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TLC - Lesson Plan 1.1

This lesson plan for Auditing I introduces students to the meaning, objectives, and scope of auditing. Students will learn to define auditing, understand its purpose, and differentiate between various types of audits while discussing the importance of independence and the role of auditing in accountability. The lesson includes interactive discussions, exercises, and reflective questions to evaluate student understanding.

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Priyanka Sharma
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20 views2 pages

TLC - Lesson Plan 1.1

This lesson plan for Auditing I introduces students to the meaning, objectives, and scope of auditing. Students will learn to define auditing, understand its purpose, and differentiate between various types of audits while discussing the importance of independence and the role of auditing in accountability. The lesson includes interactive discussions, exercises, and reflective questions to evaluate student understanding.

Uploaded by

Priyanka Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Lesson Plan No. 1.1 Course Name: Auditing I Course No.

: BCMMJ-404
Topic: Introduction: Auditing- Meaning,
Objectives and scope;

Objectives At the end of the lesson the student shall be able to:
a. define auditing and understand its purpose.
b. identify and explain the primary objectives of an audit.
c. describe the scope of an audit and its limitations.
d. differentiate between various types of audits in a basic way.
Teaching Aids a. PPT
(if any) b. White board
Teaching 1. Introduction (5 minutes)
Development
- Begin with a short discussion: "Why do we need someone to check our
work?" Relate this to the broader concept of verification and assurance.
- Briefly introduce the concept of auditing as an independent examination
of financial information.
- State the objectives of the lesson.

2. Development (30 minutes)


- Meaning and Purpose of Auditing:
Definition: Define auditing as an independent examination of
financial information of any entity, whether profit-oriented or not,
irrespective of its size or legal form, when such an examination is
conducted with a view to expressing 1 an opinion thereon
- Explain the importance of "independence" and "expression of opinion."
- Discuss the role of auditing in ensuring accountability and transparency.
- Use real-world examples to illustrate the need for auditing (e.g., investor
confidence, regulatory compliance).
Objectives of an Audit:
- Explain the primary objectives of an audit:
o Expression of Opinion: To express an opinion on whether the
financial statements present a true and fair view.
o Detection and Prevention of Errors and Frauds: To identify
and prevent material misstatements due to errors or fraud.
o Compliance: To ensure compliance with applicable laws,
regulations, and accounting standards.
o Providing Reliability: To enhance the reliability and credibility
of financial information.
- Use examples to clarify each objective. (e.g., a company's financial
statements being audited to attract investors).
o Scope of an Audit:
- Explain the scope of an audit:
o Examination of financial statements and underlying records.
o Evaluation of internal controls.
o Assessment of accounting policies and procedures.
o Gathering sufficient and appropriate audit evidence.
- Discuss the limitations of an audit:
o Sampling risk.
o Inherent limitations of internal control.
o Management override of controls.
- Briefly touch on different types of audits (financial, compliance,
operational) to introduce the breadth of the field.

3. Exercise (5 minutes) –
Ask students to discuss the role of an auditor in such a situation.
Use QA to collect responses and discuss the answers.

Closure 1. Summarize the Lesson Learning Outcomes and get affirmation from
students on these.
2. Suggested Reading: https://thebftonline.com/2023/05/29/the-public-and-
audit-expectation-gap-what-are-the-implications/
3. Homework:
Ask students to research a recent audit failure and discuss the potential
causes and consequences. Have them define the differences between
external and internal audits. Assign readings on the basic principles of
auditing.
Spend 5 minutes to wrap up and consolidate the learnings

Evaluation 1. Reflective Questions (What, Why, Who?). Allow students to answer and
discuss.
- Why is independence considered a cornerstone of auditing?
- How does an auditor's opinion contribute to the confidence of
stakeholders?
- What are the ethical considerations that auditors must take into account?
- How do the limitations of an audit impact the auditor's responsibilities?
Spend 5 minutes to evaluate student assimilation of the lesson contents

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