UNIT 1: Introduction Accounting has rightly been termed as the language of the business. The basic function of a language is to serve as a means of communication. Accounting also serves this function. It communicates the results of business operations to various parties who have some stake in the business viz., the proprietor, creditors, investors, Government and other agencies. Though accounting is generally associated with business but it is not only business which makes use of accounting. ...
Table of Contents CONDUCT OF AN AUDIT Audit Preliminaries Procedures that a proposed Auditor must undertake before accepting nomination Before Accepting Nomination After Accepting Nomination Audit Letter of Engagement Terms of Engagement Purpose of Letter of Engagement Main Contents of a Letter of Engagement Sources of information Audit planning Help to the Auditor Audit Preparation Sufficient Knowledge Audit plan memorandum Control Requirements of commencing an Audit Conducting of an Audit...
Table of Contents INTERNAL CONTROL Internal Control Procedure Internal Control Categories Internal Check, Internal control, and Internal Audit Objectives of Internal Control Components of an ICS Need for ICS in small enterprises Elements of good Internal Control System Features of an Internal Control System
Table of Contents AUDIT PROGRAM Objectives of an Audit Program Advantages of Audit Programs Disadvantages of Audit Programs Categories of Audit Programs Standard Audit programs Progressive Programs. AUDIT EVIDENCE Methods of obtaining audit evidence Obtaining of evidence through conducting audit test Types of Audit Evidence Sufficiency, Relevance and Reliability of Audit Evidence