ACC311 Fundamentals of Auditing

July 2, 2022

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Download mid Term and final term Past papers, handouts & quiz of ACC311 (Fundamentals of Auditing)

some elements claimed in heading are under development, soon missing thing would be added on same page. keep this link save this page would be updated after each session with new material.

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TABLE OF CONTENTS
FUNDAMENTALS OF AUDITING (AN INTRODUCTION) …………………………………………………………………………………. 1
AUDITOR’S REPORT ………………………………………………………………………………………………………………………………………….. 3
ADVANTAGES & DISADVANTAGES OF AUDITING …………………………………………………………………………………………… 7
OBJECTIVES & GENERAL PRINCIPLES OF FINANCIAL STATEMENT’S AUDIT …………………………………………….. 9
REASONABLE ASSURANCE ………………………………………………………………………………………………………………………………. 13
LEGAL CONSIDERATIONS REGARDING AUDITING ………………………………………………………………………………………. 15
RIGHTS, DUTIES AND LIABILITIES OF AUDITOR ………………………………………………………………………………………….. 19
LIABILITIES OF AN AUDITOR ………………………………………………………………………………………………………………………….. 21
BOOKS OF ACCOUNTS & FINANCIAL STATEMENTS ……………………………………………………………………………………… 23
STATUTORY REQUIREMENTS REGARDING COMPANY ACCOUNTS ……………………………………………………………. 36
UNDERSTANDING ENTITY, ITS ENVIRONMENT & RISKS OF MATERIAL MISSTATEMENT ……………………… 42
UNDERSTANDING ENTITY, ITS ENVIRONMENT & RISKS OF MATERIAL MISSTATEMENT (CONT) ………… 44
UNDERSTANDING ENTITY, ITS ENVIRONMENT & RISKS OF MATERIAL MISSTATEMENT (CONT.) ……….. 47
UNDERSTANDING ENTITY, ITS ENVIRONMENT & RISKS OF MATERIAL MISSTATEMENT (CONT..) ………. 50
UNDERSTANDING ENTITY, ITS ENVIRONMENT & RISKS OF MATERIAL MISSTATEMENT (CONT…) ……… 52
ASSIGNMENT ……………………………………………………………………………………………………………………………………………………. 57
DOCUMENTING THE INTERNAL CONTROL SYSTEM …………………………………………………………………………………… 58
EVALUATING THE INTERNAL CONTROL SYSTEM ……………………………………………………………………………………….. 63
INTERNAL CONTROL QUESTIONNAIRE ……………………………………………………………………………………………………….. 68
AUDIT TESTS …………………………………………………………………………………………………………………………………………………….. 74
SUBSTANTIVE PROCEDURES …………………………………………………………………………………………………………………………… 78
AUDIT EVIDENCE …………………………………………………………………………………………………………………………………………….. 82
SUFFICIENT APPROPRIATE AUDIT EVIDENCE ……………………………………………………………………………………………… 85
TESTING THE SALES SYSTEM ………………………………………………………………………………………………………………………….. 89
TESTING THE PURCHASES SYSTEM ……………………………………………………………………………………………………………….. 91
TESTING THE PURCHASES SYSTEM (CONTINUED) ……………………………………………………………………………………… 93
TESTING THE PAYROLL SYSTEM ……………………………………………………………………………………………………………………. 95
TESTING THE CASH SYSTEM …………………………………………………………………………………………………………………………… 97
TESTING THE CASH SYSTEM (CONTINUED) …………………………………………………………………………………………………. 99
TESTING OTHER SYSTEMS ……………………………………………………………………………………………………………………………. 101
TESTING THE NON-CURRENT ASSETS ………………………………………………………………………………………………………… 103
VERIFICATION APPROACH OF AUDIT ………………………………………………………………………………………………………….. 104
VERIFICATION OF ASSETS ……………………………………………………………………………………………………………………………… 108
LETTER OF REPRESENTATION (VERIFICATION OF LIABILITIES) ……………………………………………………………..111
VERIFICATION OF EQUITY ……………………………………………………………………………………………………………………………. 115
VERIFICATION OF BANK BALANCES …………………………………………………………………………………………………………….. 116
VERIFICATION OF STOCK IN TRADE AND STORE & SPARES ……………………………………………………………………… 120
AUDIT SAMPLING ……………………………………………………………………………………………………………………………………………. 122
STATISTICAL SAMPLING ………………………………………………………………………………………………………………………………… 125
INTERNAL AUDITING ……………………………………………………………………………………………………………………………………. 128
AUDIT PLANNING …………………………………………………………………………………………………………………………………………… 131
PLANNING AN AUDIT OF FINANCIAL STATEMENTS ………………………………………………………………………………….. 134
AUDIT PLANNING (ESTABLISHING OVERALL AUDIT STRATEGY) …………………………………………………………….. 137
AUDITOR’S REPORT ON A COMPLETE SET OF GENERAL PURPOSE FINANCIAL STATEMENTS …………….. 140
MODIFIED AUDITOR’S REPORT …………………………………………………………………………………………………………………….. 146

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ACC311 Mid Term Past papers
ACC311 Final Term Past papers
ACC311 Past papers MEGA FILE
ACC311 HANDOUTS

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