Basics of Auditing A Complete Study from Udemy

Are you an Accounting or Finance Professional?

Are you an Accounting or Finance Student planning a career in either of the fields?

Are you a Professional Course Student planning career as Auditor?

Then this course is for you.

Welcome to Basics of Auditing A Complete Study

The basic purpose of Auditing is to confirm the authenticity of Books of Accounts prepared by an accountant.

So, the auditing begins, where the function of an accountant ends.Auditing is done to determine the true and fair picture of accounts examining the books of accounts with supporting documents.

Auditing provides lots of benefits like Verification of Books of Accounts, Independent Opinion, Moral Check, Protection of the Rights and Interests of Share holders, Reliance by Outsiders, Ensures compliance with level requirements & Strengthens Internal Control.

Hence, by taking this course, you will learn

i) Evolution, Meaning, Features, Objectives, Principal aspects, Benefits and Limitations of Auditing

ii) Audit Process

iii) Audit Engagement Terms

iv) Audit Planning

v) Audit Sampling

vi) Audit Working Papers

vii) Auditors Independence

viii) External Confirmation

ix) Verification of Assets

x) Verification of Liabilities

xi) Special Audits covering Educational Institutions, Hospital, Cinema Halls, Charitable Institutions, Club, Hotels, Local Bodies, etc.)

This course is structured in Self paced learning style.

You may find accounting terminologies used in this course. Hence, you should have Basic knowledge of Accounting.

Advanced auditing tools and concepts will be launched as separate courses in the due course.

What's inside

Learning objectives

Understand meaning of audit
Understand principal aspects of audit

Understand benefits of auditing

Understand meaning of audit
Understand principal aspects of audit
Understand benefits of auditing

Syllabus

Learn need and objectives of Auditing

Need for Auditing

Purpose of Auditing

Evolution of Auditing

Meaning of Auditing

Features of Auditing

Objectives of Auditing

Principal aspects of Auditing

Benefits of Auditing

Limitations of Auditing

Definition, Meaning and Features of Auditing

Nature of Auditing

Scope of Auditing

Relationship between Accounting and Auditing

Difference between Accounting and Auditing

Difference between Audit and Investigation

Basic Principles governing an Audit

Significance of Audit

Comparison between External Audit and Internal Audit

Audit Process

Audit Process in three stages

Agreeing Terms of Audit Engagement

Acceptance of Audit Engagement

Agreement on Audit Engagement Terms

Changes in Audit Engagement Terms

Audit Report prescribed by Law or Regulation

Audit Engagement Letter

Audit Engagement Letter in case of Recurring Audit

Introduction to Audit Report

Basic elements of Audit Report - Part 1

Basic elements of Audit Report - Part 2

Audit Planning

Description of certain items in Audit Plan

Knowledge of Client's Business

Development of an Overall Audit Plan

Developing the Audit Program

Advantages and Disadvantages of Audit Program

How to conduct systematic audit?

Classification of Audit According to Time of Assurance

Overcome Limitations of Continuous Audit

Audit Sampling

Basics of Test Checking or Sampling

Judgemental Sample

Statistical Sampling

Random Sampling and Systematic Sampling

Factors affecting size of Sample

Difference between Test Checking & Routine Checking

SA 530 Audit Sampling

Surprise Check

Audit Working Papers

Working Paper Files

Audit Note Book

Advantages of Working Papers

Access of Working Papers by others

Audit Documentation SA 230

Auditors Independence

Concept of Auditors Independence Part 1

Concept of Auditors Independence Part 2

Persons disqualified for Appointment as Auditor of Company as per Companies Act

Independence vis-à-vis Indebtedness of Auditor

Introduction to Audit Evidence

Introduction to Sufficiency and Appropriateness of Audit Evidence

Sufficiency of Audit Evidence

Appropriateness of Audit Evidence

Sources of Audit Evidence

Audit Procedures to obtain Audit Evidence

Risk Assessment and Nature and Timing of Audit Procedures

Audit Procedures to obtain Audit Evidence Detailed Explanation

Tests of Controls

Timing of Tests of Control

Using Audit Evidence obtained in Previous Audits

Evaluating the operating effectiveness of controls

Substantive Procedures

External Confirmation

What is External Confirmation?

Reliability of External Response

Positive and Negative Confirmation Request

No Response to Positive Confirmation

How to handle exceptions in Confirmation request?

Third party confirmation cases

Vouching

General Consideration in Audit of Cash Transactions

Verification of Assets

What is Verification in Audit Context?

Difference between Verification and Vouching

Objectives of Verification

Verification of Building

Verification of Freehold land

Verification of Leasehold Property

Verification of Plant and Machinery

Verification of Furniture and Fixture

Verification of Small Tools

Verification of Patents

Verification of Copy Right, Trade Mark and Goodwill

Verification of Debtors

Verfication of Cash at Bank and in Hand

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Goes over the definition of an audit, which can help strengthen accounting skills

Goes over how audits are meant to determine the authenticity of books prepared by an accountant

Develops an understanding of the need for audits

Taught by Raja Natarajan, B.Com., PGDBA, FCA, who is experienced in accounting and finance

Provides examples of special audits that are conducted, which may help give a more thorough review of auditing practices

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Basics of Auditing A Complete Study with these activities:

Review Concepts of Auditing

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Reviewing the fundamentals of auditing will help you build a strong foundation for this course.

Browse courses on Auditing

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Read through your old notes or textbooks on auditing.
Take a practice quiz or exam to test your understanding.

Read 'Auditing: A Practical Approach' by Alvin A. Arens, Randal J. Elder, and Mark S. Beasley

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This book provides a comprehensive overview of the auditing process, from planning to reporting.

View Auditing and Assurance Services, Global Edition on Amazon

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Read the book thoroughly and take notes.
Complete the exercises and discussion questions at the end of each chapter.

Perform Audit Simulations

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Completing audit simulations will help you apply the concepts you learn in this course to real-world scenarios.

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Find online audit simulations or case studies.
Work through the simulation, following the instructions carefully.
Analyze the results of your audit and identify any areas for improvement.

Five other activities

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Participate in Audit Discussion Groups

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Participating in discussion groups will help you connect with other learners and gain new perspectives on auditing.

Browse courses on Auditing

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Find an audit discussion group online or in your local area.
Participate in discussions and share your thoughts and experiences.

Attend an Audit Workshop

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Attending an audit workshop will provide you with hands-on experience and the opportunity to learn from experts.

Browse courses on Auditing

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Find an audit workshop that is relevant to your interests.
Register for the workshop and attend all sessions.

Develop an Audit Plan

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Creating an audit plan will help you understand the steps involved in planning and executing an audit.

Browse courses on Audit Planning

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Identify the objectives of the audit.
Assess the risks associated with the audit.
Develop a plan for conducting the audit.
Write up your audit plan.

Volunteer with an Audit Organization

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Volunteering with an audit organization will provide you with practical experience and the opportunity to network with professionals.

Browse courses on Auditing

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Find an audit organization that you are interested in volunteering with.
Contact the organization and inquire about volunteer opportunities.

Write an Audit Report

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Writing an audit report will help you understand the process of communicating audit findings and conclusions.

Browse courses on Audit Reporting

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Gather the necessary information for the audit report.
Write the audit report according to the applicable standards.
Review and finalize the audit report.

Career center

Learners who complete Basics of Auditing A Complete Study will develop knowledge and skills that may be useful to these careers:

Internal Auditor

An Internal Auditor is responsible for overseeing the financial and operational controls of an organization, ensuring compliance and minimizing risk. The Basics of Auditing A Complete Study course provides a comprehensive foundation in auditing principles and techniques, equipping you with the knowledge and skills to excel in this role. The course covers topics such as audit planning, sampling, working papers, and independence, which are essential for effective internal auditing.

See salaries and explore the career path for Internal Auditor

Auditor

Auditors examine financial records to ensure accuracy and compliance with regulations. The Basics of Auditing A Complete Study course offers a thorough grounding in auditing standards and procedures. It covers key aspects such as audit planning, risk assessment, and reporting, which are crucial for success in this field.

See salaries and explore the career path for Auditor

Financial Analyst

Financial Analysts use financial data to make informed investment decisions. The Basics of Auditing A Complete Study course provides a solid understanding of accounting principles and auditing techniques, enabling you to analyze financial statements and identify potential risks and opportunities with greater confidence.

See salaries and explore the career path for Financial Analyst

Forensic Accountant

Forensic Accountants investigate financial fraud and irregularities. The Basics of Auditing A Complete Study course offers a foundation in auditing principles and techniques, while also covering specialized topics such as fraud detection and investigation. This knowledge is invaluable for those seeking a career in forensic accounting.

See salaries and explore the career path for Forensic Accountant

Compliance Officer

Compliance Officers ensure that organizations adhere to laws and regulations. The Basics of Auditing A Complete Study course provides a thorough understanding of auditing principles and techniques, as well as an overview of relevant regulations. This knowledge is essential for effectively managing compliance programs and mitigating legal risks.

See salaries and explore the career path for Compliance Officer

Risk Manager

Risk Managers identify and assess potential risks to an organization and develop strategies to mitigate them. The Basics of Auditing A Complete Study course offers a foundation in auditing principles and techniques, which can help you understand and manage risks more effectively.

See salaries and explore the career path for Risk Manager

Tax Auditor

Tax Auditors examine tax records to ensure compliance with tax laws. The Basics of Auditing A Complete Study course provides a solid understanding of auditing principles and techniques, as well as specialized knowledge of tax laws and regulations. This course can equip you with the necessary skills to conduct effective tax audits.

See salaries and explore the career path for Tax Auditor

Management Consultant

Management Consultants provide advice to organizations on how to improve their operations and performance. The Basics of Auditing A Complete Study course offers a foundation in auditing principles and techniques, which can help you understand and analyze business processes and make recommendations for improvement.

See salaries and explore the career path for Management Consultant

Certified Public Accountant (CPA)

Certified Public Accountants (CPAs) provide accounting, auditing, and tax services to individuals and businesses. The Basics of Auditing A Complete Study course offers a thorough grounding in auditing principles and techniques, which is essential for success as a CPA.

See salaries and explore the career path for Certified Public Accountant (CPA)

Chartered Accountant (CA)

Chartered Accountants (CAs) provide accounting, auditing, and tax services to individuals and businesses. The Basics of Auditing A Complete Study course offers a comprehensive foundation in auditing principles and techniques, which is crucial for success as a CA.

See salaries and explore the career path for Chartered Accountant (CA)

Accountant

Accountants prepare, analyze, and interpret financial records. The Basics of Auditing A Complete Study course provides a solid understanding of accounting principles and auditing techniques, which can enhance your skills as an accountant and help you advance your career.

See salaries and explore the career path for Accountant

Financial Manager

Financial Managers oversee the financial operations of an organization. The Basics of Auditing A Complete Study course offers a foundation in auditing principles and techniques, which can help you understand and manage financial risks more effectively.

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Chief Financial Officer (CFO)

Chief Financial Officers (CFOs) are responsible for managing the financial aspects of an organization. The Basics of Auditing A Complete Study course provides a comprehensive foundation in auditing principles and techniques, which can enhance your understanding of financial reporting and risk management.

See salaries and explore the career path for Chief Financial Officer (CFO)

Controller

Controllers are responsible for managing the accounting and financial reporting functions of an organization. The Basics of Auditing A Complete Study course offers a thorough grounding in auditing principles and techniques, which can help you excel in this role by providing a deeper understanding of financial reporting and internal controls.

See salaries and explore the career path for Controller

Investment Banker

Investment Bankers advise companies on mergers, acquisitions, and other financial transactions. The Basics of Auditing A Complete Study course offers a foundation in auditing principles and techniques, which can enhance your understanding of financial reporting and risk assessment, valuable skills for a career in investment banking.

See salaries and explore the career path for Investment Banker