COMPANY ACCOUNTS AND AUDITING PRACTICES-II

Paper Code: 
BCS 314
Credits: 
03
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To acquire knowledge and understanding of the concepts, principles and practices of company accounts and auditing in accordance with statutory requirements.

9.00
Unit I: 
Consolidation of Accounts

• Holding and Subsidiary Companies - Accounting Treatment, Disclosures and Consolidation of Accounts

9.00
Unit II: 
Valuation of Shares and Intangible Assets

• Valuation of Shares, Methods of Valuation, Price Earning Multiple Valuation,

Discounted Cash Flow (DCF) Method

• Valuation of Intangibles: Brand, Goodwill and IPRs

Liquidation of Company

• Preparation of Statement of Affairs including Deficiency /Surplus Account

9.00
Unit III: 
Corporate Financial Reporting

• Various Requirements of Corporate Reporting

• Value Added Statements: Economic Value Added (EVA), Market Value Added ,

Shareholders’ Value Added

Accounting Standards

• Relevance and Significance

• National and International Accounting Standards and Authorities

• Adoption, Convergence and Interpretation of International Financial Reporting

Standards (IFRS) and Accounting Standards in India

9.00
Unit IV: 
Internal audit

• Forms of Audit - Propriety Audit, Compliance Audit and Efficiency Audit

• Nature, Scope and Techniques of Internal Audit; Functions and Responsibilities

of Internal Auditors; Organisational Status of Internal Auditing Function, Internal

Audit vis-à-vis Statutory Audit

Internal control

• Nature, Scope And Elements

• Internal Control distinguished from Internal Check and Internal Audit

• Techniques of Internal Control System, Flow Charts, Internal Control Questionnaires

• Steps for Internal Control and Audit Evaluation

• Audit Testing – Need For Sampling and Various Approaches to Statistical Sampling

• Inter-Firm and Intra-Firm Comparisons – Ratio And Trend Analysis; Audit In Depth

9.00
Unit V: 
Review of Internal Control

• Review of Purchasing Operations

• Review of Efficacy of Management Information System

• Review of Selling and Distribution Policies and Programmes

• Review of Manufacturing Operations

• Review of Personnel Policies

• Appraisal of Management Decisions

Audit Engagement and Documentation

• Audit Procedures: Audit Plan , Audit Programme, Vouching and Verification

• Documentation: Audit Working Papers and Files

• Sampling, Test Checking, Techniques of Test Checks

References: 

1. Study Material Published by ICSI

2. Scanner-Arun Kumar(Shuchita Prakashans(P) Ltd)

3.  Modern Accountancy- A Mukherjee& M Hanif (Tata Mc Graw Hill

  1. Company Accounts-R.L Gupta & M Radhaswamy(Sultan Chand & Sons)
  2. Accounting Theory-L.S  Porwal (Tata,Mc Graw Hill)
  3. Advanced Accounts-Shukla, Grewal, Gupta (S.Chand)
  4. Advanced Accountancy-S.N Maheshwari (Vikas Publishing House Pvt Ltd)
  5. Advanced Accountancy- S.P Jain& K.L Narang , (Kalyani Publishers)
  6. Corporate Accounting: Anil, Rajesh Mariyappa ( Himalaya Publishing House)
  7. Fundamentals of Corporate Accounting; J.R Monga (Mayoor Paperbakcs A-95 Sector 5, Noida

 

Academic Year: