Fundamentals of Auditing Notes

Fundamentals of Auditing Notes

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Fundamentals of auditing an introduction

Objective and general principles governing an audit of financial statements

Reasonable assurance

Legal consideration regarding auditing

Rights, duties and liabilities of auditor

Liabilities of an auditor

Books of account & financial statements

Understanding the entity and its environment and assessing the risks of material misstatement

Documenting the internal control system

Evaluating the internal control system

Internal control questionnaire

Audit tests

Substantive procedures

Audit evidence

Sufficient appropriate audit evidence and testing the sales system

Testing the sales system

Testing the purchases system

Testing the payroll system

Testing the cash system

Testing other systems

Testing the non-current assets

Verification approach of audit

Verification of assets

Verification of liabilities

Verification of equity

Verification of bank balances

Verification of stock-in-trade and store & spares

Audit sampling

Statistical sampling

Considering the work of internal auditing

Audit planning

Planning an audit of financial statements

Audit planning

Auditor’s report on a complete set of general purpose financial statements

Modified auditor’s report

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