B.Com. (Accounting and Finance) Auditing I Syllabus - Mumbai University
This is the FY BAF syllabus under NEP 2020, in force from the academic year 2024-25. The University still sets the earlier Choice Based syllabus below alongside it for ATKT candidates, so check which scheme your exam form names before you revise.
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Syllabus for Auditing - I
Unit 1: Introduction to Auditing
- Basics: Financial Statements, Users of Financial Information, Definition of Auditing, Objectives of Auditing - Primary and Secondary, Expression of Opinion, Detection of Frauds and Errors, Inherent Limitations of Audit.
- Errors and Frauds: Concepts, Reasons and Circumstances, Types of Errors - Commission, Omission, Principle and Compensating, Types of Frauds, Risk of Fraud and Error in Audit, Auditor’s Duties and Responsibilities in respect of Fraud.
Unit II: Principles of Audit
- Principles: Integrity, Objectivity, Independence, Confidentiality, Skills and Competence, Materiality and work performed by others, Documentation, Planning, Audit Evidence, Accounting System and Internal Control, Audit Conclusions and Reporting.
- Types of Audits: Meaning, Advantages and Disadvantages of: Balance Sheet Audit, Interim Audit, Continuous Audit, Concurrent Audit, Annual Audit, Cost Audit, Green Audit, Gender Audit, Statutory Audit, Social Audit and CSR Audit.
Unit III - Audit Planning, Procedures and Documentation: Audit Planning & Program
- Audit Planning: Meaning, Objectives, Factors to be considered, Sources of obtaining information, Discussions with Client, Overall Audit Plan.
- Audit Program: Meaning, Factors to be considered, Advantages, Disadvantages, Overcoming Disadvantages, Methods of Work, Instruction before Commencing Works of Audit, Overall Audit Approach.
Unit IV - Audit Planning, Procedures and Documentation: Audit Working Papers
- Audit working Papers: Meaning, Importance, Factors determining form and contents, Main Functions / Importance, Features, Contents of Permanent Audit File, Temporary Audit File, Ownership, Custody, Access of Other Parties to Audit Working Papers, Auditors Lien on Working Papers, Auditors Lien on Client Books
- Audit Notebook: Meaning, Structure, Contents, General Information, Current Information, and Importance.
Reference Books
- 1 Contemporary Auditing by Kamal Gupta, Tata Mc-Graw Hill, New Delhi
- 2 A Handbook of Practical Auditing by B.N. Tandon, S. Chand and Company, New Delhi
- 3 Fundamentals of Auditing by Kamal Gupta and Ashok Arora, Tata McGraw Hill, New Delhi
- 4 Auditing: Principles and Practice by Ravinder Kumar, Virender Sharma, PHI Learning Pvt. Ltd., New Delhi
- 5 Auditing and Assurance for CA IPCC by Sanjib Kumar Basu, Pearson Education,New Delhi
- 6 Contemporary Auditing by Kamal Gupta, McGrow Hill Education Pvt. Ltd., New Delhi
- 7 Fundamentals of Auditing by Kamal Arora and Ashok Gupta, Tata McGraw Hill, New Delhi
- 8 Jha & Shah, (2018) Advance Auditing, Himalayan Publication, Mumbai.
Reproduced from the University of Mumbai syllabus for B.Com. (Accounting & Finance) under NEP 2020, in force from the academic year 2024-25. Wording is as printed in that syllabus. Module numbering is as printed there too.
The complete syllabus
This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.