bangladesh Standards on Auditing - ICAB
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