Auditing COMSATS Islamabad Event Continuous Management Development Theme Financial

Document Sample
Auditing COMSATS Islamabad Event Continuous Management Development Theme Financial Powered By Docstoc
					                   COMSATS-Islamabad
Event:
Continuous Management Development


Theme:
Financial Management Governance


Topic
AUDITING:
Types, Tools, Techniques and Emerging Trends

Presentation by
Prof. Dr. Khawaja Amjad Saeed
Founder Principal, Hailey College of Banking & Finance, University of the Punjab, Lahore Pakistan
(2003----), Member Governing Council, International Federation of Accountants (IFAC), New York
(1997-2000), President, South Asian Federation of Accountants (SAFA) (1997), President, Institute of
Cost and Management Accountants of Pakistan (1997-2000), President, Association of Management
Development Institutions of South Asia (AMDISA) (1993-96), Pro Vice-Chancellor University of the
Punjab, Lahore (1994-1996), Founder Director, Institute of Business Administration (IBA), University
of the Punjab, Lahore (1973-1996).                                                                  1
        WELCOME TO OUR PROGRAM
            PRESENTATION FRAMEWORK

1.   The Rise of Auditing
2.   Objectives of Audit
3.   Auditing Procedures
4.   Types of Audit
5.   Auditor of a Limited Company
6.   Liabilities of an Auditor
7.   International Standards on Auditing
8.   Future Trends



                                           2
1: The Rise of Auditing
A.   Origin
B.   Definition
C.   Differentiation between Accounting & Auditing
D.   Qualities of an Auditor




                                                     3
2: Objectives of Audit
A. Detection and Prevention of errors and
    mistakes
B. Detection and prevention of Fraud
C. Moral check
D. Expression of an independent opinion




                                            4
3: Audit Procedures
A. Traditional Approach:
   • Routine check
   • Vouching
   • Verification
   • Audit Report
B. Modern Approach:
   • Examining the Accounting System
   • Purview of Internal Control
   • Sampling:
        • Routine check
        • Vouching
   • Verification
   • Audit Review Report
                                       5
C: Tools and Techniques:
  •   Analytical Procedures:
        a) Significant Ratios
        b) Trends
        c) Investigation of Unusual fluctuations
  •   Substantive Procedures:
        • Tests of transactions and balances
  •   Techniques:
        a) Observations
        b) Inquiries
        c) Confirmation
        d) Re-calculations
        e) Re-performance
4: Types of Audit
     First Set
a.   Internal Audit
b.   External Audit
c.   Management Audit
d.   Cost Audit
e.   Performance Audit
f.   Computer Audit
     Second Set
a.   Interim Audit
b.   Continuous Audit
c.   Final Audit
                         7
5: Auditor of a Limited Company
a.   Appointment and Related Aspects
b.   Independence
c.   Lien
d.   Status
e.   Audit Committee
f.   Auditor’s Report
       • Statutory Audit
       • Audit of Prospectus
       • Annual Audit
       • Certification of Directors Solvency of a Company
            on Voluntary winding up
       • Special Audit
                                                      8
6: Liabilities of an Auditor
a.   For negligence
b.   For Misfeasance
c.   Criminal
d.   Libel
e.   Honorary Appointment
f.   Dual Appointment
g.   Third Party




                               9
7: International Standards on Auditing
a. Role of IFAC, New York
b. IAS Board, New York
8: Future Trends
a.   Corporate Governance
b.   Audit Committee Role
c.   Quality Dimensions
d.   Users Expectations




                                         10

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:5
posted:9/23/2011
language:English
pages:10