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Advanced Auditing and Professional Ethics - II
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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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,
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
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.
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,
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.
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
Professional Ethics: Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations there under.
Study Material Published by ICAI
