B COM Semester - V Auditing

Goals

• Explain the concept, objectives, and importance of auditing in business.

• Understand and differentiate between types of audits and apply relevant standards of auditing.

• Analyze the appointment, rights, duties, and liabilities of auditors under law and professional ethics.

• Apply auditing procedures such as engagement letters, audit programs, audit note books, and audit markings.

• Understand the principles and applications of internal control, internal check, and internal audit in organizations.

• Demonstrate knowledge of vouching techniques for trading, cash, and other transactions.

• Evaluate the verification and valuation of assets and liabilities and the significance of accurate audit reporting.

• Assess the role of audit committees in corporate governance and compliance.

• Adapt auditing concepts to modern digital/EDP environments.

Prerequisites

• Basic knowledge of accounting principles and financial statements (from earlier B.Com semesters).
• Familiarity with commerce and business law fundamentals, particularly company law.
• Analytical and logical reasoning skills for interpreting financial data and audit evidence.
• Willingness to apply both theoretical and practical aspects of auditing in case studies and problem-solving.