BFC 3228: PRINCIPLES OF AUDITING [45 LH]

PURPOSE OF THE COURSE

To equip the learner with knowledge on auditing and its application in public and private organizations.

EXPECTED LEARNING OUTCOMES

By the end of the course the learner should be able to:-

  1. Prepare various audit reports
  2. Analyze the environment under which auditing is carried out
  3. Evaluate the laws governing audit practice
  4. Perform the audit planning and design control processes
  5. Evaluate the effect of information technology on auditing.

COURSE CONTENT

Nature and purpose of auditing, essence of auditing, objectives of auditing, types of audits, comparing auditing with accounting and investigations, users of Audited financial reports; Frauds and Errors, role of an auditor with regard to frauds and errors; Professional and Legal Requirement of an Auditor, Appointment, Engagement letter, Qualifications, Rights and Duties, Removal of Auditors, Legal Liability of Auditors, Audit Independence; Role of Auditing Standards and Guidelines; Audit Planning, Controlling and Recording, Audit Working Papers, Planning Procedures of an Audit, Audit Programmes and Control, Permanent and Temporary Audit Files; Internal Control Systems, meaning, objectives, limitations, The Audit risk model, Internal control procedures and controls; Audit Evidence, Nature and Sources of Audit Evidence, Methods of Obtaining Audit Evidence, Management Representations, Audit sampling; Audit Testing, Income Statement, Balance Sheet, Liability Verification, Record vouching; Introduction to Auditing in a Computerized Accounting Environment, Auditing with the Computer, Auditing around the Computer, Auditing Through the Computer, Internal Controls in a Computerized Accounting Environment, Audit Reports, Contents of an  Audit Report, Types of Audit Reports.