Origin – Definition – Objectives and Scope of Audit – Economic purpose of audit - Audit and Auditing- Basic principles governing an audit - Types of audit – Advantages and Limitations – Qualities of an Auditor, Role of auditor– Accounting concepts in Auditing – Auditing concepts- Obligation for audit – Disclosure of Accounting Policies.

Auditor’s Engagement – Audit Process – Audit techniques –Audit Plan - Contents of plan - Audit strategy Vs Audit plan- Difference between Interim and Final audit. Audit Programme - Quality control for audit work.

Meaning and objectives of Verification – Importance of verification and valuation - Problems in verification and valuation, Similarities & dissimilarities of valuation and verification - Vouching , Verification and Valuation - Confirmation & Verification- Components - Basis of valuation - Auditor’s position regarding the valuation and verifications of Assets and Liabilities.

: Responsibility for the Prevention and Detection of Fraud - Fraud Risk Factors- Risks of Material Misstatement Due to Fraud- Communication of Fraud - Provisions of the Companies Act 2013 relating to fraud - Rules for fraud including reporting requirements under CARO.

Features- Impact of IT related Risks - Impact on Controls- Internal Financial Controls as per Regulatory requirements - Types of Controls- Audit a pproach- Understanding and documenting automated environment- Testing methods- Data analytics for audit, Assessing and reporting audit findings.