G Sekar CA Inter Padhuka Audit And Ethics

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Section A: Auditing

1. Nature, Objective and Scope of Audit

• Meaning and Features of Auditing

• Objectives of an Audit (Primary and Secondary)

• Types of Audit

• Advantages and Limitations of Audit

• Auditing vs. Investigation

• Basic Principles Governing an Audit

2. Audit Strategy, Planning and Program

• Understanding the Entity and Its Environment

• Audit Planning: Objectives and Process

• Audit Strategy and Audit Plan

• Audit Programme – Features and Preparation

• Preliminary Assessment of Materiality

3. Risk Assessment and Internal Control

• Risk-Based Audit Approach

• Understanding Internal Control and Its Components

• Internal Check and Internal Audit

• Evaluation and Documentation of Internal Controls

• Control Testing and Risk Assessment Procedures

4. Audit Evidence

• Meaning and Need for Audit Evidence

• Sufficient and Appropriate Audit Evidence

• Audit Procedures to Obtain Evidence

• Reliability and Sources of Audit Evidence

• Vouching and Verification Techniques

5. Audit of Items of Financial Statements

• Audit of Income and Expenditure Items

• Audit of Assets and Liabilities

• Valuation and Disclosure Requirements

• Depreciation and Provisions

6. Company Audit

• Provisions of Companies Act, 2013 related to Audit

• Qualifications, Disqualifications, and Appointment of Auditor

• Powers, Duties, and Responsibilities of Auditor

• Audit Report – Types and Contents

• Reporting under CARO

7. Audit Documentation and Audit Report

• Documentation – Purpose, Form, and Content

• Working Papers and Audit File

• Types of Audit Reports (Clean, Qualified, Adverse, Disclaimer)

• Emphasis of Matter and Other Matter Paragraphs

8. Special Audits

• Audit of Educational Institutions, Hospitals, Clubs, NGOs

• Audit of Sole Proprietorships and Partnership Firms

• Audit of LLPs and Co-operative Societies

• Government Audit (Comptroller and Auditor General – CAG)

Section B: Ethics

9. Auditing Standards, Guidance Notes, and Code of Ethics

• Overview of Standards on Auditing (SAs)

• Role of ICAI and International Auditing Bodies

• Guidance Notes and Their Applicability

• Importance of Professional Ethics

10. Code of Ethics for Chartered Accountants

• Fundamental Principles: Integrity, Objectivity, Professional Competence, Confidentiality, Professional Behavior

• Concept of Independence and Threats to Independence

• Conceptual Framework Approach

• Prohibited Services for Statutory Auditors

• Professional Misconduct – First and Second Schedules (CA Act, 1949)