Advanced Auditing and Professional Ethics-II

Rights, duties, and liabilities of auditors; third party liability.
Audit reports; qualifications, notes on accounts, distinction between notes and qualifications, detailed observations by the statutory auditor to the management vis-à-vis obligations of reporting to the members

Audit Committee and Corporate Governance
Audit of Consolidated Financial Statements, Audit Reports and Certificates for Special Purpose engagements; Certificates under the Payment of Bonus Act, import/export control authorities, etc.; Specific services to non-audit clients; Certificate on Corporate Governance.

Special features of audit of banks, insurance companies, co-operative societies and non-banking financial companies.
Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws.
Cost audit,
Special audit assignments like audit of bank borrowers, audit of stock and commodity exchange intermediaries and depositories; inspection of special entities like banks, financial institutions, mutual funds, stock brokers.

Special features in audit of public sector companies. Directions of Comptroller and Auditor General of India under Section 619; Concepts of propriety and efficiency audit.
Internal audit, management and operational audit :nature and purpose, organisation, audit programme, behavioural problems; Internal Audit Standards issued by the ICAI; Specific areas of management and operational audit involving review of internal control, purchasing operations, manufacturing operations, selling and distribution, personnel policies, systems and procedures. Aspects relating to concurrent audit.

Investigation and Due Diligence.,
Concept of peer review
Salient features of Sarbanes – Oxley Act, 2002 with special reference to reporting on internal control.
Professional Ethics
Code of Ethics with special reference to the relevant provisions of The Chartered Accountants Act, 1949 and the Regulations thereunder.