Auditing Financial Statements

Chapter 0: Introduction
1. Course practicalities
2. Defining features of the concept of audit
3. Different types of audit: Internal and External audit
4. The internal audit function

Chapter 1: The need for auditing in the economy
1. The accounting information in economic systems
2. The role of the audit as a mechanism of protection of investors and other users of accounting information
3. The audit situation in Europe and Spain
4. The audit problems. The crisis of the profession.
4.1. Narrow objectives. Excessive standardization. Mature industry.
4.2. What is the responsibility of the auditor?
4.3. Auditor Independence

Chapter 2: The regulation of auditing in Spain and Europe
1. Accounting standards and auditing. Accounting standards applicable in Spain and Europe.
2. The audit regulation after the Audit law reform.
3. International Standards on Auditing
3.1. The general standards
3.2. Audit evidence
3.3. Other standards

Chapter 3: Audit methodology and audit of specific areas
1. Organization, planification and development of audit
2. Auditing of specific areas
2.1. Treasury
2.2. Customers
2.3. Stocks
2.4. Fixed asset
2.5. Equity
2.6. Creditors
2.7. Income statements

Chapter 4: Audit Reports and Internal Control
1. Report or opinion on the financial statements
2. Standards for the preparation of the report
3. Elements of the audit report
4. Report Models
5. Other Special Reports
6. Report on Internal Controls