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Practical Auditing 2e
Practical Auditing 2e
ISBN 9789393665621
 Publication Date

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Description

Table of contents

Biographical note

User Reviews

This book Practical Auditing presents concepts in a simple fashion and is structured to help students understand the subject with ease. Designed to address the syllabi requirements of all Universities, it broadly covers the fundamentals and advanced concepts in Auditing.

Features

- Comprehensive coverage

- Simple and easy-to-understand text

- Includes coverage of emerging areas of Auditing, Auditing of Public Companies, Special Institutions and EDP Auditing

- Pedagogy rich: Chapter objectives, tabular presentations, snapshot of content, end-of-chapter review questions, MCQs and other objective type questions

Highlights of second edition

- A new chapter titled Audit and Accounting Standards has been added to address the syllabi requirements in full measure

- An elaborate write-up on Appointment of Auditors has been included

- Necessary changes and provisions as per the latest rules and regulations of Companies Act, 2013 have been incorporated throughout the text

  • Cover
  • Halftitle Page
  • Title Page
  • Copyright Page
  • 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 TECHNIQUES AND PROCEDURE OF AUDITING
    • Introduction
    • Techniques of Auditing
    • Distinction between Audit Principles and Techniques of Auditing
    • Auditing Procedures
    • 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 PREPARATION FOR AUDIT
    • Introduction
    • Preliminary Preparation
    • Audit Programme
    • Audit Notebook
    • Audit Working Papers
    • Audit Planning
    • Audit Manual
    • Audit Memorandum
    • Review Questions
  • CHAPTER 6 AUDIT ENGAGEMENT
    • Introduction
    • Engagement of an Auditor for Audit Work
    • Engagement of an Auditor for Compilation of Financial Information
    • Engagement of an Auditor for Performance of Agreed upon Procedure
    • Considerations at the Commencement of New Audit
    • Review Questions
  • CHAPTER 7 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 8 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 9 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 10 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 11 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 12 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 13 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 14 VERIFICATION OF LIABILITIES
    • Introduction
    • Meaning
    • Verification of Share Capital
    • Debentures
    • Secured Long-term Loans
    • Verification of Current Liabilities Sundry Creditors
    • Bills Payable
    • Bank Overdraft/Loans
    • Outstanding Liabilities for Expenses
    • Provision for Taxation
    • Proposed Dividend
    • Income Received in Advance
    • Employees Deposit
    • Contingent Liabilities
    • Bills Discounted but Not Matured
    • Uncalled Capital
    • Guarantee
    • Law Suit
    • Arrears of Cumulative Dividend
    • Review Questions
  • CHAPTER 15 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 16 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 17 PROFESSIONAL ETHICS AND MISCONDUCT
    • Introduction
    • National Federation of Association
    • The Chartered Accountants Act 1949 (ICAI)
    • Review Questions
  • CHAPTER 18 DEPRECIATION
    • Introduction
    • Definition
    • Auditing: Principles and Practice
    • Characteristics of Depreciation
    • Explanation to Certain ‘Terms’
    • Causes of Depreciation
    • Factors Influencing the Determination of Depreciation
    • Different Methods of Charging Depreciation
    • Duties of an Auditor in Connection with Depreciation
    • Review Questions
  • CHAPTER 19 RESERVES AND PROVISIONS
    • Introduction
    • Definitions: ‘Reserves’
    • Features of Reserves
    • Classification of Reserves
    • Review Questions
  • CHAPTER 20 SPECIAL CONSIDERATIONS IN A COMPANY AUDIT
    • Introduction
    • Preliminaries before Commencing the Audit of a Company or Special Considerations in a Company Audit
    • Inspection of Company Documents
    • Inspection of Books and Registers
    • Inspection of Minutes of Meeting Sec. 193
    • Inspection of Contracts
    • Scrutiny of Previous Year’s Financial Statement
    • Other Information
    • Review Questions
  • CHAPTER 21 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 22 AUDIT OF DEBENTURES AND DIVIDENDS
    • Introduction
    • Audit of Debentures
    • Audit of Investments
    • Audit of Preliminary Expenses
    • Audit of Underwriting Commission and Brokerage
    • Audit of Contracts with Director
    • Audit of Managerial Remuneration
    • Audit of Dividends
    • Payment of ‘Interest Out of Capital’
    • Payment of Dividend Out of Capital
    • Payment of Dividend Out of Capital Profit
    • Review Questions
  • CHAPTER 23 CONTINGENCIES AND EVENTS AFTER BALANCE SHEET DATE
    • Contingencies - Introduction
    • Meaning
    • Sources of Estimate
    • Accounting Treatment of ‘Contingent Loss’
    • Contingent Gains
    • Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (AS5)
    • Changes in the Accounting Policies
    • Review Questions
  • CHAPTER 24 PRESENTATION OF FINANCIAL STATEMENTS
    • Introduction
    • Legal Provisions Pertaining to Final Account
    • Details of Items Shown as Liabilities
    • Details of Items Shown as Assets
    • Note to Accounts
    • Details of Foreign Exchange Earnings
    • Review Questions
  • CHAPTER 25 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 26 INVESTIGATION
    • Introduction
    • Characteristics of Investigation
    • Duties of Investigator/Principle of Investigation
    • Purpose of Investigation
    • Process of Conducting Investigation by Central Government
    • Contents of the Report
    • Types of Investigation
    • Review Questions
  • CHAPTER 27 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 28 EMERGING AREAS OF AUDITING
    • Introduction
    • Cost Audit
    • Management Audit
    • Human Resources (HR) Audit
    • Social Audit
    • Environmental Audit
    • Operational Audit
    • Tax Audit
    • Energy Audit
    • Marketing Audit
    • Forensic Audit
    • Proprietary Audit
    • Intangible Audit
    • Review Questions
  • CHAPTER 29 AUDITING OF PUBLIC (GOVERNMENT) ACCOUNTS
    • Introduction
    • Government Audit
    • The Position and Functions of the Comptroller and Auditor General of India
    • Duties of Accountant General
    • Review Questions
  • CHAPTER 30 AUDIT IN 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
    • Review Questions
  • CHAPTER 31 LEGAL DECISIONS RELATING TO AUDITING
  • CHAPTER 32 AUDIT AND ACCOUNTING STANDARDS
    • Secretarial Audit
    • Standards of Audit on Internal Audit
    • Accounting Standards
    • Auditing Standards
    • Role of National Financial Reporting Authority (NFRA)
    • Concurrent Audit
    • Stock Audit
    • CAG - Audit
    • Review Questions
  • Glossary
  • Index

Dr. K. Sundar is Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics and Entrepreneurship Development.

Mr. K. Paari is a Chartered Accountant and Information System Auditor from ICAI. He was Junior Manager in Finance & Accounts section in SAIL, Bokaro. He had served as an audit manager in reputed audit firms such as Fraser & Ross, Batliboi & Co, Al Dobowi LLC, Dubai. Later on he started his own private practice in Chennai in 1997.  

Rating
S
Sathya Raj O
Reviewed on
k
Description

This book Practical Auditing presents concepts in a simple fashion and is structured to help students understand the subject with ease. Designed to address the syllabi requirements of all Universities, it broadly covers the fundamentals and advanced concepts in Auditing.

Features

- Comprehensive coverage

- Simple and easy-to-understand text

- Includes coverage of emerging areas of Auditing, Auditing of Public Companies, Special Institutions and EDP Auditing

- Pedagogy rich: Chapter objectives, tabular presentations, snapshot of content, end-of-chapter review questions, MCQs and other objective type questions

Highlights of second edition

- A new chapter titled Audit and Accounting Standards has been added to address the syllabi requirements in full measure

- An elaborate write-up on Appointment of Auditors has been included

- Necessary changes and provisions as per the latest rules and regulations of Companies Act, 2013 have been incorporated throughout the text

Table of contents
  • Cover
  • Halftitle Page
  • Title Page
  • Copyright Page
  • 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 TECHNIQUES AND PROCEDURE OF AUDITING
    • Introduction
    • Techniques of Auditing
    • Distinction between Audit Principles and Techniques of Auditing
    • Auditing Procedures
    • 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 PREPARATION FOR AUDIT
    • Introduction
    • Preliminary Preparation
    • Audit Programme
    • Audit Notebook
    • Audit Working Papers
    • Audit Planning
    • Audit Manual
    • Audit Memorandum
    • Review Questions
  • CHAPTER 6 AUDIT ENGAGEMENT
    • Introduction
    • Engagement of an Auditor for Audit Work
    • Engagement of an Auditor for Compilation of Financial Information
    • Engagement of an Auditor for Performance of Agreed upon Procedure
    • Considerations at the Commencement of New Audit
    • Review Questions
  • CHAPTER 7 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 8 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 9 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 10 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 11 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 12 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 13 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 14 VERIFICATION OF LIABILITIES
    • Introduction
    • Meaning
    • Verification of Share Capital
    • Debentures
    • Secured Long-term Loans
    • Verification of Current Liabilities Sundry Creditors
    • Bills Payable
    • Bank Overdraft/Loans
    • Outstanding Liabilities for Expenses
    • Provision for Taxation
    • Proposed Dividend
    • Income Received in Advance
    • Employees Deposit
    • Contingent Liabilities
    • Bills Discounted but Not Matured
    • Uncalled Capital
    • Guarantee
    • Law Suit
    • Arrears of Cumulative Dividend
    • Review Questions
  • CHAPTER 15 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 16 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 17 PROFESSIONAL ETHICS AND MISCONDUCT
    • Introduction
    • National Federation of Association
    • The Chartered Accountants Act 1949 (ICAI)
    • Review Questions
  • CHAPTER 18 DEPRECIATION
    • Introduction
    • Definition
    • Auditing: Principles and Practice
    • Characteristics of Depreciation
    • Explanation to Certain ‘Terms’
    • Causes of Depreciation
    • Factors Influencing the Determination of Depreciation
    • Different Methods of Charging Depreciation
    • Duties of an Auditor in Connection with Depreciation
    • Review Questions
  • CHAPTER 19 RESERVES AND PROVISIONS
    • Introduction
    • Definitions: ‘Reserves’
    • Features of Reserves
    • Classification of Reserves
    • Review Questions
  • CHAPTER 20 SPECIAL CONSIDERATIONS IN A COMPANY AUDIT
    • Introduction
    • Preliminaries before Commencing the Audit of a Company or Special Considerations in a Company Audit
    • Inspection of Company Documents
    • Inspection of Books and Registers
    • Inspection of Minutes of Meeting Sec. 193
    • Inspection of Contracts
    • Scrutiny of Previous Year’s Financial Statement
    • Other Information
    • Review Questions
  • CHAPTER 21 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 22 AUDIT OF DEBENTURES AND DIVIDENDS
    • Introduction
    • Audit of Debentures
    • Audit of Investments
    • Audit of Preliminary Expenses
    • Audit of Underwriting Commission and Brokerage
    • Audit of Contracts with Director
    • Audit of Managerial Remuneration
    • Audit of Dividends
    • Payment of ‘Interest Out of Capital’
    • Payment of Dividend Out of Capital
    • Payment of Dividend Out of Capital Profit
    • Review Questions
  • CHAPTER 23 CONTINGENCIES AND EVENTS AFTER BALANCE SHEET DATE
    • Contingencies - Introduction
    • Meaning
    • Sources of Estimate
    • Accounting Treatment of ‘Contingent Loss’
    • Contingent Gains
    • Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (AS5)
    • Changes in the Accounting Policies
    • Review Questions
  • CHAPTER 24 PRESENTATION OF FINANCIAL STATEMENTS
    • Introduction
    • Legal Provisions Pertaining to Final Account
    • Details of Items Shown as Liabilities
    • Details of Items Shown as Assets
    • Note to Accounts
    • Details of Foreign Exchange Earnings
    • Review Questions
  • CHAPTER 25 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 26 INVESTIGATION
    • Introduction
    • Characteristics of Investigation
    • Duties of Investigator/Principle of Investigation
    • Purpose of Investigation
    • Process of Conducting Investigation by Central Government
    • Contents of the Report
    • Types of Investigation
    • Review Questions
  • CHAPTER 27 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 28 EMERGING AREAS OF AUDITING
    • Introduction
    • Cost Audit
    • Management Audit
    • Human Resources (HR) Audit
    • Social Audit
    • Environmental Audit
    • Operational Audit
    • Tax Audit
    • Energy Audit
    • Marketing Audit
    • Forensic Audit
    • Proprietary Audit
    • Intangible Audit
    • Review Questions
  • CHAPTER 29 AUDITING OF PUBLIC (GOVERNMENT) ACCOUNTS
    • Introduction
    • Government Audit
    • The Position and Functions of the Comptroller and Auditor General of India
    • Duties of Accountant General
    • Review Questions
  • CHAPTER 30 AUDIT IN 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
    • Review Questions
  • CHAPTER 31 LEGAL DECISIONS RELATING TO AUDITING
  • CHAPTER 32 AUDIT AND ACCOUNTING STANDARDS
    • Secretarial Audit
    • Standards of Audit on Internal Audit
    • Accounting Standards
    • Auditing Standards
    • Role of National Financial Reporting Authority (NFRA)
    • Concurrent Audit
    • Stock Audit
    • CAG - Audit
    • Review Questions
  • Glossary
  • Index
Biographical note

Dr. K. Sundar is Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics and Entrepreneurship Development.

Mr. K. Paari is a Chartered Accountant and Information System Auditor from ICAI. He was Junior Manager in Finance & Accounts section in SAIL, Bokaro. He had served as an audit manager in reputed audit firms such as Fraser & Ross, Batliboi & Co, Al Dobowi LLC, Dubai. Later on he started his own private practice in Chennai in 1997.  

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Rating
S
Sathya Raj O
Reviewed on
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