The Principles and Practice of Auditing

The auditing environment: Introduction to the origins and history of auditing; nature and objectives of assurance engagements; regulation and professional responsibilities of the registered auditor. The auditing profession and the auditor: The audit process, approach, quality control and fraud considerations in an audit of historical financial information; audit planning; audit evidence - fundamental concepts; audit evidence - audit sampling and other means of testing; audit documentation and working paper files. Audit testing methodology: Understanding the entity and its environment and assessing the risks of material misstatement; internal control; understanding internal control; part b: control evaluation and tests of controls; detection risk and the design of substantive tests. Audit of classes of transactions and balances: Auditing revenue transactions and balances; auditing expenditure transactions and balances; auditing production/inventory transactions and balances; auditing human resources, payroll transactions and balances; auditing investing and financing, transactions and balances; auditing investment and cash transactions and balances. Completing the audit, reporting and other assurance services: Audit completion and the auditor's report on annual financial statements; other engagements and reporting issues; audit of group financial statements; corporate governance.