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Auditing Theory Sukhpreet Kaur, Lovely Professional University
Notes Unit 10: Audit of Financial Statements
CONTENTS
Objectives
Introduction
10.1 Stages of Financial Audit
10.2 Financial Statement Audit Procedures
10.2.1 Risk Assessment
10.2.2 Internal Controls Testing
10.2.3 Analytical Procedures
10.2.4 Tests of Details
10.3 Audit Procedures for Income Statements
10.3.1 Statement Calculations
10.3.2 Income Details
10.3.3 Expense Review
10.3.4 Paper Audit Sampling
10.4 Valuation of Inventory
10.5 Audit Procedure for Share Capital
10.6 Audit of Investments
10.7 Audit Procedures for Fixed Assets
10.7.1 Gather Evidence
10.7.2 Perform Analytics
10.7.3 Review Documentation
10.7.4 Inquiry and Observation
10.7.5 Recalculation
10.8 Audit of Investment and Securitization Transactions
10.9 Internal Control System
10.9.1 Special Purpose Vehicle (SPV)
10.9.2 Independent Assessment of SPV
10.9.3 Available For Sale & Held for Trading
10.10 Audit, Review and Reporting of Investment Transactions
10.10.1 Valuation
10.10.2 Non-performing Investments
10.10.3 Income Recognition
Contd...
184 LOVELY PROFESSIONAL UNIVERSITY
