Auditing and Corporate Governance
Series: All Books
ISBN 9788197371820
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Cover
Half-title
Title Page
Copyright
Contents
Preface
Chapter 1: Introduction to Auditing
Introduction
Definitions of Auditing
The Features of Auditing
Distinction between Accounting and Auditing
Distinction between Auditing and Investigation
Objectives of Auditing
Detection and Prevention of Errors
Detection and Prevention of Frauds
Essential Features of Auditing
Basic Principles of an Audit
Advantages of Auditing
Shortcomings of Auditing
Materiality in Auditing
Efficiency Audit
Propriety Audit
Standards of Auditing
Professional Pronouncement in India
Review Questions
Chapter 2: Classification of Audit
Introduction
Organisation-based Classification
Statute-mandated Audit
Function-based Classification
Method-based Classification
Special Types of Audits (Dimension-based Audits)
Classification of Audit Branch-wise
Review Questions
Chapter 3: Audit and Accounting Standards
Secretarial Audit
Standards of Audit on Internal Audit
Accounting Standards
Role of National Financial Reporting Authority (NFRA)
Concurrent Audit
Stock Audit
CAG Audit
Review Questions
Chapter 4: Audit Evidence
Introduction
Gathering Audit Evidence
Principles of Audit Evidence
Reliability of Audit Evidence
Significance of Audit Evidence
Criteria for Selection of Audit Evidence
Classification of Evidence on the Basis of Materiality
Process of Gathering Audit Evidence
Precautions to be Observed on Gathering Audit Evidence
Evaluation of Evidence
Review Questions
Chapter 5: Audit Planning and Preperation
Introduction
Preliminary Preparation
Audit Programme
Audit Notebook
Audit Working Papers
Audit Planning
Audit Manual
Audit Memorandum
Review Questions
Chapter 6: Internal Control
Definitions of Internal Control
Components or Features of Internal Control
Objectives of Internal Control
Forms of Internal Control
Principles or Prerequisites of Internal Control System
Process of implementing Accounting Control
Advantages of Internal Control System
Shortcomings of Internal Control System
Auditor and Internal Control System
Method of Reviewing the Internal Control System
Internal Control and Corporate Governance
Internal Control in Computerised Information Environment
Sample Internal Control System for Cash Sales and Cash Collection
Internal Control for Sales/Debtors
Review Questions
Chapter 7: Internal Check
Definition of Internal Check
Features of Internal Check
Factors Causing Errors and Frauds
Objectives of Internal Check
Essentials/Prerequisites of Good Internal Check System
Principles or Features of Internal Check System
Merits of Internal Check System
Shortcomings of Internal Check System
Auditor and Internal Check System
Execution of Operation of Internal Check for Certain Transactions
Review Questions
Chapter 8: Internal Audit
Definition of Internal Audit
Features of Internal Audit
Role of Internal Audit
Objectives of Internal Audit
Functions of Internal Audit
Advantages of Internal Audit
Possible shortcomings of Internal Audit
Scope of Internal Audit
Interface between Internal Auditor and Statutory Auditor
Evaluation of Internal Audit Function
Distinction between Internal Check,Internal Control and Internal Audit
Operational Audit
Review Questions
Chapter 9: Vouching and Vouching of Cash Transactions
Introduction
Definitions of Vouching
Features of Vouching
Objectives of Vouching
Vouchers
Vouching and Routine Checking
Teeming and Lading
Vouching of Cash Transactions
Sources of Evidence
Vouching Receipts Side
Review Questions
Chapter 10: Vouching of Trading Transactions
Introduction
Various Aspects to be Covered in Vouching of Trading Transactions
Vouching of Purchase Book
Vouching of Purchase Returns
Vouching of Sales Book
Vouching of Sales Returns
Vouching of Journal Proper
Vouching of Bills Receivable Book
Vouching of Bills Payable Book
Vouching of Consignment Sales
Vouching of Goods Sent on Sale or Return Document
Vouching of Purchase Ledger
Vouching of Sales Ledger
Review Questions
Chapter 11: Vouching Impersonal Ledger
Introduction
General Considerations While Vouching Impersonal Ledger
Current Assets and Current / Outstanding Liabilities
Contingent Liabilities
Capital and Revenue Expenditure
Review Questions
Chapter 12: Verification and Valuation of Assets
Definitions
Meaning of Valuation
The Process of Valuation
Objects of Verification
Principles of Verification
Valuation of Assets
Classification of Assets
Verification and Valuation of Specific Assets
Stock
Market Price: Meaning
Verification and Valuation of Fictitious Asset
Verification and Valuation of Current Assets
Review Questions
Chapter 13: Verification of Liabilities
Introduction
Meaning
Verification of Share Capital
Debentures
Secured Long-term Loans
Verification of Current Liabilities Sundry Creditors
Review Questions
Chapter 14: Auditors of a Company
Introduction
Appointment of Auditors
Ceiling on Number of Audits
Removal of Auditor
Auditor’s Remuneration
Qualification of Auditor
Disqualifications
Auditor’s Resignation
Review Questions
Chapter 15: Rights (Powers), Duties and Liabilities of Auditor
Introduction
Rights/Powers of an Auditor
Duties/Responsibilities of an Auditor
Status of an Auditor
Liabilities of an Auditor
An Auditor is a Watch Dog but not a Blood Hound – A Discussion
Review Questions
Chapter 16: Audit Report
Introduction
Definition of the Term Report
Definition of Audit Report
Need and Importance of Audit Report
Auditor’s Duty Regarding Audit Report
Requisites of Good Audit Report
Distinction between Audit Report and Audit Certificate
Elements of an Audit Report
Contents of the Report under Companies Act
Matters to be included in the Auditor’s Report
Signing of Audit Report
Types of Report
Statutory Report
Review Questions
Chapter 17: Company Audit
Introduction
Classifications of Capital
Forms of Capital
Audit of Share Capital
Verification of Share Capital
Audit of Share Capital Received
Audit of Calls in Arrears
Audit of Calls in Advance
Forfeiture of Shares
Reissue of Forfeited Shares
Issue and Redemption of Preference Shares
Redemption of Preference Shares
Alteration of Capital
Capital Reduction
Share Transfer
Transmission of Shares
Share Warrant
Buying Back of Own Shares
Review Questions
Chapter 18: Investigation
Introduction
Characteristics of Investigation
Duties of Investigator/Principles of Investigation
Purpose of Investigation
Process of Conducting Investigation by Central Government
Contents of the Report
Types of Investigation
Review Questions
Chapter 19: Audit of Special Institutions
Introduction
Audit of Educational Institutions: Colleges, Universities and Schools
Audit of Charitable Institutions
Audit of Clubs
Audit of Hospitals
Audit of Hotels
Audit of Cinema Theatres
Audit of Insurance Companies
Audit of Banks
Audit Procedure for Verification of Assets and Liabilities
Verification of Liabilities
Review Questions
Chapter 20: Audit in a Computerised Environment
Introduction
Aspects to be Considered in Computerised Information System (Cis) Environment
Approaches to EDP Auditing
Characteristics of Auditing through the Computer
Effect of EDP on Auditing Scenario
Audit Trail
Internal Control System in the Computerised Accounting Environment
Benefits of Computerised Accounting
Deficiencies in Computerised Accounting System
Role of Auditor under EDP Environment
The Role of Auditor in Computerised Audit Environment
Service Bureau
Information Systems Audit
Pursuit of Ethical Principles
Recent Trends in Auditing
Review Questions
Chapter 21: Corporate Governance
Meaning
Features of Corporate Governance
Principles of Corporate Governance
Theories of Corporate Governance
Corporate Governance Models
Various Committees in Corporate Governance
Need for Corporate Governance / Significance of Corporate Governance
Advantages and Disadvantages of Corporate Governance
Major Corporate Scandals in India
Scandals Abroad
Major Corporate Governance Reforms India
Common Governance Problems in Various Corporate Failures
Role of Auditors in Corporate Governance
Code of conduct for Directors and Auditors under Corporate Governance
Environmental, Social, and Governance (ESG) Code: Overview
Significance of ESG to Companies
Review Questions
Chapter 22: Corporate Social Responsibility
Meaning
Definitions
Key Considerations in Implementing CSR
Forms of Corporate Philanthropy
Types of Corporate Philanthropy
Benefits of Corporate Philanthropy
Prerequisites for Corporate Philanthropy
Features of Corporate Philanthropy
Application of CSR in Certain Areas
Relationship between CSR (Corporate Social Responsibility) and Corporate Sustainability
CSR and Business Ethics
CSR and Business Ethics Models
Challenges Involved in Rendering CSR and Practising Business Ethics
Benefits of Combining CSR and Business Ethics
Cost of Practising CSR and Business Ethics
Strategies of Implementing CSR and Business Ethics
Tools of Communication of CSR and Business Ethics Performance
Trends in Practising CSR and Business Ethics
The Relationship between Corporate Social Responsibility (CSR) and Corporate Governance
Challenges Companies Face in Implementing CSR in Balancing Social, Economic, and Environmental Goals
CSR Provisions under the Companies Act,2013 (Section 135 Schedule - VII)
CSR Policy Rules
Review Questions
Index

Dr. K. Sundar is Former Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has contributed over 100 articles in national and international journals. He has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics, Business, Management and Auditing.

Rating
Table of contents
Cover
Half-title
Title Page
Copyright
Contents
Preface
Chapter 1: Introduction to Auditing
Introduction
Definitions of Auditing
The Features of Auditing
Distinction between Accounting and Auditing
Distinction between Auditing and Investigation
Objectives of Auditing
Detection and Prevention of Errors
Detection and Prevention of Frauds
Essential Features of Auditing
Basic Principles of an Audit
Advantages of Auditing
Shortcomings of Auditing
Materiality in Auditing
Efficiency Audit
Propriety Audit
Standards of Auditing
Professional Pronouncement in India
Review Questions
Chapter 2: Classification of Audit
Introduction
Organisation-based Classification
Statute-mandated Audit
Function-based Classification
Method-based Classification
Special Types of Audits (Dimension-based Audits)
Classification of Audit Branch-wise
Review Questions
Chapter 3: Audit and Accounting Standards
Secretarial Audit
Standards of Audit on Internal Audit
Accounting Standards
Role of National Financial Reporting Authority (NFRA)
Concurrent Audit
Stock Audit
CAG Audit
Review Questions
Chapter 4: Audit Evidence
Introduction
Gathering Audit Evidence
Principles of Audit Evidence
Reliability of Audit Evidence
Significance of Audit Evidence
Criteria for Selection of Audit Evidence
Classification of Evidence on the Basis of Materiality
Process of Gathering Audit Evidence
Precautions to be Observed on Gathering Audit Evidence
Evaluation of Evidence
Review Questions
Chapter 5: Audit Planning and Preperation
Introduction
Preliminary Preparation
Audit Programme
Audit Notebook
Audit Working Papers
Audit Planning
Audit Manual
Audit Memorandum
Review Questions
Chapter 6: Internal Control
Definitions of Internal Control
Components or Features of Internal Control
Objectives of Internal Control
Forms of Internal Control
Principles or Prerequisites of Internal Control System
Process of implementing Accounting Control
Advantages of Internal Control System
Shortcomings of Internal Control System
Auditor and Internal Control System
Method of Reviewing the Internal Control System
Internal Control and Corporate Governance
Internal Control in Computerised Information Environment
Sample Internal Control System for Cash Sales and Cash Collection
Internal Control for Sales/Debtors
Review Questions
Chapter 7: Internal Check
Definition of Internal Check
Features of Internal Check
Factors Causing Errors and Frauds
Objectives of Internal Check
Essentials/Prerequisites of Good Internal Check System
Principles or Features of Internal Check System
Merits of Internal Check System
Shortcomings of Internal Check System
Auditor and Internal Check System
Execution of Operation of Internal Check for Certain Transactions
Review Questions
Chapter 8: Internal Audit
Definition of Internal Audit
Features of Internal Audit
Role of Internal Audit
Objectives of Internal Audit
Functions of Internal Audit
Advantages of Internal Audit
Possible shortcomings of Internal Audit
Scope of Internal Audit
Interface between Internal Auditor and Statutory Auditor
Evaluation of Internal Audit Function
Distinction between Internal Check,Internal Control and Internal Audit
Operational Audit
Review Questions
Chapter 9: Vouching and Vouching of Cash Transactions
Introduction
Definitions of Vouching
Features of Vouching
Objectives of Vouching
Vouchers
Vouching and Routine Checking
Teeming and Lading
Vouching of Cash Transactions
Sources of Evidence
Vouching Receipts Side
Review Questions
Chapter 10: Vouching of Trading Transactions
Introduction
Various Aspects to be Covered in Vouching of Trading Transactions
Vouching of Purchase Book
Vouching of Purchase Returns
Vouching of Sales Book
Vouching of Sales Returns
Vouching of Journal Proper
Vouching of Bills Receivable Book
Vouching of Bills Payable Book
Vouching of Consignment Sales
Vouching of Goods Sent on Sale or Return Document
Vouching of Purchase Ledger
Vouching of Sales Ledger
Review Questions
Chapter 11: Vouching Impersonal Ledger
Introduction
General Considerations While Vouching Impersonal Ledger
Current Assets and Current / Outstanding Liabilities
Contingent Liabilities
Capital and Revenue Expenditure
Review Questions
Chapter 12: Verification and Valuation of Assets
Definitions
Meaning of Valuation
The Process of Valuation
Objects of Verification
Principles of Verification
Valuation of Assets
Classification of Assets
Verification and Valuation of Specific Assets
Stock
Market Price: Meaning
Verification and Valuation of Fictitious Asset
Verification and Valuation of Current Assets
Review Questions
Chapter 13: Verification of Liabilities
Introduction
Meaning
Verification of Share Capital
Debentures
Secured Long-term Loans
Verification of Current Liabilities Sundry Creditors
Review Questions
Chapter 14: Auditors of a Company
Introduction
Appointment of Auditors
Ceiling on Number of Audits
Removal of Auditor
Auditor’s Remuneration
Qualification of Auditor
Disqualifications
Auditor’s Resignation
Review Questions
Chapter 15: Rights (Powers), Duties and Liabilities of Auditor
Introduction
Rights/Powers of an Auditor
Duties/Responsibilities of an Auditor
Status of an Auditor
Liabilities of an Auditor
An Auditor is a Watch Dog but not a Blood Hound – A Discussion
Review Questions
Chapter 16: Audit Report
Introduction
Definition of the Term Report
Definition of Audit Report
Need and Importance of Audit Report
Auditor’s Duty Regarding Audit Report
Requisites of Good Audit Report
Distinction between Audit Report and Audit Certificate
Elements of an Audit Report
Contents of the Report under Companies Act
Matters to be included in the Auditor’s Report
Signing of Audit Report
Types of Report
Statutory Report
Review Questions
Chapter 17: Company Audit
Introduction
Classifications of Capital
Forms of Capital
Audit of Share Capital
Verification of Share Capital
Audit of Share Capital Received
Audit of Calls in Arrears
Audit of Calls in Advance
Forfeiture of Shares
Reissue of Forfeited Shares
Issue and Redemption of Preference Shares
Redemption of Preference Shares
Alteration of Capital
Capital Reduction
Share Transfer
Transmission of Shares
Share Warrant
Buying Back of Own Shares
Review Questions
Chapter 18: Investigation
Introduction
Characteristics of Investigation
Duties of Investigator/Principles of Investigation
Purpose of Investigation
Process of Conducting Investigation by Central Government
Contents of the Report
Types of Investigation
Review Questions
Chapter 19: Audit of Special Institutions
Introduction
Audit of Educational Institutions: Colleges, Universities and Schools
Audit of Charitable Institutions
Audit of Clubs
Audit of Hospitals
Audit of Hotels
Audit of Cinema Theatres
Audit of Insurance Companies
Audit of Banks
Audit Procedure for Verification of Assets and Liabilities
Verification of Liabilities
Review Questions
Chapter 20: Audit in a Computerised Environment
Introduction
Aspects to be Considered in Computerised Information System (Cis) Environment
Approaches to EDP Auditing
Characteristics of Auditing through the Computer
Effect of EDP on Auditing Scenario
Audit Trail
Internal Control System in the Computerised Accounting Environment
Benefits of Computerised Accounting
Deficiencies in Computerised Accounting System
Role of Auditor under EDP Environment
The Role of Auditor in Computerised Audit Environment
Service Bureau
Information Systems Audit
Pursuit of Ethical Principles
Recent Trends in Auditing
Review Questions
Chapter 21: Corporate Governance
Meaning
Features of Corporate Governance
Principles of Corporate Governance
Theories of Corporate Governance
Corporate Governance Models
Various Committees in Corporate Governance
Need for Corporate Governance / Significance of Corporate Governance
Advantages and Disadvantages of Corporate Governance
Major Corporate Scandals in India
Scandals Abroad
Major Corporate Governance Reforms India
Common Governance Problems in Various Corporate Failures
Role of Auditors in Corporate Governance
Code of conduct for Directors and Auditors under Corporate Governance
Environmental, Social, and Governance (ESG) Code: Overview
Significance of ESG to Companies
Review Questions
Chapter 22: Corporate Social Responsibility
Meaning
Definitions
Key Considerations in Implementing CSR
Forms of Corporate Philanthropy
Types of Corporate Philanthropy
Benefits of Corporate Philanthropy
Prerequisites for Corporate Philanthropy
Features of Corporate Philanthropy
Application of CSR in Certain Areas
Relationship between CSR (Corporate Social Responsibility) and Corporate Sustainability
CSR and Business Ethics
CSR and Business Ethics Models
Challenges Involved in Rendering CSR and Practising Business Ethics
Benefits of Combining CSR and Business Ethics
Cost of Practising CSR and Business Ethics
Strategies of Implementing CSR and Business Ethics
Tools of Communication of CSR and Business Ethics Performance
Trends in Practising CSR and Business Ethics
The Relationship between Corporate Social Responsibility (CSR) and Corporate Governance
Challenges Companies Face in Implementing CSR in Balancing Social, Economic, and Environmental Goals
CSR Provisions under the Companies Act,2013 (Section 135 Schedule - VII)
CSR Policy Rules
Review Questions
Index
Biographical note

Dr. K. Sundar is Former Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has contributed over 100 articles in national and international journals. He has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics, Business, Management and Auditing.

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