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Ob Motivation Application

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KENYA METHODIST UNIVERSITY BACHELOR OF BUSINESS ADMINISTRATION DEPARTMENT OF FINANCE AND ACCOUNTING ACCT 432: AUDITING 1

COURSE OUTLINE GENERAL OBJECTIVE To introduce students to the concept of the audit of financial statements and the issues surrounding the audit of such statements EXPECTED LEARNING OUTCOMES By the end of the course, the student is expected to be able to; a) b) c) d) e) f) Explain what is an audit and the qualifications and duties of an auditor Understand the legal and professional rules governing the audit and the auditor Able to design an adequate internal control system Able to design an audit plan and an audit program to conduct an audit Able to audit a computerized client Able to design an audit report

Week

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Content

Time (Hours) Definition of auditing 3 Distinction between auditing and accounting Objectives of an audit Types of audits Appointment of an auditor Qualifications of auditors 6

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GENERAL ENVIRONMENT

AUDIT

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THE LEGAL PROFFESIONAL

AND

Week

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Time (Hours) Rights of auditors Dismissal and duties of auditors

REQUIREMENTS AUDITOR 4

OF

AN

CONDUCTING AN AUDIT

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ERRORS, FRAUD AND OTHER IRREGULARITIES

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INTERNAL SYSTEMS

CONTROL

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CAT AUDIT EVIDENCE

General audit steps 3 Accepting an audit engagement Letter of engagement Planning an audit Types of errors 6 Fraud Detection, correction and prevention of errors and fraud Role of the auditor in respect of detection and prevention of errors and fraud Definition and types of internal 3 control systems. Qualities of a good internal control system Limitations of internal control Evaluation of a system of internal control 3 Nature of audit evidence and 6 sources Methods of gathering audit evidence Qualities of good audit evidence Impact of computers on the 3 auditor Internal controls in a

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