Audit of Financial Statements
Instructor: Дарко Томаш, PhD, Associate Professor
The subject aims to expand the knowledge that students gained in the field of auditing into the field of practical action in this area. In addition to the basic concepts of auditing and all of its forms, it provides insight into the audit regulations, with special emphasis on the International Standards on Auditing. A significant part of the subject is devoted to practical study of the auditing, which shows a complete auditing process on a practical example and allows students to apply their knowledge in practice.
| Code : | О17РРФИ |
|---|---|
| Status: | C |
| Semestar: | 8th |
| Number of classes per week: | 4+3 |
| ЕECTS: | 6 |
| Teachers: |
Дарко Томаш,
PhD Associate Professor Светлана Сабљић, PhD Assistant Professor |
| Prerequisites: | Ревизија |
| Learning Outcomes (gained knowledge): | Upon completion of this course, students will be able to practically apply the knowledge gained from the auditing of financial statements, as the most important components of the auditing. They will master some of the International Standards on Auditing, which are crucial for undisturbed performance of auditing in practice and through practical examples they will see how those standards are implemented in our practice, as well as in the practice of other countries that have accepted International Accounting Standards and International Standards on Auditing. |
| Subject Contents: | Goals and general principles of auditing; Terms of audit engagement and accepting the client; Audit quality control; Documentation in the auditing; Auditor's responsibility for the detection of frauds; Control of the implementation of laws and other regulations; Planning and risks in auditing of financial statements; Evidence in the auditing; Working papers; Record of audit planning; Record of audit testing; Reminder for creation of the audit planning. Record "The auditor's report." |
| Teaching Methods and Learning Activities: | Lectures i.e. systematic transfer of knowledge from the literature and practice, both international and domestic. During the lectures, some of the topics will be discussed or illustrated by appropriate simulations and programs for auditing. Illustrations and exercises. In addition to examples that will be discussed, the classes will also cover the examples that will be used to illustrate and practice specific topics (collectively and individually). Illustrations and exercises involve two-way communication, and students are invited to freely express their opinions on the case of illustrations and exercises. Discussion of case studies. The main form of work will be case studies so that students learn how to use their gained knowledge for practical purposes. Preparation and presentation of the seminar paper with the mandatory application of the methodology for the preparation of professional papers. |
| Literature: | Božić, R.; Kondić, N. (2012). An audit of financial statements - a practical guide to the audit, third, revised and updated edition. Banja Luka: Faculty of Economics and Finrar; International standards and statements on auditing, quality control, inspection, other assurances and related services. (2011). Association of Accountants and Auditors of Serbia, Association of Accountants and Auditors of the Republic of Srpska and the Institute of Certified Accountants of Montenegro; IFAC Code of Ethics for Professional Accountants. (2012). Association of Accountants and Auditors of Serbia, Association of Accountants and Auditors of the Republic of Srpska and the Institute of Certified Accountants of Montenegro. |
| Types of Assessment for the subject: | Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points) |
| Special Remarks for the subject: |