Auditing And Assurance: Theory And Practice

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In this modern world of large-scale business and industry, auditing has become an inevitable function. Auditing is a subject, the function of which is very important from the regulatory, economic and ethical points of view. The subject has undergone radical changes in the current globalised business world. This book, in the light of latest trends, highlights andexplains the principles and practice of auditing and assurance in a simple and an easy-to-understand language. It also presents an up-to-date legal discussion on the subject. Beginning with an overview of the subject, the text discusses in detail the classification and preparation of an audit, procedures and techniques of auditing, internal control, internal check and internal audit, vouching, verification and valuation of assets and liabilities, and depreciation. Besides, it deals with reserves and provisions, capital and revenue, profits, audit of companies, and classes of investigation. The book concludes with a discussion on accounting and auditing standards, management audit, cost audit, tax audit, government audit and social audit. The textbook is primarily intended for the undergraduate students of Commerce. It will also be useful to those preparing for CA, ICWA and CS examinations. Key Features Incorporates latest developments in auditing techniques. Discusses latest international and Indian auditing standards. Examines the impact of computerisation on audit approach. Gives chapter-end questions to test the students’ understanding of the concepts discussed. About The Author CLIFFORD GOMEZ has been Professor and Head, PostgraduateDepartment of Commerce, Fatima Mata National College, Kollam, Kerala. A distinguished teacher, Professor Gomez has more than 40 years of teaching experience. He has authored several books on Commerce. His fields of specialisation are Banking and Finance Table Of Contents Preface 1 Introduction 2 Auditor 3 Types of Audit 4 Auditing Procedures and Techniques 5 Internal Control and Internal Check 6 Internal Audit 7 Vouching 8 Vouching of Cash Transactions 9 Vouching of Trading Transactions 10 Verification and Valuation of Assets and Liabilities (General) 11 Verification and Valuation of Fixed Assets 12 Verification and Valuation of Current Assets 13 Verification and Valuation of Liabilities 14 Depreciation 15 Reserves and Provisions 16 Capital and Revenue 17 Divisible Profits 18 Liabilities of an Auditor 19 Audit of Limited Companies 20 Audit of Banking Companies 21 Audit of Insurance Companies 22 Auditor’s Report 23 Investigation 24 Accounting and Auditing Standards 25 Management Audit 26 Cost Audit 27 Tax Audit 28 Government Audit 29 Impact of Computerisation on Audit Approach 30 Social Audit Index