Advanced Auditing and Professional Ethics - II

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

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 158:Analyze Corporate Governance in audit and disclosure requirements

 

CO 159: Conduct audit of Consolidated financial statements, banks and NBFC

CO 160:Conduct Audit under fiscal laws  and public sector undertakings

CO 161:Describe the role of Peer review board quality review board and examine Internal audit, Due diligence, and forensic audit.

CO 162:Appraise the knowledge of code of ethics to your professional practice andIdentify 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

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

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

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

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

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: