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681 views124 pagesAuditing and Corporate Governance
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© © All Rights Reserved
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/ 124
@ Choice Based Credit System
TAXMANN™S,
Auditing
and
Corporate
Governance
Dr. Aruna Jha
4th Edition Syllabus
B.Com. (Hons.): Semester VI
‘Paper BCH 6.1 : Auditing and Corporate Governance
ications, Appointment, Rotation, Removal, Remuns
‘Duties Auditor's Report - Contents and Types, Liabilities of Statutory Auditors
under the Companies Act, 2013,
Areas of Audit: Cost audit, Tax audit and Management audit; Recent
in Auditing: Basic considerationsof auditin EDP Environment: Relevant
ig and Assurance Standards (ASS).
: Corporate Governance
saning, Theories, Models and Benefits of Corporate Governance: Politics and
ce; Board Committees and their Functions; Insider Trading: R
‘Green Governance/E-governance; Clause 49 of Listing Agreement;
xrporate Governance in Public Sector Undertakings; Corporate Funding of
al Parties; Class Action; Whistle Blowing; Shareholders Activism.
Unit III: Major Corporate Governance Failures
BCCI (UK), Maxwell Communication (UK), Enron (USA), Work Com (USA).
ersen Worldwide (USA), Vivendi (France), Harshad Mehta Scam, Satyam
puter Services Ltd,, and Kingfisher Airlines; Common Governance Problems
Noticed in various Corporate Failures; Codes and Standards on Corporate
Governance; Initiatives in India. Contents
Chapter 1
‘ INTRODUCTION
5
ves of financial audit
Types of error and fraud
Advantages of
swith Accounting
‘Types of audi
Structure of audit theory
TEST YOUR KNOWLEDGE 26
Chapter 2
‘© AUDIT PLANNING AND INTERNAL CONTROL SYSTEM
Considerations for commencing an audit 27
Audit programme 28
Working Papers
Internal control system
smal check
Internal audit wat
chapter 6
> COST AUDIT, MANAGEMENT AUDIT AND TAX
61 Meaning
62 De
63 Tax Audit
of management audit
Chapter 7
‘INTRODUCTION To EDP AUDITING
7.1 Introduction
7.2 Meaning of EDP auditing
73
1ce between auditing of manual ac
accounts (EDP systems or compute
7.4 Types of EDP Accounting Systems
7.8 Types of internal control in CIS/EDP env
16
17 approaches in a computer environment
78 CAATs
"yest YOUR KNOWLEDGE,
Distinguish between general controls and applica
Chapter 8
w> CONCEPTUAL FRAMEWORK FOR CORPORATE GOVERNANCE
BB Duties of Aud
143, section 144, section 145 and
section 146
‘Fest YOUR KNOWLEDGE 8.1 Introduction
8.2 Definition of Corporate Governance
Chapter 5 " .
"¢ AUDITOR'S REPORT AND LIABILITIES 8.3. Need/Benefits of Corporate Governance
8.4 Theories of Corporate Governance
$1 The audit report : As a means of communication
5 Principles/Four Pillars of Corporate Governance
52 Revised SA 700 Serics and elements of audit Report r on ee
{6 Models of Corporate Governance
5.3 Audit report of al i a
‘TEST YOUR KNOWLEDGE
ed company
5.4 Types of au
rep
55 Difference between clea
5.6 _ Difference betwee
adverse opinion
5.7 Liabilities of a
‘TEST YOUR KNOWLEDGE
Chapter 9
we BOARD COMMITTEES AND THEIR FUNCTIONS
+1 and qualified audit report
er of opinion and.
sa 9.1 Background and definition of Board Committees
9.2 Feature of Board Committees
93
Functions of Board Committees 13.1 Introduction —
132 Definition
WING 13.3. Features
13.4 Advantages
13.5 Disadvantages
136 SI
13.7 Important changes introduced by the Companies Act, 20
wcholder activism in India
chapter 32
ND CREDIT RATING IN INDIA
Rare PORATE GOVERNANCE RATING
chapter 14
‘* CORPORATE GOVERNANCE IN PUBLIC SECTOR UNITS AND CORPORATE FUNOING
ce Rating (CGR) (OF POUTICAL PARTIES
Introd 14.1, Corporate Governance in Public Sector Units s
7 14.2 Corporate Funding of Political Parties
‘Assessment criteria ote youn ee
Chapter 15
‘5 SOME OF THE MAJOR CORPORATE GOVERNANCE FAILURES IN DEVELOPED WORLD
15.1 The Bank of Credit and Commerce International Scandal (BCCI) 166
15.2. Maxwell Communications (UK)
15.3 Enron (US)
15.4 WorldCom (US)
15.5 Anderson Worldwide (USA)
15.6 Vivendi (France)
VEST YOUR KNOWLEDGE
10
man
‘FEST YOUR KNOWLEDGE
chapter 12
Or eaeapiGh OF CORPORATE GOVERNANCE: E-GOVERNANCE ANE
BETION SUITS
176
Chapter 16
12.1. Electronic - Gove
122 Class Action Suits
‘TEST YOUR KNOWLEDGE
‘¢ CASES OF CORPORATE GOVERNANCE FAILURE IN INDIA
16.1 Harshad Mehta Seam.
16.2 Kingfisher Airlines
16.3 Satyam Scam
16.4
Common governance problems noticed in corporate failures
‘TEST YOUR KNOWLEDGE joaRos
ip STANDARDS
7 ie GOVERNANCE CO"
19
D CONCEPTUAL FRAMEWORK FOR BUSINESS ETHICS
.s to Business Ethics
ics/E
© 19.10 Ethics Committee
‘TEST YOUR KNOWLEDGE
chapter 20
‘¢ CORPORATE SOCIAL RESPONSIBILTY
n of Corporate Social Responsibility (CSR)
20.9 Business Ethies and CSR
‘TEST YOUR KNOWLEDGE,
Chapter 21
‘¢ CSR MODELS AND DRIVERS,
21.1 CSR Models
.2 CSR Modi
21.3. CSR Drivers
in Indian Context
21.4 Examples of CSR drivers from empirical studies in India
"TEST YOUR KNOWLEDGE,
Chapter 22
‘¢ REGULATORY FRAMEWORK AND GUIDANCE FOR CSR
22.1 I
roduction
22.2 The Companies Act, 2013 and the CSR Rules.
22.3 Governance Mechanism - CSR Committee
22.4 Reporting for CSR
22.5 CSR Codes and Standards
‘TEST YOUR KNOWLEDGE
B.Com. (Hons.) Sem - VI (Dec. 2018)
B.Com. (Hons) CBCS (2019) SEMESTER VI
B.Com. (Hons.) CBCS (2020) SEMESTER VI [Open Book Exam) mmm CHAPTER
INTRODUCTION
MEANING AND DEFINITION OF AUDITING __
Narrow definition of auditing
1.1-1 Montgomery has defined au
‘Spicer and Pegler have a simi
Glaborated the concept of aud
Auditing in a broad sense
definitions given abov oper a percel
este purpose. 1” 2”? the
judgment which,
jon. These are dise
jc’ implies that an audit should
ic - The word ‘system
ully planned.
1 - The core idea of any al
ation of the available evidence. In any audit
ile forming and expressing his 0
lany influence or pressure fr
ts pre
nfidence of the
‘report thereon would add
Therefore, directors are not
‘auditors of a limited company.
data, statements, records, operations and performance - This pl
fadicates the scope of audit. It extends from examination of books,
Zountsand vouchers toreview of operationsand
i area also. For example, rev