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Continuous Management Development

Financial Management Governance

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 1 of the Punjab, Lahore (1973-1996).


1. 2. 3. 4. 5. 6. 7. 8. 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

1: The Rise of Auditing

A. B. C. D. Origin Definition Differentiation between Accounting & Auditing Qualities of an Auditor

2: Objectives of Audit A. Detection and Prevention of errors and mistakes B. Detection and prevention of Fraud C. Moral check D. Expression of an independent opinion

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

C: Tools and Techniques:

Analytical Procedures: a) Significant Ratios b) Trends c) Investigation of Unusual fluctuations Substantive Procedures: Tests of transactions and balances Techniques: a) Observations b) Inquiries c) Confirmation d) Re-calculations e) Re-performance

4: Types of Audit
a. b. c. d. e. f. a. b. c. First Set Internal Audit External Audit Management Audit Cost Audit Performance Audit Computer Audit Second Set Interim Audit Continuous Audit Final Audit

5: Auditor of a Limited Company

a. b. c. d. e. f. Appointment and Related Aspects Independence Lien Status Audit Committee Auditor s Report Statutory Audit Audit of Prospectus Annual Audit Certification of Directors Solvency of a Company on Voluntary winding up Special Audit

6: Liabilities of an Auditor
a. b. c. d. e. f. g. For negligence For Misfeasance Criminal Libel Honorary Appointment Dual Appointment Third Party

7: International Standards on Auditing

a. Role of IFAC, New York b. IAS Board, New York

8: Future Trends
a. b. c. d. Corporate Governance Audit Committee Role Quality Dimensions Users Expectations