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SMART NOTES

AUDITING S.Y.B.Com. Sem – IV

Mumbai University

(As per the revised syllabus: 2017-18)

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Salient Features:

• Complete coverage of syllabus• Smart Codes to memorize answers• Includes additional information for better understanding• Includes Summary for long answers• Includes Model Question Paper

P.O. No. 187245TEID: 13262

© Target Publications Pvt. Ltd. No part of this book may be reproduced or transmitted in any form or by any means, C.D. ROM/Audio Video Cassettes or electronic, mechanical including photocopying; recording or by any information storage and retrieval system without permission in writing from the Publisher.

Printed at: Repro India Ltd., Mumbai

P.O. No. 00197TEID: 1309

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ONTENTSr. No. Particulars Page No. 1 Introduction to Auditing 1.1 to 1.41 2 Audit Planning, Procedures and Documentation 2.1 to 2.23

3 Audit Auditing Techniques and Internal

Introduction 3.1 to 3.42

4 Auditing Techniques Part 1 – Vouching 4.1 to 4.58 5 Auditing Techniques Part 2 – Verification 5.1 to 5.37 6 Chapter-wise objective questions 1 to 23 7 All distinguish compiled 24 to 30 8 Model Paper 31 to 33

Note: 1. There are only four modules as per the syllabus prescribed by the University. However, we

have broken the 4th modules into two chapters for clear demarcation between the two topics2. Any content given in boxes is only for your understanding and for better clarity.

Students are not expected to write it in any exam.

INDEX

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CHAPTER 3 AUDIT TECHNIQUES AND INTERNAL AUDIT INTRODUCTION

Question No.

Contents of the chapter R1 R2 R3 R4

1 Test checking – meaning, features and factors to be considered

2 Test checking – advantages, disadvantages, precautions3 Routine checking – meaning and features (NOT IN SYLLABUS)4 Audit sampling – meaning, purpose and methods of selecting

sample5 Factors determining sample size6 Evaluation of sample results and auditor’s liability in

conducting audit based on sample.7 Sampling risk8 Internal controls – meaning, advantages, review9 Auditor’s duties regarding internal control10 Inherent limitations of internal control11 Internal controls for the following:

A. Credit Sales & DebtorsB. Credit Purchases & CreditorsC. Salaries & Wages

12 Internal Audit – Features & Objectives13 Basic principles of establishing internal audit14 Evaluation of internal audit by statutory auditor15 Usefulness of internal audit

Note: R1, R2, R3, R4 refer to your 1st, 2nd,3rd and 4th reading of the syllabus. You can mark it with a tick as you study.

3.1

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3.2

CHAPTER 3- AUDIT TECHNIQUES AND INTERNAL AUDIT INTRODUCTION

S.Y.B.Com (Sem IV) - Auditing

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3.3

3 - Audit Techniques and Internal Audit Introduction

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