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Training Material of Audit

Training Material of Audit

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Published by Naeem Uddin
Training Material of Audit
Training Material of Audit

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Categories:Business/Law
Published by: Naeem Uddin on Feb 06, 2009
Copyright:Attribution Non-commercial

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11/28/2012

 
AUDIT OF LISTED COMPANIES
COURSE OUTLINE
1.LISTED COMPANY - DEFINITION2.DISCLOSURE REQUIREMENTS AS PER FOURTH SCHEDULE TO THECOMPANIES ORDINANCE, 1984.3.CODE OF CORPORATE GOVERNANCE4.INTERNATIONAL ACCOUNTING STANDARDS AS APPLICABLE INPAKISTAN.5.INTERNATIONAL STANDARDS ON AUDITING AS ADOPTED BY ICAP.6.INTERPRETATIONS OF INTERNATIONAL ACCOUNTING STANDARDSISSUED BY STANDING INTERPRETATIONS COMMITTEE (S.I.C.)7.RELATED SERVICES / INTERNATIONAL AUDITING PRACTICESTATEMENTS.8.ACCOUNTING TECHNICAL RELEASES ISSUED BY ICAP.9.AUDITING TECHNICAL RELEASES ISSUED BY ICAP.10.STATEMENTS OF STANDARD AUDITING PRACTICES.11.STATEMENT OF STANDARD ACCOUNTING PRACTICES.12.ACCOUNTS COMPLETION CHECK LIST.13.AUDIT COMPLETION CHECKLIST.14.SUBSEQUENT EVENTS REVIEW CHECKLIST.15.GOING CONCERN REVIEW CHECKLIST.
Cont’d P/G 2
 
(-2-)
AUDIT OF LISTED COMPANIES
2.FOURTH SCHEDULE TO THE COMPANIES ORDINANCE,1984.
(Text of the fourth schedule is annexed)
-Balance Sheet
The assets and liabilities shall be classified in the following order :-i)Fixed Assets.ii)Long Term Investments.iii)Long Term Loans and Advances.iv)Long Term Deposits, Prepayments and Deferred Costs.v)Current Assets.vi)Share Capital and Reserves.vii)Surplus on Revaluation of Fixed Assets.viii)Redeemable Capital.ix)Debentures and Long Term Loans.x)Liabilities against Assets Subject to Finance Lease.xi)Deferred Liabilities.xii)Long Term Deposits.xiii)Current Liabilities.xiv)Contingencies and Commitments.
-Profit & Loss Account
The income and expenditure shall be disclosed in the following order:i)The gross turnover and deductions therefrom in respect of commission, brokerage, discount.income from various sources.ii)Value of stock in trade as at the commencement and end of the financialyear.iii)Expenditure on*Stores and spares consumed.*Fuel and power.*Salaries, wages and benefits.*Rent, rates & taxes.*Insurance.*Repairs & maintenance.*Patents, copyrights, trade marks, designs, royalties and technicalassistance.iv)Auditors remuneration.v)Other expenses.vi)Amount provided for depreciation.vii)Various losses / expenditure including taxation.vii)Proposed dividend.
Cont’d P/G 3
(-3-)
 
3)CODE OF CORPORATE GOVERNANCE
(Text of the code is annexed)The Securities and Exchange Commission of Pakistan for the purpose of establishinga framework of good corporate governance, directed the Stock Exchanges to insertinto their listing regulations the Code of Corporate Governance (The Code).The Code deals with following issues / areas :-Qualification and eligibility to act as a director.-Tenure of office of directors.-Responsibilities, powers and functions of Board of Directors.-Meetings of the Board of Directors.-Significant issues to be placed for decision by the Board of Directors.-Orientation Courses for Directors.-Chief Financial Officer (CFO) and Company Secretary-Appointment and approval.-Qualification.-Requirement to attend board meetings.-The Director's report to shareholders.-Frequency of financial reporting.-Responsibility for financial reporting and corporate compliance.-Auditors not to hold shares.-Audit Committee.-Composition.-Frequency of meetings.-Attendance at meetings.-Terms of reference.-Reporting procedure.-Internal Audit.
Cont’d P/G 4(-4-)
4)INTERNATIONAL ACCOUNTING STANDARDS ASAPPLICABLE IN PAKISTAN
ISA-1Presentation of Financial Statements

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