This course is suitable for all international students who wish to pursue a career in auditing. The course covers all vital standards on auditing. This is a self explanatory course and all important aspects of the standards are taught at grass root level. Students are requested to study all the standards in order to get an expert level knowledge on the subject.
The benefit of an audit is that it provides assurance that management has presented a ‘true and fair’ view of a company’s financial performance and position. An audit underpins the trust and obligation of stewardship between those who manage a company and those who own it or otherwise have a need for a ‘true and fair’ view, the stakeholders
International Standards on Auditing (ISA) refer to professional standards dealing with the responsibilities of the independent auditor while conducting the financial audit of financial info. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). The ISAs include requirements and objectives along with application and other explanatory material. The auditor is obligatory to have knowledge about the whole text of an ISA, counting its application and other explanatory material, to be aware of the objectives and to apply the requirements aptly.
The standards cover various areas of auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, audit conclusions and audit reports, and standards for specialized areas.
The ISA objectives are two-fold:
Analyzing the comparability of national accounting as well as auditing standards with international standards, determine the degree with which applicable auditing and accounting standards are complied, and analyze strengths and weaknesses of the institutional framework in sustaining high-quality financial reporting.
Assist the country in developing and implementing a country action plan for improvement of institutional capacity with a view of strengthening the corporate financial reporting system of the country.
1.Basics
2.objectives of independent audit
3.terms of engagement
4.Quality control
5.Working papers
6.Fraud
7.Audit evidence
8.External confirmation
9.Intial audit engagement
10.Analytical procedures
11.Audit sampling
12.Related parties
13.Subsequent events
14.going concern
15.Written representation
16.Forming opinion
17.KAM
18.Modification of opinion
19.EOM mater para
20.Identifying and assessing ROMM
21.Internal auditor
22.Another auditor
