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Cost And Management Audit (CMAD) (Paper-17) CMA Final Group 4

Syllabus

SECTION A: COST AUDIT [50%]

1. Basics of Cost Audit - 5%
  • Nature and Scope of Cost Audit 
  • Genesis of Cost Audit 
  • Objectives of Cost Audit 
  • Utility and Advantage of Cost Audit 
  • Cost Accounting Standards 
2. Companies (Cost Records and Audit) Rules, 2014 (as amended) - 10%
3. Cost Auditor - 10%
  • Definition 
  • Cost Auditor’s Eligibility, Qualifications, Disqualifications, Appointment, Resignation, Rotation, Remuneration, Removal, Rights and Duties, Liabilities 
  • Professional Ethics 
  • Duties of a Cost Auditor to Report Fraud – Section 143 of the Companies Act 2013 
  • Punishment for Fraud (Section 447 of the Companies Act, 2013) 
  • Punishment for False Statement (Section 448 of the Companies Act, 2013) 
4. Overview of Cost Accounting Standards and GACAP - 5%
  • Cost Accounting Standards 
  • Guidance Notes on Cost Accounting Standards 
  • Generally Accepted Cost Accounting Principles (GACAP) 
5. Cost Auditing and Assurance Standards - 5%
  • Cost Auditing Standards - Overview 
6. Cost Audit Programme - 5%
  • Introduction 
  • Factors in Planning Cost Audit Assignment 
  • Cost Audit Programme
7. Cost Audit Documentation, Audit Process, and Execution - 5%
  • Cost Audit Documentation 
  • Audit Process 
  • Practical Steps of Audit Process 
8. Preparation and Filing of Cost Audit Report - 5%
  • Introduction 
  • Critical Elements of Cost Audit Report and Related Evidence (Physical and Digital) 
  • Qualified Audit Report 
  • Adverse Audit Report 
  • Filing of Cost Audit Report to MCA in XBRL Format (as per TAXONOMY)


SECTION B: MANAGEMENT AUDIT [25%]

9. Basics of Management Audit - 5%
  • Definition 
  • Nature and Scope 
  • Need for Management Audit and Reporting 
  • Audit of Management Process and Functions 
  • Establishing reliability of information 
  • Role of CMAs in Management Audit 
10. Management Reporting Issues and Analysis - 5%
  • Introduction 
  • Performance Analysis 
  • Capacity Utilisation Analysis 
  • Productivity and Efficiency Analysis 
  • Utilities and Energy Efficiency Analysis 
  • Key Costs and Contribution Analysis 
  • Profitability Analysis 
  • Working Capital and Liquidity Management Analysis 
  • Manpower Analysis 
  • Other Areas Suggested to be covered in the Report on Performance Analysis 
  • Management Accounting Tools 
11. Management Audit in Different Functions - 5%
  • Corporate Objectives and Culture 
  • Corporate Services Audit 
  • Corporate Development Audit 
  • Evaluation of Personnel Development 
  • Consumer Services Audit 
  • Audit of Environmental Pollution Control 
  • Audit of Energy and Utilities - Generation and Consumption 
  • Productivity Audit/ Efficiency Audit 
  • Propriety Audit 
  • Corporate Social Responsibility (CSR) Audit 
  • Social Cost – Benefit Analysis Audit 
12. Evaluation of Corporate Image - 5%
  • Introduction 
  • Audit Checks of Different Managerial Functions 
  • Audit Checks of Various Corporate Divisions/Departments 
  • ESG Audit
13. Information Systems Security Audit - 5%
  • Overview 
  • Compliance and Security Framework 
  • Cyber Security and Cyber Forensics 
  • IT Audit in Banking Sector


SECTION C: INTERNAL CONTROL, INTERNAL AUDIT, OPERATIONAL AUDIT, AND OTHER RELATED ISSUES [15%]

14. Internal Control and Internal Audit - 5%
  • Internal Control-Concept 
    • Objectives of Internal Control 
    • Scope of Internal Control 
    • Structure of Internal Control 
    • Limitations of Internal Control 
    • Evaluation of Internal Control 
  • Internal Control and the Auditor 
  • Internal Auditing – Evolution of the Profession 
15. Operational Audit and Internal Audit under Companies Act, 2013 - 5%
  • Introduction 
  • Preparation for an Audit 
  • Audit Engagement Letter 
  • Role of CMAs in Internal Audit, Operational Audit and Managers 
  • Internal Audit under Companies Act, 2013 
  • Internal Audit and Companies (Auditor’s Report) Order 
  • Internal Audit in Companies under manufacturing sector 
16. Audit of Different Service Organisations - 5%
  • Audit of Hospitals 
  • Audit of Hotels 
  • Audit of Educational Institutions 
  • Audit of Co-operative Societies 
  • Audit of Self-Help Groups 
  • Audit of Non-Government Organisations (NGOs) 
  • Audit of Local Bodies 
  • Audit of Government Expenditure 
  • Propriety Audit in the context of Government Audit 
  • Audit of Commercial Accounts


SECTION D: FORENSIC AUDIT AND ANTI-MONEY LAUNDERING [10%]

17. Forensic Audit 17.1 Introduction to Forensic Audit - 5%
  • Fraud Risk Management 
  • Financial Forensics and Forensic Audit Techniques 
  • Ethical Considerations and Code of Conduct in Forensic Audit 
  • Professional Opportunities 
18. Anti-Money Laundering - 5%
  • International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation 
  • Guidance for a Risk-Based Approach for the Accounting Profession