To acquire thorough understanding of secretarial audit and Due Diligence.
BCS 512 |
Secretarial Audit and Due Diligence |
CO 137:To gain a knowledge about various types of audit and standards made for them CO 138:To understand in detail about Secretarial audit, Internal audit and process audit. CO 139: To provide understanding about scope of various audits and purpose of conducting them. CO 140:Understand the concept of other audits like CSR audit , takeover audit, system audit , forensic audit etc. |
Approach in teaching: |
1. Evaluation of PPT's |
· Audit engagement; Appointing authority; communication to previous Auditor; Terms & conditions; Audit fees & expenses; Independence & conflict of interest; confidentiality; Auditing standard on Audit engagement.
· Audit Principles and Techniques :Audit Planning; Risk assessment; Collection of information/Records of Audit, Audit Checklist; Audit Techniques, Examination & its process; Enquiry; Confirmation; Sampling; Compliance Test of Internal Control System; Substantive Checking; Dependence on other Expert, Verification of documents/records; Collection of audit evidences; Creation of Audit trails; Analysis of Audit findings; Documentation; materiality; recordkeeping;
· Audit Process and Documentation :Preliminary Preparations; Questionnaire; Interaction; Audit program; Identification of
applicable laws; creation of master checklist; Maintenance of Work-sheet, working papers and audit trails; Identification of events/ corporate actions; Verification; Board composition; Board process; systems and process; identification of events having bearing on affairs of the Company, Auditing standard on Audit process & documentation
Process of forming an opinion; materiality; forming an opinion on report of third party/expert; modified/unmodified opinion/qualifications; Management Representation Letter, Opinion obtained by Management, Discussion with Management, Evaluating Audit Evidence and forming Opinion, Audit report and drafting of qualifications; Sharing Draft Report with Management with Category of Risk involved with each Remark and Qualification, Signing of Audit reports and its Submission, Auditing standards on forming of an Opinion.
Secretarial Audit : Fraud detection &Reporting ,Duty to report fraud; Reporting of Fraud by Secretarial Auditor; Fraud vs. Noncompliance; speculation; suspicion; Reason to believe; knowledge; Reporting; Professional Responsibilities and Penalties; Recordkeeping; Reporting of fraud in Secretarial Audit Report.
Quality Review: Peer Review; Monitoring of Certification and Audit Work by Quality Review Board.
Values Ethics and Professional Conduct: Case Studies & Practical Aspects.
Due Diligence I: Overview and Introduction; Types of Due Diligence; Financial Due diligence; Tax Diligence; Legal Due Diligence; Commercial or Business Diligence – including operations, IT systems, IPRs; Human Resources Due Diligence; Due Diligence for Merger; Amalgamation; Slump Sale; Takeover; Issue of Securities; Depository Receipts; Competition Law Due Diligence; Labor Laws Due Diligence; Due Diligence Report for Bank; FEMA Due Diligence; FCRA Due Diligence; Techniques of Due Diligence and Risk Assessment; Non-Disclosure Agreement.
Due Diligence II: Impact Assessment of Non Compliances and Reporting thereof.
1. Study Material Published by ICSI
2. Scanner-Arun Kumar (SuchitraPrakashan (P) Ltd