Auditing and Corporate Governance

Teacher

DR. PRAKASH CHANDRA SWAIN

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Subject Name: Auditing and Corporate Governance

Subject Code: CUTM1689

Course Objectives:

The course is designed with an objective:

To enable the students to understand the way auditing is conducted and put them in a position to identify the areas of fraud and errors in the accounts and take corrective actions while presenting the audit report.
To provide knowledge of auditing principles, procedures and techniques in accordance with current legal requirements and professional standards.
To give an overview of the principles of Corporate Governance and Corporate Social Responsibility

Course Outcomes:

On successful completion of this course, students will be able to:

Articulate knowledge of fundamental audit concepts.
Apply critical thinking skills and solve auditing problems using case studies.
Demonstrate the use of the Auditing, Assurance and Ethics Handbook.
Explain the legal framework under which Indian company audits are conducted and apply the professions code of conduct.
Gain knowledge about Corporate Governance.

COS	COURSE OUTCOMES	MAPPING COS WITH POS (High-3; Medium-2; Low-1)
CO1	To enable the students to understand the way auditing is conducted and put them in a position to identify errors in the accounts with take corrective actions while presenting the audit report.	PO1(3), PO2(2)
CO2	To provide knowledge of auditing principles, procedures and techniques in accordance with the professional standards.	PO1(2), PO2(2), PO3(3)
CO3	To give an overview of the principles of corporate Governance and Corporate Social Responsibility.	PO1(3), PO2(3)

Course Contents:

Module I:

Introduction

Audit Concepts: Meaning and nature of auditing; Objectives, advantages and limitations of auditing; Classification of Audit; Errors and Frauds and Auditor’s duty. Ethical principles and concept of auditor’s independence. Code of conduct & value system for auditors. Development of Audit Plan and Programme, Delegation and supervision of audit work; Concept of Audit Documentation; Nature & Purpose of Audit Documentation; Form, Content & Extent of Audit Documentation; Internal Control – Internal Check and Internal Audit; Audit Procedure – Vouching and verification of Assets & Liabilities

Module II:

Audit of Companies

Audit of Limited Companies under the Companies Act, 2013: Qualifications and disqualifications, Appointment, Rotation, Removal, Remuneration, Rights and Duties of auditor; Auditor’s Report- Contents and Types; Audit attestation and certification. Liabilities of Statutory Auditors. Overview of Auditing Standards.

Module III:

Special Areas of Audit Special Areas of Audit:

Special features of Cost audit, Tax audit, and Management audit; Recent Trends in Auditing: Basic considerations of audit in EDP Environment; Computer aided audit techniques and tools; Auditing Standards; Relevant Case Studies/Problems;

Module IV:

Corporate Governance

Conceptual framework of Corporate Governance: Theories & Models, Broad Committees; Corporate Governance Reforms. Major Corporate Scandals in India and Abroad: Common Governance Problems Noticed in various Corporate Failures. Codes & Standards on Corporate Governance

Module V:

Corporate Social Responsibility (CSR): (11 Lectures)

Concept of CSR, Corporate Philanthropy, Strategic Planning and Corporate Social Responsibility; Relationship of CSR with Corporate Sustainability; CSR and Business Ethics, CSR and Corporate Governance; CSR provisions under the Companies Act 2013; CSR Committee; CSR Models, Codes, and Standards on CSR

Text Books:

TR Sharma, Auditing.
BN Tandon, Practical Auditing.
MS Ramaswamy, Principles and Practice of Auditing. 4. Kamal Gupta, Practical Auditing.

Lession-1:

Audit Concepts: Meaning and nature of auditing; Objectives, advantages and limitations of auditing

Material: https://drive.google.com/file/d/1oxIRDEsMt90A13k5i2AdMRgsgq3vtQr0/view?usp=share_link

Quiz: https://quizzory.in/id/63bc3428ee4a75099022f435

Lession-2:

Classification of Audit

Material:https://drive.google.com/file/d/1g-h2qkjPwyCT_MQFUqnC0i3Qn0Ut2WNs/view?usp=share_link

Quiz: https://quizzory.in/id/63bc4190d604f909996ea3af

Lession-3:

Errors and Frauds and Auditor’s duty. Ethical principles and concept of auditor’s independence.

Material:https://drive.google.com/file/d/1g-h2qkjPwyCT_MQFUqnC0i3Qn0Ut2WNs/view?usp=share_link

Quiz: https://quizzory.in/id/63bc2b8129aabb097055c685

Lession-4:

Code of conduct & value system for auditors

Material:https://drive.google.com/file/d/1g-h2qkjPwyCT_MQFUqnC0i3Qn0Ut2WNs/view?usp=share_link

Lession-5:

Development of Audit Plan and Programme, Delegation and supervision of audit work;

Material: https://drive.google.com/file/d/1AT60Lg77rUXs1tBOLwyLyx1VrxhxW0k3/view?usp=share_link

Lession-6:

Development of Audit Plan and Programme, Delegation and supervision of audit work;

Material: https://drive.google.com/file/d/1f9n3HueEsStGrWHIHrGG7RVcxap1zJAY/view?usp=share_link

Lession-7:

Form, Content & Extent of Audit Documentation

Material: https://drive.google.com/file/d/1oxIRDEsMt90A13k5i2AdMRgsgq3vtQr0/view?usp=share_link

Lession-8:

Introduction to Internal Audit.

Material: https://drive.google.com/file/d/1zmqvjC95Vn4GnIpCAmwAanFJFX2cPQEC/view?usp=share_link

Lession-9:

Internal Control – Internal Check and Internal Audit.

Material: https://drive.google.com/file/d/1noyqgR2g5Gg_5JBdR5ywuwSJwYOht7zM/view?usp=share_link

Quiz: https://quizzory.in/id/63bc4868ee4a75099023091a

Lession-10:

Introduction to Internal Check.

Material: https://drive.google.com/file/d/1lsc6C1WqeL0XLHn1Y8O1KHNs1U2KW07d/view?usp=share_link

Quiz: https://quizzory.in/id/63bc5aea405c2c0971a0fdb3

Lession-11:

Audit Procedure – Vouching and verification of Assets & Liabilities

Material: https://drive.google.com/file/d/1hwLTxNKbQJKwqEMPxp2JEX2iM6R437Yz/view?usp=share_link

Quiz: https://quizzory.in/id/63bc60cf29aabb097055eda4

Quiz: https://quizzory.in/id/63bc50f4405c2c0971a0f519

Lession-12:

Audit of Limited Companies under the Companies Act, 2013

Material: https://drive.google.com/file/d/1SZOWfbw63imKkt6m5ujcpypk4SrXr-Mg/view?usp=share_link

Lession-13:

Qualifications and disqualifications of auditor.

Material: https://drive.google.com/file/d/1SZOWfbw63imKkt6m5ujcpypk4SrXr-Mg/view?usp=share_link

Quiz: https://quizzory.in/id/63bc6dbe29aabb097055f3a3

Lession-14:

Appointment, Rotation, Removal, Remuneration, Rights and Duties of auditor;r.

Material: https://drive.google.com/file/d/1k9-xY7Swuintyt_qXXK8erShO4E3vjdb/view?usp=share_link

Lession-15:

Auditor’s Report- Contents and Types.

Material: http://Auditor’s Report- Contents and Types

Lession-16:

Liabilities of Statutory Auditors. Overview of Auditing Standards.

Material: https://drive.google.com/file/d/1qHDrbUi8KKOssWhjVd2BYvkiHB6qWOlB/view?usp=share_link

Lession-17:

Audit attestation and certification

Material: https://drive.google.com/file/d/1pW7nER6lIejE0341yVv-w0HypTADJOUY/view?usp=share_link

Lession-18:

Introduction to Management Audit.

Material: https://drive.google.com/file/d/1SaDNyggctnREdsMUytDsDfVsc-aLtRiq/view?usp=share_link

Lession-19:

Basic Concept, Merit and Demerits of Management Audit.

Material: https://drive.google.com/file/d/1SaDNyggctnREdsMUytDsDfVsc-aLtRiq/view?usp=share_link

Quiz: https://quizzory.in/id/63bc73cd29aabb097055f67d

Lession-20:

Features and Benefits of Management Audit.

Material: https://drive.google.com/file/d/1SaDNyggctnREdsMUytDsDfVsc-aLtRiq/view?usp=share_link

Lession-21:

Introduction to Cost Audit.

Material: https://drive.google.com/file/d/1sAtEnDibRLUmnFNOQqWNoyerRBy8UvJi/view?usp=share_link

Lession-22:

Concept , Merits and Demerits of Cost Audit.

Material: https://drive.google.com/file/d/1sAtEnDibRLUmnFNOQqWNoyerRBy8UvJi/view?usp=share_link

Lession-23:

Features and Benefits of Cost Audit.

Material: https://drive.google.com/file/d/1sAtEnDibRLUmnFNOQqWNoyerRBy8UvJi/view?usp=share_link

Lession-24:

Introduction to Tax Audit.

Material: https://drive.google.com/file/d/12KU0OW7UI0GG7dP4qKncKlPndieDJ1wc/view?usp=share_link

Quiz: https://quizzory.in/id/640ffee2f0fca30779d22bf8

Lession-25:

Concept, Merits , Demerits and Features of Tax Audit.

Material: https://drive.google.com/file/d/12KU0OW7UI0GG7dP4qKncKlPndieDJ1wc/view?usp=share_link

Lession-26:

Recent Trends in Auditing: Basic considerations of audit in EDP Environment;

Material:

Lession-27:

Computer aided audit techniques and tools; Auditing Standards; Relevant Case Studies/Problems;

Material:

Lession-28:

Corporate Governance

Conceptual framework of Corporate Governance: Theories & Models,

Material: https://drive.google.com/file/d/1LW7dsq1tCMUr1hIBFT_eorBbRutqwJob/view?usp=share_link

Lession-29:

Corporate Governance

Broad Committees; Corporate Governance Reforms.

Material: https://drive.google.com/file/d/1LW7dsq1tCMUr1hIBFT_eorBbRutqwJob/view?usp=share_link

Lession-30:

Corporate Governance

Major Corporate Scandals in India and Abroad.

Material: https://drive.google.com/file/d/1w61x9ZD-b_9oUNnwB7CMQnHIdjZhTpsT/view?usp=share_link

Lession-31:

Corporate Governance

Common Governance Problems Noticed in various Corporate Failures

Material: https://drive.google.com/file/d/1w61x9ZD-b_9oUNnwB7CMQnHIdjZhTpsT/view?usp=share_link

Lession-32:

Corporate Governance

Common Governance Problems Noticed in various Corporate Failures

Material: http://Codes & Standards on Corporate Governance

Quiz: https://quizzory.in/id/63bcdf12405c2c0971a12eca