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Fundamentals of Auditing - ACC311 - VU Video Lectures

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What is an Audit? , Why is there a need for an audit? , Relationship between auditing and accounting, Financial Reporting Standards (IFRSs), Who can be an auditor?
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809 Views
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Auditor’s report, Types of audit, Financial statement of audits, Operational audits, Compliance audits.
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642 Views
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Advantages and disadvantages of auditing, Stages of auditing, Features of auditing profession.
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694 Views
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Objective of an Audit, General Principles of an Audit, International Standards on Auditing (ISAs), International Auditing Practice Statements (IAPSs), SCOPE OF AN AUDIT, Audit-Evidence Audit Risk and Materiality.
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What is reasonable assurance?, Reasonable assurance through audit evidence AUDIT RISK AND MATERIALITY, Responsibility for the Financial Statements.
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583 Views
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Audit Requirement, Appointment, Duties, Rights and Liabilities of Auditor, Remuneration of Auditors, Procedure for Change of Subsequent Auditors/ Removal of Auditors / Appointment of New Auditors, Change of Auditors, Checklist, Removal of Auditors, Qualification & Disqualification of Auditors.
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524 Views
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Powers/Rights of an Auditor,Duties of an Auditor,Reading and Inspection of Auditors,Signature & Date On Auditors,Audit of Cost Accounts,Auditors’ Liabilities.
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569 Views
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Auditors’ Liabilities,Civil Liabilities,Duty of care under contract Law,Breach of contract,Tort action of negligence,Jeb Fasteners v Marks Bloom (1980),How to minimize the liabilities.
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628 Views
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Books of Account to be Kept by Company,Accounting Cycle,Voucher,Books of Original Entry,Books of Secondary Entry,Financial Statement,Recording of Transactions from Source Documents,Source Documents,Recording in the Books,JOURNAL,Subdivision of Journal,SALES JOURNAL,Supporting Document,Purchase Order Reference No,Trade Discount,SettlementTerms, Entering the Transaction of Credit Sales in Sale Journal,Purchase Journal,Need for a Purchase Journal,Supporting Document,Entering the Transaction of Credit,Purchases in Purchase Journal, SalesReturnJournal(ReturnsInwardJournal), Supporting documents,Purchase return journal(Returns outward journal),Supporting document,Entering Transactions in Purchases Return Journal,Cash Book.
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495 Views
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Books of Account to be kept by Company,Annual Accounts and Balance Sheet,Contents of Balance Sheet,Balance Sheet,Statement of changes in equity,Treatment of Surplus Arising on Revaluation of Fixed Assets,Director’s Report,Balance Sheet of Holding Companies,Consolidated Financial Statements,Authentication of Balance Sheet,Additional Statement of Accounts and Reports, Auditor’s interest in the statutory books.
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Risk Assessment Procedures & Sources of Information(Inquiries of management and others within the entity,Analytical procedures and Observation and inspection),Discussion among the Audit Team.
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Understanding the Entity and Its Environment, including Its Internal,Control,Business Operations,Investments,Financing,Financial Reporting.
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RECAP, Sources of Obtaining Understanding,Risk Assessment Procedures & Sources of InInformation,Understanding the Entity and Its Environment, Including Its Internal Control,Objectives and Strategies and Related Business Risks,Business Risk is the risk that objectives and strategies would not be met.
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Measurement and Review of the Entity’s Financial Performance,Internal Control,Definition of internal control,Components of internal control.
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Components of Internal Control(The control environment,The entity’s risk assessment process The information system, including the related business processes relevant to financial reporting and communication,Control activities,Monitoring of controls),Assessing the Risk of Material Misstatement,Significant Risks that require Special Audit Considerations,Revision of Risk Assessment.
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Documenting The Internal Control System, Auditor’s Work On The Internal Control, Categories of Internal Control, Flowchart Of Purchase.
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Use of the major symbols in flow charts, Internal Control Questionnaire.
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Internal Control Questionnaire, Construction of an ICQ, Internal Control Evaluation Checklists.
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489 Views
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Audit Tests, Audit Evidence Through Audit Procedures, Considering The Nature, Timing And Extent Of Audit Procedures, Extent Of Tests Of Controls.
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540 Views
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Substantive Procedures, Types of Substantive Procedures, Nature of Substantive Procedures, Timing of Substantive Procedures, Audit Procedures for obtaining Audit Evidence.
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Audit Evidence, Sufficient Appropriate Audit Evidence, Audit Procedures For Obtaining Audit Evidence.
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429 Views
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Sufficient Appropriate Audit Evidence And Testing The Sales System, Audit Procedures For Obtaining Audit Evidence, Testing The Sales System, Control Procedures Over Sales And Debtors.
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482 Views
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Control Procedures over Sales and Debtors.
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Testing The Purchases System, Control Procedures Over Purchases And Payables.
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420 Views
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Testing The Purchases System, Control Objectives.
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482 Views
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Testing The Payroll System, Control Procedures - Wages And Salaries, Tests of Controls - Wages and Salaries.
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470 Views
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Testing The Cash System, Controls Over Cash Receipts By Post, Controls Over Cash Sales.
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439 Views
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Testing The Cash System, Controls over Cheque Payments, Controls over Petty Cash.
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748 Views
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Testing Other Systems, Control Procedures over Inventory.
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453 Views
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Testing The Non-Current Assets, Control Procedures over Non Current Assets, Tests Of Controls.
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381 Views
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Verification Approach Of Audit, Audit Verification Techniques, Assertions In Obtaining Audit Evidence, The Timing of Audit Procedures, Substantive Procedures.
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427 Views
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Verification Of Assets, Verification Methods, Existence and Ownership.
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412 Views
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Letter Of Representation Verification Of Liabilities, Example Of A Letter Of Representation.
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416 Views
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Verification Of Equity, Movement In Share Capital Is Properly Authorized And Correctly Shown And Described In Accordance With The Companies Ordinance, 1984.
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394 Views
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Verification Of Bank Balances, Letter Of Confirmation From Bank, Standard Request For Bank Report For Audit Purposes. Verification of Debtors Balances, Methods Of Obtaining Debtors Confirmation.
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433 Views
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Verification Of Stock-In-Trade And Store & Spares, Verification Of Certain Expenses Items.
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449 Views
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Audit Sampling, Approaches To Audit Sampling, Audit Materiality And Risk.
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456 Views
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Statistical Sampling, Sample Selection Methods.
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391 Views
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Considering The Work Of Internal Auditing, Scope And Objectives, Liaison And Coordination.
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Audit Planning, Audit Engagement Letter, Terms Of Audit Engagements, Example Of An Audit Engagement Letter.
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Planning An Audit Of Financial Statements, The Audit Plan, Changes to Planning Decisions during the Course of the Audit.
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Audits Of Small Entities, Additional Considerations In Initial Audit Engagements, Examples Of Matters The Auditor.
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424 Views
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Auditor’s Report On A Complete Set Of General Purpose Financialstatements, Forming an Opinion on the Financial Statements, Elements Of The Auditor’s Report, Auditor’s Responsibility.
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508 Views
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Modified Auditor’s Report, Modifications To The Auditor’s Report.