Fundamentals of Audit

The course is designed for students to acquire knowledge about the audit rules, stages of the audit process, audit tests and procedures, the types of audit risks and evidence, the ways of the audit results, and the types of auditor's reports‘ are introduced. Practical workshops are designed to help students develop their ability to evaluate the audit risk, materiality of financial data and errors, to select audit objects and extrapolate its results, and to prepare an auditor's report. The main study methods – interpretation, discussion, questions and answers, practical tasks, case study.

To provide students with a basic understanding of independent financial auditing in order to develop their ability to organize, plan, and conduct financial auditing, taking into account ongoing changes in both the internal and external environment of the organization.

Students should have the knowledge in Management, Statistics, Financial Accounting, Financial Accountability, Internal audit and control.

1. Audit concept, purpose, environment. 2. Audit classification 3. Regulation of the audit. 4. Audit stages. 5. Audit risk. 6. Materiality in the audit. 7. Audit tests and procedures. 8. Sampling in the audit. 9. Audit evidence and working papers. 10. Documentation of audit results.

1. The concept, purpose and environment of financial audit are described. 2. The provisions of the audit regulations have been adapted at various stages of the audit. 3. Assessed the audit risk of the audited entity and determined the materiality of the financial statements and errors. 4. Selected and applieded appropriate audit procedures at various stages of the audit. 5. The auditor's report is prepared in a proper form and type. 6. Done the simulated audit process, modeled on a real company.