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(One paper – Three hours – 100 marks) GROUP - I - Paper 1: Accounting
    2. Accounting Standards
    AS 1 : Disclosure of Accounting Policies
    AS 2: Valuation of Inventories
    AS 3: Cash Flow Statements
    AS 6: Depreciation Accounting
    AS 7: Construction Contracts (Revised 2002)
    AS 9: Revenue Recognition
    AS 10: Accounting for Fixed Assets
    AS 13: Accounting for Investments
    AS 14: Accounting for Amalgamations
    3. Company Accounts
    (a) Preparation of financial statements – Profit and Loss Account, Balance Sheet and Cash Flow Statement
    (b) Profit (Loss) prior to incorporation
    (c) Alteration of share capital, Conversion of fully paid shares into stock and stock into shares, Accounting for bonus issue
    (d) Simple problems on Accounting for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding)
    10. Accounting in Computerised Environment

    An overview of computerized accounting system - Salient features and significance, Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of ledger, Accounting packages and consideration for their selection, Generating Accounting Reports.

Paper 2: Business Laws, Ethics and Communication
    (One paper – Three hours – 100 marks)
    Part I- Business Laws (60 marks)
    Business Laws (30 marks)
    1. The Indian Contract Act, 1872
    2. The Negotiable Instruments Act, 1881
    3. The Payment of Bonus Act, 1965
    4. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
    5. The Payment of Gratuity Act, 1972.
    Part II: Ethics (20 marks)
    1. Introduction to Business Ethics

    The nature, purpose of ethics and morals for organizational interests; ethics and conflicts of interests; ethical and social implications of business policies and decisions; corporate social responsibility; ethical issues in corporate governance.

    2. Environment Issues

    Protecting the Natural Environment - prevention of pollution and depletion of natural resources. conservation of natural resources.

    Part III: Communication (20 marks)
    1. Elements of Communication
    (a) Forms of communication: formal and informal, inter-departmental, verbal and non-verbal, active listening and critical thinking
    (b) Presentation skills including conducting meeting, press conference
    (c) Planning and composing business messages
    (d) Communication channels
    (e) Communicating corporate culture, change, innovative spirits
    (f) Communication breakdowns
    (g) Communication ethics
    (h) Groups dynamics, handling group conflicts, consensus building, influencing and persuasion skills, negotiating and bargaining
    (i) Emotional intelligence - emotional quotient
    (j) Soft skills - personality traits, interpersonal skills, leadership.
    2. Communication in Business Environment
    (a) Business Meetings - Notice, Agenda, Minutes, Chairperson’s speech
    (b) Press releases
    (c) Corporate announcements by stock exchanges
    (d) Reporting of proceedings of a meeting.
    UNIT 1 Preliminary
    1.0 Introduction
    1.1 What is a Company?
    1.2 Lifting of the "corporate veil"
    1.3 Classes of companies under the Act
    1.4 Conversion of public company into a private company
    1.5 When companies must be registered ?
    1.6 Mode of registration/Incorporation of company
    1.7 Memorandum of Association
    1.8 Alteration of the Memorandum
    1.9 Articles of Association
    1.10 Alteration of Articles
    1.11 Doctrine of Indoor Management
    1.12 Conversion of companies already registered
    1.13 Preliminary or Pre-Incorporation Contracts
    1.14 Promoters
    1.15 Service of documents
    UNIT 2 Prospectus
    2.0 Introduction
    2.1 Prospectus–Meaning and Role
    2.2 Issue of securities by the company
    2.3 Powers of SEBI
    2.4 Document containing offer of securities for sale to be deemed prospectus
    2.5 Matters to be stated in the Prospectus
    2.6 Variation in terms of contract or objects in prospectus
    2.7 Offer of sale of shares by certain members of company
    2.8 Public offers of securities to be in dematerialised form
    2.9 Advertisement of Prospectus
    2.10 Shelf Prospectus
    2.11 Red herring prospectus
    2.12 Issue of application forms for securities
    2.13 Liability for mis-statement in Prospectus
    2.14 Punishment for fraudently inducing persons to invest money
    2.15 Action by affected persons
    2.16 Punishment for personation for acquisition, etc., of securities
    2.17 Allotment of securities by company
    2.18 Securities to be dealt with in stock exchanges
    2.19 Global depository Reciepts
    2.20 Offer of invitation for subscription of securities on private placement
    2.21 Acceptance of Deposits by Companies
    2.22 Application of premiums received on issue of shares
    2.23 Restrictions on purchase by company or giving of loans by it for purchase of its shares
    2.24 Whether a Company can ‘buy-back’ its own Securities?
    2.25 Membership
    2.26 Contracts
    UNIT 3 Shares and Share Capital
    3.1 Concept of capital
    3.3 Variation of shareholders rights
    3.4 Voting rights of a member
    3.5 Further issue of Capital (Right Shares i.e. Right of Pre-emption or Pre-emptive Right)
    3.6 Conversion of shares into stock
    3.7 Alteration of share capital
    3.8 Reduction of the share capital
    3.9 Reduction vs. diminution
    3.10 Issue of shares at a discount
    3.11 Issue of sweat equity
    3.12 Issue of securities at a premium
    3.13 Share certificate
    3.14 Calls on shares
    3.15 Transfer of securities
    3.16 Nomination facility in respect of shares
    3.17 Refusal to register transfer and appeal against refusal (Section 111)
    3.18 Rectification of register of members on transfer of securities
    3.19 Blank transfers
    3.20 Forged transfers
    3.21 Transmission of shares
    3.22 Forfeiture and surrender of shares
    3.23 Issue of bonus shares
    3.24 Debentures
    3.25 Registration of a charge
    UNIT 4 Meetings
    4.0 Introduction
    4.1 Maintenance of registers and returns
    4.2 Annual General Meeting
    4.3 Calling of Extraordinary General Meeting
    4.4 Powers of Company Law Board / Tribunal
    4.5 Class Meetings
    4.6 Procedure for Convening and conduct of General Meetings
    4.7 Notice of Meeting
    4.8 Special and Ordinary Business
    4.9 Quorum
    4.10 Voting and the right to demand a poll
    4.11 Proxies
    4.12 Resolution
    4.13 Postal Ballot
    4.14 Minutes
    4.15 Maintenance and inspection of documents in electronic form
    4.16 Report on annual general meeting
    4.17 Applicability of this Chapter to One Person Company
    4.18 Meeting of Debentureholders
    4.19 Company Law in a Computerised Environment
Paper 3: Cost Accounting and Financial Management
    (One paper – three hours - 100 marks)
    Part I: Cost Accounting (50 marks)
    1. Introduction to Cost Accounting
    (a) Objectives and scope of cost accounting
    (b) Cost centres and cost units
    (c) Cost classification for stock valuation, profit measurement, decision making and control
    (d) Coding systems
    (e) Elements of cost
    (f) Cost behaviour pattern, separating the components of semi-variable costs
    (g) Installation of a costing system
    (h) Relationship of cost accounting, financial accounting, management accounting and financial management.
    2. Cost Ascertainment
    (a) Material Cost
    (i) Procurement procedures - store procedures and documentation in respect of receipts and issue of stock, stock verification
    (ii) Inventory control - techniques of fixing of minimum, maximum and reorder levels, economic order quantity, ABC classification; stocktaking and perpetual inventory
    (iii) Inventory accounting
    (iv) Consumption - identification with products of cost centres, basis for consumption entries in financial accounts, monitoring consumption.

    (b) Employee Cost
    (i) Attendance and payroll procedures, overview of statutory requirements, overtime, idle time and incentives
    (ii) Labour turnover
    (iii) Utilisation of labour, direct and indirect labour, charging of labour cost, identifying labour hours with work orders or batches or capital jobs
    (iv) Efficiency rating procedures
    (v) Remuneration systems and incentive schemes.
    (c) Direct Expenses
    Sub-contracting - control on material movements, identification with the main product or service.
    (d) Overheads
    (i) Functional analysis - factory, administration, selling, distribution, research and development Behavioural analysis - fixed, variable, semi variable and step cost
    (ii) Factory overheads - primary distribution and secondary distribution, criteria for choosing suitable basis for allotment, capacity cost adjustments, fixed absorption rates for absorbing overheads to products or services
    (iii) Administration overheads - method of allocation to cost centres or products
    (iv) Selling and distribution overheads - analysis and absorption of the expenses in products/customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion.
    3. Cost Book-keeping
    Cost ledgers - non-integrated accounts, integrated accounts, reconciliation of cost and financial accounts.
    7. Budgets and Budgetary Control
    The budget manual, preparation and monitoring procedures, budget variances, flexible budget, preparation of functional budget for operating and non-operating functions, cash budget, master budget, principal budget factors.
    3. Financial Analysis and Planning
    (a) Ratio analysis for performance evaluation and financial health
    (b) Application of ratio analysis in decision making
    (c) Analysis of cash flow statement.
    4. Financing Decisions
    (a) Cost of Capital – weighted average cost of capital and marginal cost of capital
    (b) Capital Structure decisions - capital structure patterns, designing optimum capital structure, constraints, various capital structure theories
    (c) Business risk and financial risk - operating and financial leverage, trading on equity.
    5. Types of Financing
    (a) Different sources of finance
    (b) Project financing – intermediate and long term financing
    (c) Negotiating term loans with banks and financial institutions and appraisal thereof
    (d) Introduction to lease financing
    (e) Venture capital finance.
    6. Investment Decisions
    (a) Purpose, objective, process
    (b) Understanding different types of projects
    (c) Techniques of decision making: non-discounted and discounted cash flow approaches - payback period method, accounting rate of return, net present value, internal rate of return, modified internal rate of return, discounted payback period and profitability index.
    (d) Ranking of competing projects, ranking of projects with unequal lives.
    7. Management of working capital
    (a) Working capital policies
    (b) Funds flow analysis
    (c) Inventory management
    (d) Receivables management
    (e) Payables management
    (f) Management of cash and marketable securities
    (g) Financing of working capital.
Paper 4: Taxation
    (One paper - Three hours – 100 marks)
    Part I: Income-tax (50 marks)
    1. Important definitions in the Income-tax Act, 1961
    2. Basis of charge; rates of taxes applicable for different types of assessees
    3. Concepts of previous year and assessment year
    4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
    5. Incomes which do not form part of total income
    6. Heads of income and the provisions governing computation of income under different heads
    7. Income of other persons included in assessee’s total income
    8. Aggregation of income; set-off or carry forward and set-off of losses
    9. Deductions from gross total income
    10. Computation of total income and tax payable; rebates and reliefs
    11. Provisions concerning advance tax and tax deducted at source
    12. Provisions for filing of return of income.
    2. Significant provisions of service tax
    (i) Constitutional Aspects
    (ii) Basic Concepts and General Principles
    (iii) Charge of service tax including negative list of services
    (iv) Point of taxation of services
    (v) Exemptions and Abatements
    (vi) Valuation of taxable services
    (vii) Invoicing for taxable services
    (viii) Payment of service tax
    (ix) Registration
    (x) Furnishing of returns
    (xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]
GROUP II - Paper 5: Advanced Accounting
    2. Accounting Standards
    AS 4 : Contingencies and Events occurring after the Balance Sheet Date
    AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
    AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
    AS 12: Accounting for Government Grants
    AS 16: Borrowing Costs
    AS 19: Leases
    AS 20: Earnings Per Share
    AS 26: Intangible Assets
    AS 29: Provisions, Contingent Liabilities and Contingent Assets.
    4. Company Accounts
    (a) Accounting for employee stock option plan, Buy back of securities, Equity shares with differential rights, Underwriting of shares and debentures, Redemption of debentures
    (b) Advanced problems for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation of inter-company holding)
    (c) Accounting involved in liquidation of companies, Statement of Affairs (including deficiency/surplus accounts) and Iiquidator’s statement of account of the winding up.
    (d) Financial Statements of Banking, Insurance
Paper 6: Auditing and Assurance
    (One paper – three hours – 100 marks)
    1. Auditing Concepts
    Nature and limitations of Auditing, Basic Principles governing an audit, Ethical principles and concept of Auditor’s Independence, Relationship of auditing with other disciplines.
    2. Auditing and Assurance Standards
    Overview, Standard-setting process, Role of International Auditing and Assurance Standards Board and Auditing and Assurance Standards Board in India.
    3. Auditing engagement
    Audit planning, Audit programme, Control of quality of audit work-Delegation and supervision of audit work.
    4. Documentation
    Audit working papers, Audit files: Permanent and current audit files, Ownership and custody of working papers.
    5. Audit evidence
    Audit procedures for obtaining evidence, Sources of evidence, Reliability of audit evidence, Methods of obtaining audit evidence, Physical verification, Documentation, Direct confirmation, Re-computation, Analytical review techniques, Representation by management.
    6. Internal Control
    Elements of internal control, Review and documentation, Evaluation of internal control system, Internal control questionnaire, Internal control check list, Tests of control, Application of concept of materiality and audit risk, Concept of internal audit.
    7. Internal Control
    Internal Control and Computerized Environment, Approaches to Auditing in Computerised Environment.
    10. Audit of payments
    General considerations, Wages, Capital expenditure, Other payments and expenses, Petty cash payments, Bank payments, Bank reconciliation.
    12. Audit of Purchases
    Vouching cash and credit purchases, Forward purchases, Purchase returns, Allowance received from suppliers.
    13. Audit of Sales
    Vouching of cash and credit sales, Goods on consignment, Sale on approval basis, Sale under hire-purchase agreement, Returnable containers, Various types of allowances given to customers, Sale returns.
    15. Audit of impersonal ledger
    Capital expenditure, deferred revenue expenditure and revenue expenditure, Outstanding expenses and income, Repairs and renewals, Distinction between reserves and provisions, Implications of change in the basis of accounting.
    17. Company Audit
    Audit of Shares, Qualifications and Disqualifications of Auditors, Appointment of auditors, Removal of auditors, Powers and duties of auditors, Branch audit, Joint audit, Special audit, Reporting requirements under the Companies Act, 1956.
    18. Audit Report
    Qualifications, Disclaimers, Adverse opinion, Disclosures, Reports and certificates.
Paper 7: Information Technology and Strategic Management
    (One paper – Three hours – 100 marks)
    Section A: Information Technology (50 Marks)
    1. Business Process Management & IT

    Introduction to various Business processes - Accounting, Finances, Sale, Purchase etc., Business Process Automation - Benefits & Risks, Approach to mapping systems : Entity Diagrams, Data Flow Diagrams, Systems Flow diagrams, Decision trees/tables, Accounting systems vs. Value chain automation, Information as a business asset, Impact of IT on business processes, Business Risks of failure of IT, Business Process Re-engineering

    2. Information Systems and IT Fundamentals

    Understand importance of IT in business and relevance to Audit with case studies, Understand working of computers and networks in business process automation from business information perspective, Concepts of Computing (Definition provided by ACM/IEEE and overview of related terminologies), Overview of IS Layers – Applications, DBMS, systems software, hardware, networks & links and people, Overview of Information Systems life cycle and key phases, Computing Technologies & Hardware – Servers, end points, popular computing architectures, emerging computing architectures & delivery models - example: SaaS, Cloud Computing, Mobile computing, etc., Example: Overview of latest devices/technologies – i5, Bluetooth, Tablet, Wi-Fi, Android, Touchpad, iPad, iPod, Laptop, Notebook, Smartphone, Ultra- Mobile PC etc.)

    3. Telecommunication and Networks

    Fundamentals of telecommunication, Components and functions of Telecommunication Systems, Data networks - types of architecture, LAN, WAN, Wireless, private and public networks etc., Overview of computing architectures – centralised, de-centralised, mainframe, client-server, thin-thick client etc., Network Fundamentals - Components, Standards and protocols, Network risks & controls - VPN, Encryption, Secure protocols, Network administration and management - concepts and issues, How information systems are facilitated through telecommunications, How Internet works, Internet architecture, key concepts, risks and controls, e-Commerce and M-commerce technologies

    4. Business Information Systems

    Information Systems and their role in businesses, IT as a business enabler & driver - ERP, Core Banking System, CRM, SCM, HRMS, Payment Mechanisms, The relationship between organisations, information systems and business processes, Accounting Information Systems and linkages to Operational systems, Business Reporting, MIS & IT, Organisation Roles & responsibilities and table or authorities, importance of access controls, privilege controls, Specialised systems - MIS, DSS, Business Intelligence, Expert Systems, Artificial Intelligence, Knowledge Management systems etc.

    5. Business process automation through Application software

    Business Applications - overview and types, Business Process Automation, relevant controls and information systems, Information Processing & Delivery channels and their role in Information Systems, Key types of Application Controls and their need, Emerging concepts - Virtualisation, Grid Computing, Cloud delivery model

    3. Strategic Analyses

    Situational analysis - SWOT analysis, TOWS matrix, portfolio analysis - BCG matrix.

    6. Strategy Implementation and Control

    Organisational structures, establishing strategic business units, establishing profit centers by business, product or service, market segment or customer, leadership and behavioural challenges.

    7. Reaching Strategic Edge

    Business process re-engineering, benchmarking, total quality management, six sigma, contemporary strategic issues.

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