B.Com. LL.B. (Five Years) Principles and Practice of Auditing Syllabus - KSLU 2026

• COURSE-III:PRINCIPLES AND PRACTICE OF AUDITING

Objectives:

• This subject aims at imparting knowledge about the principles and methods of auditing and their applications.

Course Contents:

UNIT 1: INTRODUCTION TO AUDITING

• Introduction - Meaning - Definition - Objectives - Differences between Accountancy and Auditing - Types of Audit - Advantages of Auditing - Preparation before commencement of new Audit - Audit Notebook - Audit Working Papers - Audit Program, Recent Trends in Auditing: Nature & Significance of Tax Audit - Cost Audit - Management Audit.

Unit 2: INTERNAL CONTROL

• Internal Control: Meaning and objectives. Internal Check: Meaning, objectives and fundamental principles. Internal Check as regards: Wage Payments, Cash Sales, Cash Purchases. Internal Audit: Meaning - Advantages and Disadvantages of Internal Audit - Differences between Internal Check and Internal Audit.

UNIT 3: VOUCHING

• Meaning - Definition - Importance - Routine Checking and Vouching - Voucher -Types of Vouchers- Vouching of Receipts: Cash Sales, Receipts from debtors, Proceeds of the sale of Investments. Vouching of Payments: Cash Purchases, Payment to Creditors, Deferred Revenue Expenditure.

UNIT 4: VERIFICATION AND VALUATION OF ASSETS AND LIABILITIES

• Meaning and Objectives of verification and valuation- Position of an Auditor as regards the Valuation of Assets - Verification and Valuation of different Items: Assets: Land & Building, Plant &Machinery, Goodwill - Investments - Stock in Trade. Liabilities: Bills Payable - Sundry Creditors -Contingent Liabilities.

UNIT 5: AUDIT OF LIMITED COMPANIES AND OTHERS

• Company Auditor - Appointment - Qualification - Powers - Duties and Liabilities - Professional Ethics of an Auditor. Audit of Educational Institutions - Audit of Insurance Companies- Audit of Cooperative societies.

BOOKS FOR REFERENCE:

• 1. P N Reddy & Appannaiah, Auditing, HPH
• 2. T.R Sharma, Auditing, Sahitya Bhavan
• 3. B.N Tandon, Practical Auditing, Sultan Chand
• 4. K. Venkataramana, Principles And Practice Of Auditing, SHBP.
• 5. MS Ramaswamy, Principles and Practice of Auditing.
• 6. Dinakar Pagare, Practice of Auditing, Sultan Chand
• 7. Kamal Gupta, Practical Auditing, TMH
• 8. R.G Sexena - Principles and Practice of Auditing, HPH