COMSATS-Islamabad

1
COMSATS-Islamabad
Event
Continuous Management Development

• Theme

Financial Management Governance
Topic
AUDITING Types, Tools, Techniques and Emerging
Trends
Presentation by
Prof. Dr. Khawaja Amjad Saeed
Founder 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).
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WELCOME TO OUR PROGRAM

• Presentation Framework
• The Rise of Auditing
• Objectives of Audit
• Auditing Procedures
• Types of Audit
• Auditor of a Limited Company
• Liabilities of an Auditor
• International Standards on Auditing
• Future Trends

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• 1 The Rise of Auditing
• Origin
• Definition
• Differentiation between Accounting Auditing
• Qualities of an Auditor

4

• 2 Objectives of Audit
• Detection and Prevention of errors and mistakes
• Detection and prevention of Fraud
• Moral check
• Expression of an independent opinion

5

• 3 Audit Procedures
• Traditional Approach
• Routine check
• Vouching
• Verification
• Audit Report
• Modern Approach
• Examining the Accounting System
• Purview of Internal Control
• Sampling
• Routine check
• Vouching
• Verification
• Audit Review Report

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• C Tools and Techniques
• Analytical Procedures
• Significant Ratios
• Trends
• Investigation of Unusual fluctuations
• Substantive Procedures
• Tests of transactions and balances
• Techniques
• Observations
• Inquiries
• Confirmation
• Re-calculations
• Re-performance

7

• 4 Types of Audit
• First Set
• Internal Audit
• External Audit
• Management Audit
• Cost Audit
• Performance Audit
• Computer Audit
• Second Set
• Interim Audit
• Continuous Audit
• Final Audit

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• 5 Auditor of a Limited Company
• Appointment and Related Aspects
• Independence
• Lien
• Status
• Audit Committee
• Auditors Report
• Statutory Audit
• Audit of Prospectus
• Annual Audit
• Certification of Directors Solvency of a Company
  on Voluntary winding up
• Special Audit

9

• 6 Liabilities of an Auditor
• For negligence
• For Misfeasance
• Criminal
• Libel
• Honorary Appointment
• Dual Appointment
• Third Party

10

• 7 International Standards on Auditing
• Role of IFAC, New York
• IAS Board, New York
• 8 Future Trends
• Corporate Governance
• Audit Committee Role
• Quality Dimensions
• Users Expectations

THANK YOU FOR ATTENTIVE LISTENING ASK ANY
QUESTIONS