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ADVANCED AUDITING AND PROFESSIONAL ETHICS - II
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Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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CO 168:Analyze Corporate Governance in audit and disclosure requirements CO 169: Conduct audit of Consolidated financial statements, banks and NBFC CO 170: Conduct Audit under fiscal laws and public sector undertakings CO 171: Describe the role of Peer review board quality review board and examine internal audit, due diligence, and forensic audit. CO 172: Appraise the knowledge of code of ethics to your professional practice and Identify threats and safeguards measures while compliance of fundamental principles of professional ethics |
Interactive Lectures, Discussion, Tutorials, Reading assignments. 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.
• 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 Institute of Chartered Accountants of India
Scanner-Arun Kumar (Suchitra Prakashan (P) Ltd)
