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Audit Procedure

Audit Procedure

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Published by umair
PH: +923157532007
This documents discuss whole process abd procedures of audit with detail, for any query reader can call Umair Ahmed on above number
PH: +923157532007
This documents discuss whole process abd procedures of audit with detail, for any query reader can call Umair Ahmed on above number

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Published by: umair on May 22, 2010
Copyright:Attribution Non-commercial

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06/01/2014

 
I
TABLE OF CONTENTS
Description Page No.1.
 
Techniques Of Auditing 1
1.1 Ticking 11.2 Casting 11.3 Calling Over 11.4 Vouching 11.5 Verification 1
2. Procedures Affecting Audit 1
2.1 Compliance Procedures 12.2 Substantive Procedures 12.3 Analytical Procedures 1
3. Conduct Of Audit 2
3.1 Continuous Audit 23.2 Internal Audit 23.3 Interim Audit 23.4 Final Audit 2
4. Terms Of Audit Engagement 3
4.1 Introduction 34.2 Audit Engagement Letters 34.3 Principal Contents 34.4 Audits of Components 34.5 Recurring Audits 34.6 Acceptance of a Change in Engagement 4
5. Using the Work of Another Auditor 4
5.1 Introduction 45.2 Acceptance as Principal auditor 4
5.3 The Principal Auditor’s Procedures
55.4 Cooperation b/w auditors 5
6. Using the Work of An Expert 5
6.1 Introduction 56.2 Requirements 56.3 Understanding The Group 6
7. Organizational Setup of An audit Office 68. Commencement of a New Audit 7
8.1 Appointment 78.2 Document 78.3 Prospectus 78.4 Minute Books 7
 
II
8.5 contract 78.6 Technical Operations 88.7 List of Books 88.8 System of Accounting 88.9 Internal Check 88.10 Previous years Audited Accounts and Reports 88.11 Audit Repots 8
9. Audit Programme 8
9.1 Preparation 8
10. Audit Notebook
910.1 Audit Programme 910.2 Audit Review Notes 910.3 Audit Queries 910.4 Important Balances 9
11. Audit Working Papers
9
 
- 1 -
1-Techniques of Auditing
1.1-Ticking
Ticking indicates the placing of a mark against an entry in the book to denote that ithas been examined by the auditor for a certain purpose. To ensure consistency, mostof the good auditors use a tick chart which is required to be learnt by the heart by allthe members of the audit staff.
1.2-Casting
Casting refers to the checking of additions of books accounts and financial statements.It is essential that arithmetical accuracy be checked so that frauds or errors (if any)may be detected. This job is normally done by the junior member of audit staff.
1.3-Calling-over
A sizable part of the work of audit consistent of the comparison of entries in two ormore books or of an entry in a book with its supporting evidence.
1.4-Vouching
The function of the voucher is to authenticate an entry and the auditor must satisfyhimself that it does exist. It must correspond in date and account to the entry in thebooks.
1.5-Verification
When an auditor has vouched the entries appearing in the books of account, his dutyis not thereby fully discharged. If appointed for audit under the Act, he has to reportwhether or not financial statements present true and correct view to the state of thecompany.
1.6-Reporting
After the above steps have been performed, the auditor will then be required to submithis report.
2-Procedures Affecting Audit
2.1-Compliance procedures
These tests are designed to obtain reasonable assurance that those internal controls onwhich audit reliance is to be placed are in effect.
2.2-Substantive Procedures
These are designed to obtain evidence as to the completeness, accuracy and validity of the data produced by the accounting system.
2.3-Analytical Procedures
These are used to describe the analysis of significant ratios and trends includinginvestigation of unusual fluctuations and items.

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