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Principles & Practice of Auditing
Book ID SCS209
ISBN No. 978-93-5161-080-9
Book Name Principles & Practice of Auditing
Book sub-title 12th Thoroughly Revised Edn.
Author/s name/s : Pagare Dinkar
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Publisher Name Sultan Chand & Sons
Publishing Year 2016
Book Price (Printed) INR 375   
Book Price (Our Price) INR 375   
Book Size 18 x 24
Book Page xvi + 440
Book Weight 700 gms.


   Post Review
Book Summary

Special features of this edition are as follows

  1. It has been comprehensively revised. To facilitate easy reference, each paragraph and sub-paragraph bears a distinct number. 
  2. All relevant provisions of the Companies Act 2013, many of them indicating firm Legislative intent to unearth corporate frauds by an effective monitoring of audit profession, have been included and explained in simple manner.
  3. Deserving of special mention of this Legislative intent are—(a) Prescription of strict restrictions on who cannot be auditor of a company, to ensure his independence and avoidance of conflict of interest; (b) Imposition of heavy penalty for non-compliance with certain conditions, such as acting as whistle blower on behalf of the Central Government; (c) Levy of hefty fine for failure to exercise of due diligence, even imprisonment if there is willful violation of any legal provision that has the effect of deceiving the company, its shareholders, creditors, or tax authorities; (d) Refund of audit fees, even payment of damages to the company, or to any authority or body if it suffers any loss due to incorrect or misleading statement in audit report; (e) Allowing minority shareholders to initiate class action; ( f ) Introduction of tax on dividend income in excess of Rs. 10 lakh received by super-rich shareholders;  (g) Introduction in Budget 2016 of presumptive tax on professional income, treating 50% of gross receipts/turnover as taxable income; (h) The Central Government is committed to not resort to retrospective taxation as legislated by the previous government. It has therefore not contested appeals against retrospective amendment to Income tax Act filed by Vodafone and others, thus leaving it to the Supreme Court to decide on its validity. But it has invited the aggrieved companies to settle tax demands raised on them based on the retrospective amendment that is still part of the tax law. 
  4. Relevant case-law has been liberally incorporated at appropriate places. There is also reference to corporate frauds, involving Satyam Computers, Kingfisher Airlines, etc.  
  5. The language of the book is straight, stimulating, free-flowing, and expressive. I have made conscious effort to avoid long-winding complex sentences, and tried to make the paragraph and sub-paragraph headings adequately explanatory of the narrative under them.
  6. Easy to notice in the book would be spellings of words like favor, authorize, which my computer system automatically changed to  their US English counterparts; my tenacious effort to add them to its UK English Dictionary, notwithstanding.
Book Content

Preface (v)

  1. Introductory (1–17)
    Checking by Men of Integrity – 1; Post-Independence Developments/Definitions – 2; Important Features of Auditing  – 3; Principles of Auditing –  4; Book-Keeping, Accounting and Auditing – 9; Qualifications and Qualities of Auditor – 12; Advantages and Limitations of Auditing – 14.
  2. Objects of Audit (18–30)
    Evolution of Objectives – 18; Expression of Opinion/Detection, Prevention of Fraud – 19; Teeming and Lading – 27; Auditor’s Position on Fraud  – 29
  3. Classification or Types of Audit (31–49)
    General and Specific/Branches of Audits – 33; Statutory and Private Audits – 35; Internal Audit  –36; Government Audit – 39; Social Audit  – 40; Specific Audits – 41; Continuous/Annual Audit  – 44
  4. Internal Control/Internal Check/Internal Audit (50–75)
    Audit Risk Assessment – 50; Internal Control – 50; Compliance Procedure – 58; Limitations of Internal Control – 60; Internal Check – Objects – 61; Principles of Internal Check, Advantages/Disadvantages – 62; Internal Check of Important Items of Income/Expenditure – 64; Internal Audit – 71; Internal vis-à-vis External Auditor– 73
  5. Audit Planning, Audit Program and Working Papers (76–92)
    Audit Plan – 77; Factors to Keep in Mind before Commencing New Audit – 77; Audit Program – 81; Fixed and Flexible Audit Program – 81; Merits/Demerits of Audit Program – 84; Working Papers/Audit Files – 85; Objects of Working Papers – 86; Working Paper Standards – 87; Ownership of Working Papers – 88; Audit Files – 89; Permanent/Current/Other Audit Files – 89; Audit Note Book – 91
  6. Audit Evidence and Sampling (93–104)
    Sufficient Appropriate Evidence – 93; Compliance and Substantive Procedures – 93; Stages in Course of Opinion Formation – 94; Types of Evidence – 96; Physical and Documentary Evidence – 97; Audit Sampling, Meaning and Types – 100; Factors affecting Audit Sampling  – 102
  7. Vouching – Audit of Cash Transactions (105–127)
    Objects of Vouching – 104; Meaning, Kinds, Features, and Examination of Vouchers – 106; Cut-Off Tests or Arrangement – 108; Vouching is the Essence of Vouching – 109; Vouching of Cash Receipts – 110; Vouching of Cash Payments  – 117
  8. Vouching – Audit of Trading Transactions (128–139)
    Vouching of Purchases – 128; Vouching of Sales – 131; Vouching of Bills Receivable/Payable Book – 136; Vouching of Purchase Ledger/Sales Ledger – 136; Vouching of Journal Proper  – 138
  9. Vouching of Impersonal Ledger (140–152)
    Meaning and Contents of Impersonal Ledger – 139; Vouching Procedure – 141; Unpaid Expenses – 142; Contingent Liabilities: Meaning, Types 144; Undisclosed Liabilities – 145; Distinction between Capital and Revenue Expenditure – 147; Outstanding Assets – 148; Income Accrued but Not Received  – 150
  10. Verification and Valuation of Assets and Liabilities (153–197)
    Objects and Mode of Verification – 153; Verification of Assets through Confirmation and Physical Verification – 155; Verification of Liabilities – 156; Accounting Standards Regarding  Valuation  – 157; Meaning of “Cost” and Other Related Terms – 159; Auditor’s Position Regarding Valuation – 161; Verification of Various Individual Assets – 162; Some Issues Regarding Verification of Securities – 172; Must Auditor be Present at Inventory Valuation? – 176; Auditor’s Duty Regarding Inventory Verification – 179; Inventory Valuation Methods – 180; Verification and Classification of Liabilities – 188; Contingent Liabilities – 193; Verification of Ownership Capital  – 194
  11. Auditing in EDP Environment (198–206)
    Meaning of Electronic Data Processing (EDP) – 198; EDP Infrastructure – 199; Advantages and Limitations of EDP Systems – 199; Approach to Auditing in EDP Environment – 202; EDP Audit Techniques – 204; Auditing “Around” or “Through” Computers – 205
  12. Company Audit – Appointment, Qualifications and Removal of Auditors (207–218)
    Qualifications and Disqualifications of Auditor – 207; Disqualification if Auditor, or His Relative or Other Connected Person performs Specified Services – 210; Rationale of Disqualifications – 210; Term of Appointment – 210; Appointment of Auditor of Government Company – 211; Appointment of Auditor in case of Casual Vacancy – 212; Reappointment of Retiring Auditor – 212; Removal or Resignation of Auditor – 213; Remuneration of Auditor – 214; Status of Auditor; Agent, Officer, Employee  – 215
  13. Company Audit – Rights and Duties of Auditors (219–232)
    Rights of Auditor – 219; Rights of Comptroller and Auditor General vis-à-vis Auditor of Government Company – 221; Duties of Auditor – 222; Statutory Duties Not to be Curtailed – 227; Duty of Care and Caution – 227; Important Case Law – 228; Joint and Branch Auditors  – 229
  14. Company Audit – Audit of Share Capital and Share Transfer (233–254)
    Types of Companies – Private, Public, Deemed Public (Company), and One-Person Company – 233; Kinds of Share Capital:  Equity Share Capital, Preference Share Capital – 234; Audit of Issue of Share Capital – 235; Prospectus, Red Herring Prospectus and Shelf Prospectus – 236; Private Placement of Securities by Public/Private Company – 236; Audit Procedure at Application/Allotment/Calls on Shares – 237; Shares Issued for Non-Cash Consideration – 240; Shares Issued at Premium/Discount – 241; Sweat Equity Shares – 242; Share Certificate – 242; Audit of Calls on Shares – 243;  Redemption of Preference Shares – 244; Audit of Alteration of Share Capital – 245; Audit of Reduction and Increase of Share Capital – 246; Audit of Bonus Shares – 247; Reduction of Capital through Buy-Back of Own Securities: Stringent Conditions – 248; Audit of Share Transfer – 250; Audit of Transmission of Shares  – 253
  15. Management of Company – Their Remuneration (255–266)
    Board of Directors – Appointment, Number of Directors, at least One Woman Director a Must —255;  Independent Director, His Qualities and Other Conditions – 257; Aggregate Remuneration of Directors, Manager Not to Exceed 11% of Net Profits – 257; Aggregate Remuneration of Single Director, MD, WTD, and when More than One – 257; Appointment of Managerial Personnel – 259; Remuneration when Company Has Profit – 261; Remuneration if Company has Nil or Inadequate Profit – 262; Conditions Applicable to Payment of Remuneration – 262
  16. Audit of Divisible Profits and Dividend (267–277)
    Meaning of Profit – 267; Profits and Divisible Profits – 268; Relevant Provisions of Companies Act – 270; Provision for Depreciation – 271; Transfer of Profits to Reserves – 272; Other Factors to Claim Auditor’s Attention on Declaration and Payment of Dividend – 273; Case Law on Distribution of Dividend  – 274
  17. Specialized Audits (278–308)
    Audit of Educational Institution – 278; Audit of Hospital – 281; Audit of Cinema Hall – 283; Audit of Club – 284; Audit of Hotel – 286; Audit of Publisher – 287; Audit of Banking Company: Appointment of Auditor – 289; Legal Requirements about Shareholding, Advances, Investment by Banks – 290; Audit of Bank Income and Expenditure – 291; Audit of Bank Assets: Rules regarding Non-Performing Assets (NPAs) – 293; Long-Form Audit Report (LFAR) – 302; Audit of Cooperative Societies: Definition of Cooperative, Qualification(s) of Auditor – 303; Books of Account – 304; Appropriation of Profit, Contribution to Education Fund – 306; Other Important Points  – 307
  18. Special Features of Government Audit (309–322)
    How Parliament Controls Government Finances – 309; Comptroller and Auditor General of India (CAG)   – 311; Classification of CAG’s Audit Functions – 313; Appropriation Accounts – 313; Audit of Public Undertakings – 314; Public Accounts Committee – 314; Estimates Committee – 316; Committee on Public Undertakings – 317; Audit of Departmental Commercial Undertakings – 318; Audit of Statutory Corporations – 319; Audit of Government Company  – 320
  19. Audit Report (323–338)
    Why Audit Report? – 323; Report vs. Certificate – 324; Audit Report under Companies Act – 324; Two Parts of Report: Scope Part and Opinion Part – 325; Matters required to be Included in Audit Report – 326; Companies (Auditor’s Report) Order, CARO, 2015 – 328; Matters to be Included in Report of CARO Company – 328; Types of Auditor’s Opinion – Unqualified or Clean, Qualified, Adverse and Disclaimer – 330; Characteristics of Good Audit Report  – 336
  20. Management Audit (339–344)
    Meaning, Need and Scope of Management Audit – 339; Distinction between Financial Audit and Management Audit – 341; Distinction between Cost Audit and Management Audit – 341; Appointment of Management Auditor – 342; Conduct of Management Audit  – 342
  21. Liabilities of Auditors or Professional Accountants (345–355)
    Profession Carries it’s Price Tag – 345; Liability for Negligence – 346; Contributory Negligence as Defense – 347; Relevant Provisions of Companies Act 2013 – 348; Case Law on Civil Liability – 349; Criminal Liability: Misstatements in Prospectus – 350; Failure to assist Investigation by Serious Fraud Investigation Office (SFIO) – 351; Liability under Indian Penal Code  – 352; Liability under Income-tax Act – 352; Liability for Professional Misconduct – 353; Liability for Negligence/Breach of Trust  – 353
  22. Cost Audit (356–368)
    Meaning, Objectives of Cost Audit – 356; Social/Efficiency/Propriety Aspects of Cost Audit – 357; Maintenance of Cost Records – Table ‘A’ Regulated and Table ‘B’ Non-Regulated Items – 358; Threshold Limits for Maintenance of Cost Records and Getting Cost Audit Done  – 360; Qualifications/Disqualifications of Cost Auditor – 360; Appointment and Tenure of Cost Auditor – 361; Duty of Company/Powers, Duties and Liabilities of Cost Auditor – 362; Cost Audit Report and Annexure – 363; Distinction between Financial and Cost Audit  – 366
  23. Tax Audit (369–380)
    Compulsory Tax Audit – 369; Persons required/Not required to have Tax Audit: Thresholds of Receipts/Turnover and Presumed Taxable Income  – 370; Appointment of Tax Auditor and Ceiling on Tax Audits – 373; Tax Audit Report/Statement of Particulars of Business and Profession – 374; Audit of Public Trusts – 376; Audit as regards Deductions from Incomes claimed under Various Sections of I-T Act  – 378
  24. Investigations (381–396)
    Meaning and Nature of Investigation – 381; Distinction between Audit and Investigation – 383; Classification of Investigation – 383; Statutory Investigation by Central Government – 385; Serious Fraud Investigation Office (SFIO) and Mode of its Investigation – 386; Special-Purpose Investigations – Buying Business, Admission of Partner, Granting Loans, Computing Tax Liability, Fraud or Negligence – 387; Legal Hurdles  – 395
  25. Professional Ethics and Regulation (397–419)
    Institute of Chartered Accountants of India (ICAI), Members in Practice or Deemed in Practice – 398-399; Services Performed by Accountants – 399; Associates/Fellow Chartered Accountants (ACAs, FCAs) – 400; Disabilities of CAs: Personal Disabilities, False Representation, More than One Office in India, Company cannot be CA – 400; Code of Conduct: Fundamental Principles – 401; Professional Misconduct – 402; Other Misconduct – 403; FIRST SCHEDULE; Part One of First Schedule – 404; Part Two of First Schedule – 411; Part Three of First Schedule – 411; SECOND SCHEDULE: Part One of Second Schedule – 412; Part Two of Second Schedule – 417
  26. Auditing Statements and Standards on Auditing (420–433)
    Introductory – 420; Standards issued by Auditing and Assurance Standards Board (AASB) under Authority of Council of ICAI – 421; Standards on Auditing: Audit of Financial Statements, Objects – 421; Relevant Standards on Auditing – SA-200, SA-200A, SA-210, SA-230, SA-240, SA-315, SA-610, SA-620, SA-600, SA-300, SA-315, SA-500, SA-620, and SA-600 – 421–432
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