Auditing and Corporate Governance

Teacher

DR. PRAKASH CHANDRA SWAIN

Category

Core Courses

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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:

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:

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:

Lession-9:

Lession-10:

Lession-11:

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:

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:

Lession-18:

Lession-19:

Lession-20:

Lession-21:

Lession-22:

Concept , Merits and Demerits of Cost Audit.

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

Lession-23:

Lession-24:

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

Lession-33:

Corporate Social Responsibility (CSR):

Concept of CSR, Corporate Philanthropy,

Material: https://drive.google.com/file/d/1iUhTvk1dYnXfCBW4p6xsjfimRpOhtYHb/view?usp=share_link

Quiz: https://quizzory.in/id/63bd76cdcf9f1a09d0eb3c5f

Lession-34:

Corporate Social Responsibility (CSR):

Strategic Planning and Corporate Social Responsibility; Relationship of CSR with Corporate Sustainability

Material: https://drive.google.com/file/d/1iUhTvk1dYnXfCBW4p6xsjfimRpOhtYHb/view?usp=share_link

Quiz: https://quizzory.in/id/63bd82bb3ab4c009d930943c

Lession-35:

Corporate Social Responsibility (CSR):

CSR and Business Ethics, CSR and Corporate Governance;

Material: https://drive.google.com/file/d/14S4LPKpuKnwZaROvxyyOjrShcOZNQ_K3/view?usp=share_link

Quiz: https://quizzory.in/id/63bd5db5405c2c0971a1dab8

Lession-36:

Corporate Social Responsibility (CSR):

CSR Committee; CSR Models, Codes, and Standards on CSR.

Material:https://drive.google.com/file/d/1g0P3jZJNhhnVGd7lvDLulUFlA7ZvQCd-/view?usp=share_link

Lession-37:

Corporate Social Responsibility (CSR):

CSR Committee; CSR Models, Codes, and Standards on CSR.

Material:https://drive.google.com/file/d/1g0P3jZJNhhnVGd7lvDLulUFlA7ZvQCd-/view?usp=share_link

Lession-38:

Corporate Social Responsibility (CSR):

CSR Models, Codes, and Standards on CSR.

Material:https://drive.google.com/file/d/1g0P3jZJNhhnVGd7lvDLulUFlA7ZvQCd-/view?usp=share_link

Lession-39:

Corporate Social Responsibility (CSR):

CSR Codes, and Standards on CSR.

Material:https://drive.google.com/file/d/1g0P3jZJNhhnVGd7lvDLulUFlA7ZvQCd-/view?usp=share_link

Project Practice

Lession-40:

Our Main Teachers

Dr. Prakash Chandra Swain M.COM,  M.PHIL, PhD (Ravenshaw University) Assistant Professor (Accounting & Finance) , B.COM Coordinator, School of Management, Centurion University of Technology and Management, Jatni, Khurda, Odisha, India, PIN-752050, Bhubaneswar Campus