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304. AUDITING - 100

Course Objective

The course is designed to achieve the following objectives. These are to

a.            explain the nature, purpose and scope of an Assurance Engagements

b.            explain the nature, purpose and scope of an audit and review of financial statements

c.            consider compliance with national laws and regulations in an audit and review

d.            appraise theoretical and regulatory national auditing frameworks and international auditing guidelines

e.            perform auditing procedures in EDP environment

f.              explain the professional ethics of a Professional Accountant

g.            outline the position of an auditor

 

1.00        INTRODUCTION TO AUDITING

1.01.       Meaning, Nature and Scope of Audit

1.02.       Objectives and Types of Audit

2.00        FRAMEWORK

2.01        International Framework for Assurance Engagements

2.02        ISAE 3000 Assurance Engagements Other Than Audit or Reviews of Historical Financial Information

2.03        ISAE 3400 The Examination of Prospective Financial Information

3.00 AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION.

3.01        ISA 200-299 General Principles and Responsibilities

ISA 200  Objective and General Principles Governing an Audit of Financial Statements

ISA 210  Terms of Audit Engagements

ISA 220  Quality Control for Audits of Historical Financial Information

ISA 230 Audit Documentation

ISA 240  The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements

ISA 250  Consideration 'of Laws and Regulations in an Audit of Financial Statements

ISA 260 Communication of Audit Matters with Those Charged with Governance

3.02        ISA 300-499 Risk Assessment and Response to Assessed Risks
ISA 300  Planning an Audit of Financial Statements

ISA315   Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

ISA320   Audit Materiality

ISA330   The Auditor's Procedures in Response to Assessed Risks

ISA402   Audit Considerations Relating to Entities Using Service Organizations

3.03        ISA500-599 Audit Evidence

ISA500 Audit Evidence

ISA 510  Audit Evidence - Additional Considerations for Specific Items

ISA 505  External Confirmations

ISA 510  Initial Engagements - Opening Balances

ISA 520  Analytical Procedures

ISA 530  Audit Sampling and Other Means of Testing

ISA 540  Audit of Accounting Estimates

ISA 545  Auditing Fair Value Measurements and Disclosures

ISA 550  Related Parties

                ISA 560  Subsequent Events

ISA 570  Going Concern

ISA 580  Management Representations

3.04        ISA600-699 Using Work of Others

                ISA600   Special Considerations -Audits of Group Financial Statements

                ISA610   Considering the Work of Internal Auditing

                ISA620   Using the Work of an Expert

3.05        ISA700-799 Audit Conclusions and Reporting

ISA700   The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements

ISA701   Modifications to the Independent Auditor's Report ISA710 Comparatives

ISA720   Other Information in Documents Containing Audited Financial Statements

3.06        ISA800-899 Specialized Areas

ISA 800  The Independent Auditor's Report on Special Purpose Audit Engagements.

3.07        Audits in EDP Environment.

7.01        Audits in CIS Environment

4.00        PROFESSIONAL ETHICS

4.01        Introduction and Fundamental Principles

4.02        Code of Professional Ethics Profession Accountants in Public Practice

4.03        Code of Professional Ethics Professional Accountant in Business

5.00        AUDITORS POSITION

5.01.       Qualification and Disqualification of Auditor

5.02.       Appointment and Removal of auditors

5.03.       Rights and Powers of Auditors

5.04.       Responsibilities and duties of Auditor

5.05.       Remuneration of auditor

6.00        PUBLIC SECTOR AUDIT

6.01.       Constitutional Provisions

6.02.       IFAC Guild lines for public sector Audit

Recommended Text books

1.             ISA Issued by IAASB, IFAC

2.             Code of Professional Ethics Issued by IAASB, IFAC

3.             Code of Ethics issued by ICAB

4.             Companies Act, 1994

5.             Part VI, Chapter-ii, Constitution of the Government of Peoples Republic of Bangladesh

6.             Public Sector Accounting and Auditing- A comparison to international Standard by World Bank, May 2007.

7.             Auditing - Khawaja Amjad Sayeed - 2008 edition 8. Modern Auditing - Gill.

8.             Modern Auditing - Gill.

9.            Contemporary Auditing - Kamal Gupta - 4th edition

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