At the end of the Lecture you would be able to answer : External Audit , Objective of the External Audit, Need of External Audit, Accountability, Stewardship and Agents, statutory and non-statutory audits, Their advantages, . External audit is the independent examination of financial report as prepared by the organisation which is accountable for the authenticity of any organisation. The basic objectives of the External Audit: 1) To enable the auditor to express an opinion. 2) To give a reasonable assurance. 3) The owner of the organisation or the shareholders of the organisation hire the external auditor. The high corporate financial scandal and frauds lead to emergence of the audits. The directors has to justify the accountability of their action towards the organisation. Stewardship are the duties and obligations of a person who manages another persons property . Wherein the director is just considered as the agent between the owner and the auditors who plays a dual role by managing the business and maximizing the business. The audits are further classified as statutory and non-statutory. Statutory is required in most countries and in entities including charities, investment businesses, trade unions. There are various advantages of the statutory and non- statutory audits. Then you will come across the term Assurance Provision, the one who is the professional auditor. Then elements of an assurance engagement. You will these elements through the term 'CREST'. You will thoroughly understand the concepts. You will get various magnificent tips to crack the exam.

In this session, you will learn about Assurance Services.

In this session you are going to learn about the assurance services mainly highlighting upon the audit service and why it can be given exemptions to small companies, who can be assigned as auditor and work of an auditor. In the beginning of the session you will recapitulate the statutory audits. Further you well learn the small company exemptions where a small company is defined as a company run by small number of people. There are specific features which are if true for a company then it could be considered as a small company and is thus exempted from the audit. There are debates regarding the abolition and against abolition of audits(small company). There are different cases which includes the management, banks and other payable defining the reason for their opinions. You will get through them. After discussing the above you will understand the duties and Rights of the auditors, necessity of these rights, appointment of auditors(UK),remuneration of auditor and resignation of the auditor which includes a written document with a statement of circumstances or a statement of no circumstances which is mandatory.

In this session you will begin with the reason or factors for the removal of the auditors. To learn the above you shall understand the proper procedure while removing the auditor which includes the written resolution or through special notice organizing a meeting giving right to represent their statement of their point of view. Herein you will learn the rights of the auditors while defending themselves. You will acknowledge these rights if he is removed in the mid-term. The proper procedure followed by the auditors and organisation during the removal of the auditor. The places where the auditor can speak for themselves to concerned shareholder authority. Then you will come across the regulations of auditors which are further divided into national and international regulations. Both have some standards set up by International Auditing and Assurance Standard Board. Then you will get to know the eligibility and ineligibility to act as an auditor, Role of the regulatory Body and how they perform their role. Towards the End of the video you will begin with a new topic of Corporate Governance.

In this session, you will learn about Corporate Governance.

In this session, you will learn about Audit Committee.

In this session, you will learn about Internal Controls.

Ethics is a part of Audit Framework and Regulations. In it you will learn about the concept of Ethics. You will get to learn the following : (a) Define and apply fundamental principles of professional ethics of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. (b) Define and apply conceptual framework including the threats to the fundamental principles of self-interest, self-review, advocacy, familiarity and intimidation. (c) Discuss the safeguard to offset the threat to fundamental principles. (d) Describe the auditor's responsibility with regard to auditor independence, conflicts of interest and confidentiality. Ethics is extremely important chapter in examination point of view. Basically ethics is a set of principles that every auditor need to adhere to in order to behave in a professional manner. In this session we are going to begin with "Communication with those charged with governance". "Communication with those charged with governance" which includes the the people who are accountable to monitor the organisation if it is moving in the strategic management set for the organisation. Auditors are said to communicate(specific) with those charged with governance and then you will also come to the reason to their need to communicate. Now we will begin with the Ethics. It has 5 principles to follow as discussed in the video.

In this session, you will learn about Threats to Independence.

In this session, you will learn about Threats to Independence.

In this session, you will learn about Threats to Independence.

In this session, you will learn about Accepting Audit appointment.

In this session, you will learn about Procedure Accepting Appointment.

In this session, you will learn about Internal Audit.

In this session, you will learn about Internal Audit Assignment.

In this session, you will learn about Internal Audit Report.

In this session, you will learn about Planning and Risk Management.

In this session, you will learn about Assessing the Risk of Material.

In this session, you will learn about Fraud, Laws and Regulations.

In this session, you will learn about Audit Documentation.

In this session, you will learn about Internal Control.

In this session, you will learn about Internal Control.

In this session, you will learn about Test of Controls.

In this session, you will learn about Test of Controls.

In this session, you will learn about Audit Procedure.

In this session, you will learn about Accounting Estimate Sampling.

In this session, you will learn about CAATs and Using the work of Others.

In this session, you will learn about Non Current Assets.

In this session, you will learn about Inventory.

In this session, you will learn about  Receivables.

In this session, you will learn about Cash and Bank.

In this session, you will learn about Payables.

In this session, you will learn about Liabilities.

In this session, you will learn about Non Profit Organisation.

In this session, you will learn about Audit Review.

In this session, you will learn about Going Concern.

In this session, you will learn about Written Representation.

In this session, you will learn about Reports.

In this session, you will learn some Modified Opinions

In this session, you will give a mock test.