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Paper 6: Commercial & Industrial Laws and Auditing (One Paper: 3 hours:100 marks)

B. Auditing ( 50 Marks)
1. Auditing Basics 10%

a)      Major influences of auditing; nature and scope of auditing; basic concepts of auditing; role of evidence in auditing; auditing techniques and practices – generally accepted auditing standards; the concept of materiality in auditing.

b)      Fixed assets, investments, inventories, debtors, loans and advances, cash and bank balances, debentures and creditors, provisions for taxation, proposed dividend and gratuity – other items in the balance sheet; verification of items in the profit and loss account; contingent liabilities; disclosure of accounting policies, practice; expenditure during the period of construction; adjustments for previous year – provisions of the Companies Act, 1956 regarding accounts. Restructure

c)       Statistical sampling in auditing. Use of ratios and percentages for comparison and analysis trends - inter-firm and intra-firm comparison.


2. Companies Act Provisions relating to Audits 10%

a)      Auditors' appointment, remuneration, removal, rights of statutory auditors, duties of statutory auditors, joint auditors,branch audits.

b)      report versus certificate, contents of the reports, qualifications in the report.

c)       relevant provisions of the Companies Act, 1956 and the Income-tax Act, 1961.

d)      Interface between statutory auditor and internal auditor.

e)      Corporate Governance

3.   Review and Audit of Internal Control Systems 15%

a)      Nature and scope of internal auditing, financial versus operational audit; concepts of efficiency audit, propriety audit, Voucher audit, compliance audit, pre and post audits.

b)      CARO

c)       Audit Report

d)      Internal auditing function

e)      Planning and process of internal audit

f)       Verification of evidence, detailed checking versus sampling plans, statistical sampling as used in internal auditing; flow chart techniques.

g)      Internal control, nature and scope, internal auditor and internal controls.

h)      Field work, collecting evidences, interviews; memoranda.

i)        Audit notes and working papers.

j)        Audit reports - techniques of effective reporting; follow up of audit report.

k)      Summary reports of top management.

l)        Communications in internal auditing - improving auditor-auditee relationship.

m)    Scope of Audit Committee

n)      Internal audit and investigation of fraud

4.   Information System Audit. 10%

5.   Introduction to Management Audit. 5%

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