Advanced Auditing and Professional Ethics - II

Paper Code: 
BCP-513
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

  • To acquire the ability to analyze current auditing practices and procedures and apply them in auditing engagements;
  • To acquire the ability to solve cases relating to audit engagements.

Course Outcomes (COs):

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

BCP-513

Advanced Auditing and Professional Ethics-II
  • CO 164 To gain the knowledge of Corporate Governance in audit and disclosure requirements
  • CO 165 To know the concept of due diligence, investigation and forensic audit and audit under fiscal laws
  • CO 166 To gain the knowledge  of role of Peer review board quality review board
  • CO 167 To determine and apply knowledge of code of ethics to your professional practice
  • CO 168 To identify threats and safeguards measures while compliance of fundamental principles of professional ethics

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments

 

Learning activities for the students:

Self learning assignments, Effective questions, Seminar presentation,

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

9.00
Unit I: 
-
  • Audit Committee and Corporate Governance: Audit committee; Role of auditor in Audit Committee and Certification of Compliance of Corporate Governance; Compliances with Laws and Regulations (SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements); Disclosure requirements including those of SEBI; Regulatory requirements of Corporate Governance, Report on Corporate Governance

 

9.00
Unit II: 
-
  • Audit of Consolidated Financial Statements: Provisions under the Companies Act, 2013 in respect of Accounts of Companies and Rules made there under; Audit of Consolidated Financial Statements- responsibility of parent company, auditor of the consolidated financial statements; audit considerations- permanent consolidation, current period consolidation; reporting.
  • Special features of audit of Banks, Insurance &Non Banking Financial Companies,

 

9.00
Unit III: 
-
  • Audit under Fiscal Laws: Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws including documentation for Form 3CD etc.
  • Audit of Public Sector Undertakings: Special features, Directions of Comptroller and Auditor General of India; Concept of propriety audit; Performance audit; Comprehensive audit.
  • Audit of Public Sector Undertakings: Special features, Directions of CAG; Propriety audit; Performance audit; Comprehensive audit.

 

9.00
Unit IV: 
-
  • Internal Audit, Management and Operational Audit: Provisions of internal audit as per Companies Act, 2013; Scope of internal auditing; Relationship between internal and external auditor; Basics of Internal Audit Standards issued by the ICAI; Drafting of Internal Audit Report; Management audit and Operational audit.
  • Due Diligence, Investigation and Forensic Audit: Due Diligence Review; Audit versus Investigation; Steps for investigation; Types of investigation; procedure, powers, etc. of investigator; Types of Fraud, indicators of fraud, follow-up thereof; Forensic audit meaning, difference between statutory audit and forensic audit, forensic audit techniques, forensic audit report etc.
  • Peer Review and Quality Review

 

9.00
Unit V: 
-:
  • Professional Ethics: Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations there under.

 

References: 
  • Study Material Published by ICAI

 

Academic Year: 
2020-2021
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