B Com Exam > B Com Videos > Auditing and Secretarial Practice > Basic Principles of Auditing - Auditing Concepts, Auditing and Secretarial Practice
Basic Principles of Auditing - Auditing Concepts, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Basic Principles of Auditing - Auditing Concepts, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What are the basic principles of auditing? |  |
Ans. The basic principles of auditing include independence, integrity, objectivity, professional competence, due care, confidentiality, and professional behavior. These principles guide auditors in conducting their work with high standards of ethics and professionalism.
| 2. What are auditing concepts? | |
Ans. Auditing concepts refer to the fundamental ideas and principles that guide the auditing process. These concepts include materiality, consistency, substance over form, going concern, adequate disclosure, and audit evidence. Auditors apply these concepts to ensure that financial statements are reliable and comply with applicable laws and regulations.
| 3. How does auditing relate to secretarial practice in B Com? | |
Ans. Auditing and secretarial practice are closely related in the field of commerce. Secretarial practice involves the management and administration of a company's compliance with legal requirements, corporate governance, and secretarial duties. Auditing plays a crucial role in ensuring the accuracy and integrity of financial information, including compliance with legal and regulatory requirements. Therefore, a strong understanding of auditing principles is essential for secretarial practice in B Com.
| 4. What is the importance of professional competence in auditing? | |
Ans. Professional competence is vital in auditing as it ensures that auditors have the necessary knowledge, skills, and expertise to perform their duties effectively. Auditors need to stay updated with changes in accounting standards, auditing techniques, and regulatory requirements to provide accurate and reliable audit opinions. Professional competence also helps auditors in identifying and addressing risks, evaluating internal controls, and detecting fraud or errors in financial statements.
| 5. How does confidentiality play a role in auditing? | |
Ans. Confidentiality is a critical principle in auditing that requires auditors to maintain the privacy and confidentiality of client information obtained during the audit process. Auditors should not disclose any confidential information without proper authorization, as it could harm the client's business or reputation. Confidentiality helps build trust between auditors and clients, ensuring open and candid communication during the audit engagement.
Text Transcript from Video
principles of auditing in this course
students will understand auditing theory
and philosophy as well as account
auditing practices furthermore they will
recognize the evaluation of accounting
systems and of their corresponding
internal controls likewise they will
identify auditors reports and auditing
rules policies and procedures students
will also recognize the elements that
comprise the code of Professional
Conduct and ethics as well as auditors
legal liabilities moreover they will
analyze the use of evidence as part of
the audit documentation and the
application of statistical sampling and
the impact of technology on the audit
process finally they will contrast an
audit with other services provided by
Certified Public Accountants CPA's
you
students will understand auditing theory
and philosophy as well as account
auditing practices furthermore they will
recognize the evaluation of accounting
systems and of their corresponding
internal controls likewise they will
identify auditors reports and auditing
rules policies and procedures students
will also recognize the elements that
comprise the code of Professional
Conduct and ethics as well as auditors
legal liabilities moreover they will
analyze the use of evidence as part of
the audit documentation and the
application of statistical sampling and
the impact of technology on the audit
process finally they will contrast an
audit with other services provided by
Certified Public Accountants CPA's
you
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Dec 19, 2024 Last updated |
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