Basics of Auditing A Complete Study
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Basics of Auditing A Complete Study

Learn the fundamentals of auditing to excel in accounting and auditing career
4.3 (14 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
4,136 students enrolled
Last updated 9/2017
English
Price: $25
30-Day Money-Back Guarantee
Includes:
  • 5.5 hours on-demand video
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand Meaning of Audit
  • Understand Principal aspects of Audit
  • Understand Benefits of Auditing
View Curriculum
Requirements
  • Basics of Accounting
  • Basics of Financial Statements
Description

Are you an Accounting or Finance Professional?

Are you an Accounting or Finance Student planning a career in either of the fields?

Are you a Professional Course Student planning career as Auditor?

Then this course is for you.

Welcome to Basics of Auditing A Complete Study

The basic purpose of Auditing is to confirm the authenticity of Books of Accounts prepared by an accountant.

So, the auditing begins, where the function of an accountant ends.Auditing is done to determine the true and fair picture of accounts examining the books of accounts with supporting documents.

Auditing provides lots of benefits like Verification of Books of Accounts, Independent Opinion, Moral Check, Protection of the Rights and Interests of Share holders, Reliance by Outsiders, Ensures compliance with level requirements & Strengthens Internal Control.

Hence, by taking this course, you will learn

i) Evolution, Meaning, Features, Objectives, Principal aspects, Benefits and Limitations  of Auditing

ii) Audit Process

iii) Audit Engagement Terms

iv) Audit Planning

v) Audit Sampling

vi) Audit Working Papers

vii) Auditors Independence

viii) External Confirmation

ix) Verification of Assets

x) Verification of Liabilities

xi) Special Audits covering Educational Institutions, Hospital, Cinema Halls, Charitable Institutions, Club, Hotels, Local Bodies, etc.)

This course is structured in Self paced learning style.

You may find accounting terminologies used in this course. Hence, you should have Basic knowledge of Accounting.

Advanced auditing tools and concepts will be launched as separate courses in the due course.

Who is the target audience?
  • Accounting / Finance Professionals
  • Accounting / Finance Students
  • CA / CMA / CS / CFA / CPA / CIMA Students
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Curriculum For This Course
110 Lectures
05:48:33
+
Introduction
9 Lectures 31:47

Purpose of Auditing
02:54

Evolution of Auditing
03:44

Meaning of Auditing
03:12

Features of Auditing
03:10

Objectives of Auditing
03:54

Principal aspects of Auditing
05:49

Benefits of Auditing
04:24

Limitations of Auditing
02:39
+
Audit Process
2 Lectures 09:32

Audit Process in three stages
04:14
+
Agreeing Terms of Audit Engagement
6 Lectures 25:40
Acceptance of Audit Engagement
07:43

Agreement on Audit Engagement Terms
03:42

Changes in Audit Engagement Terms
01:27

Audit Report prescribed by Law or Regulation
01:34

Audit Engagement Letter
09:26

+
Audit Planning
9 Lectures 25:34
Audit Planning
04:18

Description of certain items in Audit Plan
02:17

Knowledge of Client's Business
02:42

Development of an Overall Audit Plan
02:55

Developing the Audit Program
02:17

Advantages and Disadvantages of Audit Program
03:36

How to conduct systematic audit?
01:25

Classification of Audit According to Time of Assurance
04:56

Overcome Limitations of Continuous Audit
01:08
+
Audit Sampling
8 Lectures 27:45
Basics of Test Checking or Sampling
02:28

Judgemental Sample
01:38

Statistical Sampling
00:46

Random Sampling and Systematic Sampling
06:27

Factors affecting size of Sample
04:22

Difference between Test Checking & Routine Checking
01:35

SA 530 Audit Sampling
09:02

Surprise Check
01:27
+
Audit Working Papers
6 Lectures 12:51

Working Paper Files
01:25

Audit Note Book
01:18

Advantages of Working Papers
01:17

Access of Working Papers by others
01:52

Audit Documentation SA 230
05:09
+
Auditors Independence
17 Lectures 56:03
Concept of Auditors Independence Part 1
05:00

Concept of Auditors Independence Part 2
03:46

Persons disqualified for Appointment as Auditor of Company as per Companies Act
12:45

Independence vis-à-vis Indebtedness of Auditor
01:55

Introduction to Audit Evidence
03:10

Introduction to Sufficiency and Appropriateness of Audit Evidence
03:17

Sufficiency of Audit Evidence
02:53

Appropriateness of Audit Evidence
01:30

Sources of Audit Evidence
01:12

Audit Procedures to obtain Audit Evidence
01:06

Risk Assessment and Nature and Timing of Audit Procedures
01:39

Audit Procedures to obtain Audit Evidence Detailed Explanation
06:54

Tests of Controls
03:58

Timing of Tests of Control
00:52

Using Audit Evidence obtained in Previous Audits
01:40

Evaluating the operating effectiveness of controls
01:16

Substantive Procedures
03:10
+
External Confirmation
6 Lectures 17:03
What is External Confirmation?
03:09

Reliability of External Response
03:28

Positive and Negative Confirmation Request
06:05

No Response to Positive Confirmation
01:16

How to handle exceptions in Confirmation request?
01:40

Third party confirmation cases
01:25
+
Vouching
2 Lectures 12:37

General Consideration in Audit of Cash Transactions
06:42
+
Verification of Assets
25 Lectures 01:02:26

Difference between Verification and Vouching
03:59

Objectives of Verification
01:54

Verification of Building
02:08

Verification of Freehold land
01:14

Verification of Leasehold Property
00:51

Verification of Plant and Machinery
01:41

Verification of Furniture and Fixture
01:36

Verification of Small Tools
01:03

Verification of Patents
01:03

Verification of Copy Right, Trade Mark and Goodwill
02:01

Verification of Debtors
04:29

Verfication of Cash at Bank and in Hand
02:57

Verification of Petty Cash
01:36

Verification of Inventories
02:10

Verification of Stocks Lying with Third Parties
00:58

Verification of Bills Receivables
00:44

Verification of Prepaid Expenses
00:53

Verification of Sinking Fund Policies
00:46

Capital Expenditure and Revenue Expenditure
07:00


Purpose of Providing Depreciation
08:36

Depreciation on Wasting Assets
02:25

Methods of Providing Depreciation
02:34

Factors to be considered in Selecting Depreciation Policy
04:26
2 More Sections
About the Instructor
CA Raja Natarajan, B.Com., PGDBA, FCA
4.1 Average rating
1,102 Reviews
37,966 Students
79 Courses
Chartered Accountant

I am a Chartered Accountant with tonnes of passion for teaching.

I teach Financial Management & Strategic Financial Management for Chartered Accountancy, Cost and Management Accountancy and Company Secretary students in Ernakulam, India. I also hold Post Graduate Diploma in Business Administration in Finance from Symbiosis, Pune and Bachelors in Commerce, from Loyola College, Chennai.

I worked in State Bank of India as Assistant Vice President - Credit for a period of four years after which i started my Chartered Accountancy Practice. During the stint in State Bank of India, I worked on credit proposals of Mid Corporate Units and gained good experience in Financial Analysis, Risk Assessment, Viability Study, Evaluating business models, Project Finance, Working Capital Management, etc.

I conduct work shops for Entrepreneurs, Chartered Accountancy / Cost and Management Accountancy Students on the topics like Project Finance, Credit Risk Assessment, Entrepreneurship Development, Finance for Non Finance Executives, etc.

I love teaching and i want fundamentals of accounting and finance to reach students and so i am here.