AUDITING GOVERNANCE & FINANCIAL ANALYSIS

This book is suitable for academic and professional students, tutors and practitioners of business studies aspiring for Association of Chartered Certified Accountants (ACCA), Certified Public Accountant (CPA), Certified Stores and Procurement Supplies (CSPS), Bachelor of Commerce (B.Com.), Bachelor of Business Administration (BBA), Bachelor of Accounting and Finance (BAF), Advanced Diploma in Accounting, Masters in Business Administration (MBA) and Masters of Science (MSc.) specializing in accounting, finance, taxation and auditing. Professional bankers are highly encouraged to buy and read.

Topics covered include: International Standards on Auditing (ISA), International Auditing Practice Statements (IAPS); audit background; objectives and rationale of auditing; advantages and disadvantages of auditing; evolution of auditing; qualifications of auditors; fundamental accounting and auditing principles; regulatory frameworks; auditing and accounting as profession; auditors rights, duties at appointment removal and resignation; auditors selection/appointment processes, removal and resignation of auditors; control environment; qualifications of auditor (independence, competence, integrity, objectivity, confidentiality, and common sense); threats to auditors independence, objectivity and code of ethics (self-interest, self-review, advocacy, familiarity and intimidation); strategies to safeguard and increase auditors independence; key letters and their contents in auditing (engagement letter, management representation letter, and comfort letter); audit planning and control; audit evidence; characteristics and guidelines to audit evidence, financial statement assertions; audit techniques and methodologies (risk based audit, system based audit, sampling, transaction audit); internal controls, control environment elements, internal vs. external auditing; audit risk (detection risk, inherent risk and control risks); causes and strategies to minimize audit risks; auditors liabilities; court cases on auditors’ liabilities, how to minimize auditors’ liabilities; financial statement review engagements and reporting accountant role; how to review financial statements; small companies’ audit and challenges; value for money audit (Efficiency, Effectiveness and Economy); independent auditors’ report; contents and types of auditors report; emphasis of matter and other matters paragraph; environmental auditing; why auditors involvement in environmental issues; going concern; indicators of doubtful going concern entity; bank audit; bank industry risks and strategies, bank financial ratios; auditors and fraud, fraud risk factors; events after period end; small company audits and challenges; principles and concepts of governance, corporate governance in USA (Sarbanes Oxley Act); key provisions or sections under Sarbanes Oxley; fundamental issues in governance; lessons learnt from the failure of major businesses, approaches to corporate governance, sustainability reporting; Corporate Social Responsibility (CSR); studies in corporate governance (Greenbury, Smith, Cadbury, Hampel), audit committee; code of ethics for professional accountants (integrity, objectivity, competence, confidentiality, behaviour, standards); how to prepare directors’ report; anti money laundering; how to analyse business and interpret financial statements (liquidity, profitability, gearing, market, investment, qualitative assessment and cashflow ratio). Simple language accompanied by cartoons and pictures were used to enhance readers understanding.