This short summary note for the subject of Introduction to Auditing includes basic and main knowledge of audit especially useful (easier understanding) for foundation level who are new to audit subject. It includes: - statutory duties of company directors (e.g. ensure proper records are kept, prepare financial statement) - reasonable assurance (e.g. inherent limitation) - fraud & error (e.g. definition) - internal audit & external audit (e.g. differences) - IAASB - appointment of auditor (e.g. process, required documents) - auditors' duties & rights (e.g. report to shareholders/directors, right to access records, attend general meetings) - fundamental principles (e.g. integrity, objectivity, confidentiality) - five threats (e.g. self-interest, self review, advocacy) - low balling (e.g. audit fees) - engagement letter (e.g. contents) - materiality (e.g. quantitative, qualitative) - analytical procedures - audit risk (e.g. inherent, control, detection) - professional scepticism & professional judgement - test of control - substantive procedures (e.g. analytical procedures, test of detail) - final audit & interim audit - assertion for SPL (e.g. completeness, occurrence, cut off, classification, accuracy) & SFP (e.g. completeness, rights & obligation, valuation, existence) - audit procedures (e.g. inspection, observation, inquiry, external information, recalculation) - reliability of evidence - audit strategy & audit planning - auditor's expert (e.g. competence & reliability) - management expert - audit around/through the computer (e.g. audit software, test data) - audit sampling (e.g. random, systematic, haphazard, sequence or block selection) - audit documentation (e.g. audit working paper, permanent audit files, current audit files) - cold review & hot review - internal control (e.g. control environment, entity's assessment process) - controls in computer environment (e.g. application controls, general IT controls)