Fundamentals of Auditing |
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AN INTRODUCTION
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AUDITORS’ REPORT
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Advantages and Disadvantages of Auditing
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OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS
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What is Reasonable Assurance
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LEGAL CONSIDERATION REGARDING AUDITING
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Appointment, Duties, Rights and Liabilities of Auditor
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LIABILITIES OF AN AUDITOR
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BOOKS OF ACCOUNT & FINANCIAL STATEMENTS
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Contents of Balance Sheet
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ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT
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Business Operations
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Risk Assessment Procedures & Sources of Information
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Measurement and Review of the Entity’s Financial Performance
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Definition & Components of Internal Control
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Auditing ASSIGNMENT
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Benefits of Internal Control to the entity
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Flow Charts and Internal Control Questionnaires
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Construction of an ICQ
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Audit evidence through Audit Procedures
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SUBSTANTIVE PROCEDURES
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Concept of Audit Evidence
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SUFFICIENT APPROPRIATE AUDIT EVIDENCE AND TESTING THE SALES SYSTEM
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Control Procedures over Sales and Debtors
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Control Procedures over Purchases and Payables
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TESTING THE PURCHASES SYSTEM
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TESTING THE PAYROLL SYSTEM
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TESTING THE CASH SYSTEM
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Controls over Banking of Receipts
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Control Procedures over Inventory
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TESTING THE NON-CURRENT ASSETS
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VERIFICATION APPROACH OF AUDIT
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VERIFICATION OF ASSETS
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LETTER OF REPRESENTATION VERIFICATION OF LIABILITIES
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VERIFICATION OF EQUITY
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VERIFICATION OF BANK BALANCES
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VERIFICATION OF STOCK-IN-TRADE AND STORE & SPARES
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AUDIT SAMPLING
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STATISTICAL SAMPLING
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CONSIDERING THE WORK OF INTERNAL AUDITING
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AUDIT PLANNING
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PLANNING AN AUDIT OF FINANCIAL STATEMENTS
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Audits of Small Entities
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AUDITOR’S REPORT ON A COMPLETE SET OF GENERAL PURPOSE FINANCIALSTATEMENTS
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MODIFIED AUDITOR’S REPORT
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