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Sub Topics
452
MCQs
248
MCOs
348
True/False
198
Fill Blanks
70
Rearrange
172
Matching
82
Comprehensions
186
Flashcard Decks
Curriculum
What You'll Learn
01 Introduction to Auditing 3 topics
1 Nature and Scope of Auditing
- Definition and Objectives of Auditing
- Evolution of Auditing
- Types of Audits (Financial, Compliance, Operational, etc.)
2 Auditing Standards and Regulations
- International Standards on Auditing (ISAs)
- Generally Accepted Auditing Standards (GAAS)
- Regulatory Framework
3 The Auditing Profession
- Professional Ethics and Responsibilities
- Role of Professional Bodies
- Legal Liability of Auditors
02 Audit Planning and Risk Assessment 4 topics
1 Understanding the Entity and Its Environment
- Industry Analysis
- Business Operations and Strategy
- Organizational Structure
2 Materiality in Auditing
- Concept and Determination of Materiality
- Performance Materiality
- Revision of Materiality
3 Risk Assessment Procedures
- Identifying and Assessing Risks of Material Misstatement
- Business Risk Approach
- Fraud Risk Assessment
4 Audit Strategy and Audit Plan
- Developing the Overall Audit Strategy
- Preparing the Audit Plan
- Resource Allocation and Timing
03 Internal Control and Control Risk 3 topics
1 Internal Control Systems
- Components of Internal Control (COSO Framework)
- Control Environment
- Risk Assessment Process
2 Evaluation of Internal Controls
- Testing of Controls
- Identification of Control Deficiencies
- Reporting on Internal Control
3 IT Controls and Audit
- General IT Controls
- Application Controls
- Computer-Assisted Audit Techniques (CAATs)
04 Audit Evidence and Documentation 3 topics
1 Nature and Sources of Audit Evidence
- Types of Audit Evidence
- Reliability and Sufficiency of Evidence
- Techniques for Gathering Evidence
2 Audit Sampling
- Statistical and Non-Statistical Sampling
- Sample Design and Selection
- Evaluation of Sample Results
3 Audit Documentation
- Working Papers
- Documentation Requirements
- Review and Retention of Audit Files
05 Substantive Testing – Assets 4 topics
1 Cash and Cash Equivalents
- Bank Reconciliation Procedures
- Cash Counts
- Confirmation of Bank Balances
2 Accounts Receivable and Revenue
- Confirmation Procedures
- Allowance for Doubtful Accounts
- Cutoff Testing
3 Inventory and Cost of Goods Sold
- Physical Inventory Observation
- Cost Validation
- Valuation Testing
4 Property, Plant, and Equipment
- Verification of Additions and Disposals
- Depreciation Review
- Impairment Testing
06 Substantive Testing – Liabilities and Equity 4 topics
1 Accounts Payable and Expenses
- Vendor Confirmations
- Search for Unrecorded Liabilities
- Expense Analysis
2 Debt and Borrowings
- Loan Confirmation
- Debt Covenant Compliance
- Interest Expense Testing
3 Provisions and Contingencies
- Litigation Review
- Warranty Obligations
- Environmental Liabilities
4 Shareholders' Equity
- Capital Stock Transactions
- Dividend Distributions
- Equity-Based Compensation
07 Auditing in Specialized Areas 4 topics
1 Group Audits
- Component Auditor Considerations
- Consolidation Process Review
- Inter-company Transactions
2 Related Party Transactions
- Identification of Related Parties
- Testing Related Party Transactions
- Disclosure Requirements
3 Accounting Estimates
- Management's Process Review
- Reasonableness Testing
- Sensitivity Analysis
4 Fair Value Measurements
- Valuation Methods Evaluation
- Management Assumptions Testing
- Disclosure Adequacy Assessment
08 Completing the Audit 3 topics
1 Subsequent Events
- Types of Subsequent Events
- Audit Procedures for Subsequent Events
- Disclosure Requirements
2 Going Concern Assessment
- Indicators of Going Concern Issues
- Management's Plans Evaluation
- Reporting Implications
3 Evaluating Audit Findings
- Misstatement Evaluation
- Communication with Those Charged with Governance
- Management Representations
09 Audit Reports and Communication 4 topics
1 Standard Audit Reports
- Unmodified Opinion
- Elements of the Auditor's Report
- Report Dating
2 Modified Audit Opinions
- Qualified Opinion
- Adverse Opinion
- Disclaimer of Opinion
3 Emphasis of Matter and Other Matter Paragraphs
- Circumstances Requiring Emphasis
- Presentation in the Audit Report
- Impact on the Audit Opinion
4 Key Audit Matters
- Determination of Key Audit Matters
- Communication in the Auditor's Report
- Relationship with Modified Opinions
10 Quality Control and Ethics 3 topics
1 Quality Control for Audit Firms
- Elements of Quality Control
- Engagement Quality Control Review
- Monitoring Activities
2 Ethical Requirements
- Independence
- Objectivity
- Confidentiality
3 Responding to Non-Compliance with Laws and Regulations
- Identification of Non-Compliance
- Communication with Management and Those Charged with Governance
- Reporting to Regulatory Authorities
11 Fraud and Forensic Auditing 3 topics
1 Fraud Detection and Prevention
- Fraud Triangle and Fraud Risk Factors
- Fraud Risk Assessment
- Anti-Fraud Controls
2 Forensic Auditing Techniques
- Document Examination
- Digital Forensics
- Interviewing Techniques
3 Reporting on Fraud
- Legal Considerations
- Communication with Stakeholders
- Expert Witness Testimony
12 Internal Auditing 3 topics
1 Role and Responsibilities of Internal Auditors
- Scope of Internal Audit Work
- Relationship with External Auditors
- Organizational Independence
2 Internal Audit Process
- Risk-Based Internal Auditing
- Engagement Planning and Execution
- Reporting and Follow-up
3 Evaluating Internal Audit Function
- Competence and Due Professional Care
- Quality Assurance and Improvement Program
- Conformance with Standards
13 Contemporary Issues in Auditing 3 topics
1 Impact of Technology on Auditing
- Blockchain and Distributed Ledger Technology
- Artificial Intelligence and Machine Learning
- Data Analytics in Auditing
2 Sustainability and ESG Auditing
- Environmental Audits
- Social Responsibility Assurance
- Governance Review
3 Integrated Reporting Assurance
- Framework for Integrated Reporting
- Challenges in Providing Assurance
- Future Developments
14 Public Sector Auditing 3 topics
1 Government Auditing Standards
- Compliance with Laws and Regulations
- Performance Auditing
- Attestation Engagements
2 Role of Supreme Audit Institutions
- Mandate and Authority
- Relationship with Legislature
- Public Accountability
3 Specialized Areas in Government Auditing
- Grant Audits
- Program Audits
- Budget Execution Audits
15 International Aspects of Auditing 3 topics
1 International Audit Practices
- Cultural Differences
- Regulatory Divergence
- International Standards Adoption
2 Transnational Audits
- Cross-Border Considerations
- Multi-Jurisdiction Compliance
- Group Audit Challenges
3 Global Audit Regulation
- International Forum of Independent Audit Regulators (IFIAR)
- Cooperation between Regulators
- Convergence Initiatives
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