COMSATS-Islamabad

Theme:Financial Management Governance

Presentation byProf. Dr. Khawaja Amjad SaeedFounder 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).

TopicAUDITING:Types, Tools, Techniques and Emerging Trends

Event: Continuous Management Development

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WELCOME TO OUR PROGRAM

PRESENTATION FRAMEWORK

1.The Rise of Auditing 2.Objectives of Audit3.Auditing Procedures 4.Types of Audit5.Auditor of a Limited Company 6.Liabilities of an Auditor7.International Standards on Auditing 8.Future Trends

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

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2: Objectives of Audit A. Detection and Prevention of errors and

mistakes B. Detection and prevention of FraudC. Moral checkD. Expression of an independent opinion

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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

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) Confirmationd) Re-calculationse) Re-performance

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4: Types of Audit First Set

a. Internal Audit b. External Auditc. Management Auditd. Cost Audite. Performance Audit f. Computer Audit

Second Set a. Interim Audit b. Continuous Auditc. Final Audit

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5: Auditor of a Limited Companya. Appointment and Related Aspects b. Independencec. Liend. Status e. Audit Committeef. Auditor’s Report

• Statutory Audit • Audit of Prospectus • Annual Audit• Certification of Directors Solvency of a Company

on Voluntary winding up• Special Audit

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6: Liabilities of an Auditor a. For negligenceb. For Misfeasancec. Criminald. Libele. Honorary Appointment f. Dual Appointment g. Third Party

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7: International Standards on Auditing a. Role of IFAC, New Yorkb. IAS Board, New York

8: Future Trends a. Corporate Governanceb. Audit Committee Role c. Quality Dimensionsd. Users Expectations