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Pooja, Lovely Professional University Unit 2: Auditing Practices

Unit 2: Auditing Practices Notes

CONTENTS
Objectives
Introduction
2.1 Importance of Audit

2.2 Generally Accepted Auditing Practices
2.2.1 Investor Considerations
2.2.2 Statutory Requirements
2.2.3 Audited Financial Statements
2.2.4 Appointment of Auditors
2.3 Tax Audit

2.4 Cost Audit
2.5 Accounting Profession
2.6 Auditing Standards
2.6.1 Underlying Principle of Auditing Standards

2.6.2 Auditing Standards-Setting in India
2.6.3 Compliance with Auditing Standards
2.7 Audit Evidence
2.7.1 Definition of ‘Auditing Evidence’
2.7.2 Accumulating and Evaluating Evidence

2.8 Auditing in Depth
2.8.1 Base of Audit in Depth
2.8.2 Techniques of Audit in Depth
2.8.3 Advantages of Audit in Depth

2.9 Depth Test
2.10 Audited Statement of Accounts
2.11 Summary
2.12 Keywords
2.13 Review Questions

2.14 Further Readings
Objectives

After studying this unit, you will be able to:
Define generally accepted auditing practices;
Discuss about audit evidences;

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