Corporate Accounting and Auditing
Subject Overview
Corporate Accounting and Auditing familiarizes students with the regulatory framework for company accounts and auditing — company final accounts and managerial remuneration under the Companies Act 2013, goodwill and share valuation approaches, statutory and cost auditor appointment and duties, and management audit of functional areas. A 4-credit core theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Company final accounts
Requirements of the Companies Act 2013, form and contents of profit and loss account and balance sheet, meaning of profit and managerial remuneration, divisible profits
Unit 2: Audit types and valuation
Concept and rationale of financial audit, cost audit, management audit, internal audit, proprietary audit, efficiency audit and audit by the C&AG, valuation of goodwill (super profit, annuity, capitalization approaches), valuation of shares (book value, earnings approach)
Unit 3: Statutory and cost audit
Statutory auditor appointment, qualifications and removal, duties and liabilities, code of conduct and professional misconduct, cost audit meaning/objectives/scope, cost auditor appointment/duties/liabilities, cost audit report
Unit 4: Management audit
Meaning, objectives and scope of management audit, appointment and qualifications of the management auditor, audit of management functions (planning, organising, control), audit of functional areas — production, personnel, marketing, finance and accounting