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Silver Oak University

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33 views2 pages

Silver Oak University

Jaisjdnsksksnns

Uploaded by

meet8160993861
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SILVER OAK UNIVERSITY

Silver Oak Commerce College


Bachelor of Commerce (Hons.)
Course Name: Advanced Auditing and Assurance
Course Code: 1080353303
Semester: 6th

Prerequisite:

1. Familiarity with fundamental auditing concepts and principles, including the purpose and
importance of auditing, the role of auditors, and the ethical standards governing auditing
practices.
2. Basic knowledge of the Standards on Auditing (SA), including their application in audit
processes. Students should be familiar with how these standards guide the planning, execution,
and reporting of audits.
Course Objectives:

1. The aim of Advance Audit and Assurance is to analyse, evaluate and conclude on the assurance
engagement and other audit and assurance issues in the context of best practice and current
developments.

Teaching Scheme:

Teaching Scheme
L T P Contact Hours Credit
4 2 0 6 6
Course Contents:

Teaching
Unit Topics %Weightage
Hours
Regulatory Environment and Professional and Ethical
Consideration: International regulatory frameworks for audit and
assurance service: Need for laws, regulations standards, legal and
professional framework, Money laundering: Definition, scope of
1 criminal offense, prevention and detection, Customer due diligence 8 20
and KYC, Law and regulations: Responsibility of management and
auditors, compliance with laws and regulations, reporting,
withdrawal, Code of ethics for Professional accountants, Fraud and
error, Professional Liability.
Quality control and practice management and Current issues
and Developments: Quality control (firm-wide) - Advertising,
tendering, and obtaining professional work and fees, Professional
appointments, Professional and ethical developments: Ethical issues 8 20
2 and impact on profession firm and auditors, Content and impact of
exposure drafts, consultation, and other pronouncement, Other
current issues, Current development in auditing standards, Current
development in business practices, Current development in
emerging technology
Planning and conducting an audit of historical financial
information: Planning, materiality and assessing the risk of
3
material misstatement, Definition of materiality, business risk, audit
risk, risks of material misstatement, analytical procedures, Evidence 8 20
and testing consideration: Audit procedures, IT, analytical
procedures, Audit procedure and obtaining evidence (for various
items), Using the works of others (evaluate the impact), Groups
audit
Completion, Review and Reporting: Subsequent events and
going concern: audit procedure, indicators of going concern,
adequacy of disclosures, completion and final review, analytical
4 procedures, Review, Auditor’s report: Unmodified audit report, 8 20
factors, form and content, appropriateness, action, implications,
paragraphs, material inconsistency, Reports to those charged
with governance and management
Other assignments: Audit related and assurance services, Specific
assignments (Due diligence, Review of interim financial
information, Prospective financial information, Forensic audits), 8 20
5 The audit of social, environmental and integrated reporting, The
audit of performance information (predetermined objectives) in
public sector, Auditing aspects of insolvency, Reporting and other
assignment.

Course Outcome

Sr. No. CO Statement Unit No


Recognize the legal and regulatory environment and its impact on audit and
CO-1 1
assurance practice.
Assess and recommend appropriate quality control policies and procedures in
CO-2 practice management and recognize the auditor's position in relation to the 2
acceptance and retention of professional appointments.
Evaluate findings and the results of work performed and draft suitable reports
CO-3 3
on assignments.
Understand the current issues and developments relating to the provision of
CO-4 4
audit-related and assurance services.

Teaching & Learning Methodology:


1. Assignment
2. Presentation & Activities
3. Project
Books Recommended:

1. Aruna Jha, Auditing and Assurance, Taxmann Publications.


2. Alvin A. Arens, Randal J. Elder, Mark S. Beasley, and Chris E. Hogan, Auditing and Assurance
Services: An Integrated Approach, Pearson.
3. S.K. Basu, Fundamentals of Auditing, Pearson.
4. Ravinder Kumar and Virender Sharma, Auditing: Principles and Practice, PHI Learning.

CO-PO-PSO Matrix:

Co. No. PO1 PO2 PO3 PO4 PO5 PSO1 PSO2


CO-1 2 1 2 2 3 2 2
CO-2 3 2 3 3 2 2 3
CO-3 2 1 2 2 3 1 2
CO-4 2 2 1 3 2 1 2

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