a. Introduction to the Course

The main objective of the course is to give students advanced knowledge regarding corporate accounting and auditing procedures. This course is built upon the Financial Accounting Course in the sense that it provides advanced treatment of basic techniques learned in the first course of Financial Accounting. It mainly focuses upon the company accounts and their understanding of the context of the IAS and companies Act 2017.

b. Course Pre-Requisite

Specifically, there are no pre-requisites for this course, however, basic knowledge of finance and accounting concepts will be very helpful.

c. Learning Outcomes

1. To understand the business combination of Accounting and Auditing.
2. To apply accounting techniques and procedures to specific circumstances like leases, branches, departmental stores, consignment, and joint venture.
3. To understand the relationship between auditing and financial statements of the joint venture, partnership, and branches.

d. Textbooks:

• M.Arif Ch. & Sohail Afzal (2020). Advanced Accounting, Azeem Academy, Publisher & Book Sellers, Lahore.
• Sardar Abdul Hameed (2019). Auditing, Azeem Academy, Publisher & Book Sellers, Lahore.

e. PPT/Handouts

The PPTs/Handouts will be provided for every lecture where it will be necessary. Further, the PPTs/Handouts can be found in relevant lesson section of the LMS.

f. System of Evaluation

Midterm = 25%

Final = 50%

Sessional (Class assignment + Final Project) = 25%

g. Lesson Plan

1. Share issuance and recording, Company Accounting
2. Bonus and Right issues. Further readings on Bonus and Right Issue
3. Debentures, Bonds, and TFCs
4. Company Final Accounts under Companies Act 2017
5. Analysis of Accounting Ratios
6. Audit & Accounting Difference, Objects, Errors & Fraud, Advantages of Audit
7. Qualities of an Auditor, Audit Functions
8. Classification of Audit: Statutory Audit, Private Audit, Government Audit, Internal Audit
9. Continuous Audit, Final Audit, Interim Audit, Cost Audit, Management Audit.
10. Audit Standards: Principles, Procedure, Concepts, Techniques, Vouching and Verification Principles
11. Planning the Audit: Pre-requisites of Audit, Audit Program, Audit Notebook
12. Audit Working Papers routine checking, Test checking, Teaming and Leading
13. Internal Control: Definition, Principals, Designing of Internal Control
14. Internal Check, Difference between Internal check and Audit
15. Different between the internal and external auditor
16. Auditor Report: Statutory Report, Report for insertion in the prospectus, Report on insolvency

h. Date and Time of Class

Monday 11:00 – 12:30 PM

Tuesday 11:00 – 12:30 PM