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Auditing and Corporate Governance  
Author(s): K. Sundar
Published by Vijay Nicole Imprints Private Limited
Publication Date:  Available in all formats
ISBN: 9788197371820
Pages: 518

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Description

Table of contents

For Authors

Biographical note

Auditing and Corporate Governance is a comprehensive textbook covering the process of auditing, theories and models of corporate governance and the concept of corporate social responsibility etc., and is suitable for the commerce students of various Tamil Nadu universities.

 Salient Features

■ Systematics introduction of Basic Concepts, Classification of Audit, Audit and Accounting Standards, Audit Evidence and Audit Planning and Preparation.
■ Comprehensive coverage of Internal Control, Internal Check, Internal Audit, Vouching and Verification.
■ Covers Rights, Duties and Liabilities of Auditor, Audit Report, Company Audit and Investigation.
■ Includes chapters on Corporate Governance and Corporate Social Responsibility.
■ Includes end of chapter questions and objective type questions at the end of each chapter.

Rating
Description

Auditing and Corporate Governance is a comprehensive textbook covering the process of auditing, theories and models of corporate governance and the concept of corporate social responsibility etc., and is suitable for the commerce students of various Tamil Nadu universities.

 Salient Features

■ Systematics introduction of Basic Concepts, Classification of Audit, Audit and Accounting Standards, Audit Evidence and Audit Planning and Preparation.
■ Comprehensive coverage of Internal Control, Internal Check, Internal Audit, Vouching and Verification.
■ Covers Rights, Duties and Liabilities of Auditor, Audit Report, Company Audit and Investigation.
■ Includes chapters on Corporate Governance and Corporate Social Responsibility.
■ Includes end of chapter questions and objective type questions at the end of each chapter.

Table of contents
  • Cover
  • Halftitle Page
  • Title Page
  • Copyright Page
  • Contents
  • Preface
  • Chapter 1 INTRODUCTION TO AUDITING
    • Introduction
    • Definitions of Auditing
    • The Features of Auditing
    • Distinction between Accounting and Auditing
    • Distinction between Auditing and Investigation
    • Objectives of Auditing
    • Detection and Prevention of Errors
    • Detection and Prevention of Frauds
    • Essential Features of Auditing
    • Basic Principles of an Audit
    • Advantages of Auditing
    • Shortcomings of Auditing
    • Materiality in Auditing
    • Efficiency Audit
    • Propriety Audit
    • Standards of Auditing
    • Professional Pronouncement in India
    • Review Questions
  • Chapter 2 CLASSIFICATION OF AUDIT
    • Introduction
    • Organisation-based Classification
    • Statute-mandated Audit
    • Function-based Classification
    • Method-based Classification
    • Special Types of Audits (Dimension-based Audits)
    • Classification of Audit Branch-wise
    • Review Questions
  • Chapter 3 AUDIT AND ACCOUNTING STANDARDS
    • Secretarial Audit
    • Standards of Audit on Internal Audit
    • Accounting Standards
    • Role of National Financial Reporting Authority (NFRA)
    • Concurrent Audit
    • Stock Audit
    • CAG Audit
    • Review Questions
  • Chapter 4 AUDIT EVIDENCE
    • Introduction
    • Gathering Audit Evidence
    • Principles of Audit Evidence
    • Reliability of Audit Evidence
    • Significance of Audit Evidence
    • Criteria for Selection of Audit Evidence
    • Classification of Evidence on the Basis of Materiality
    • Process of Gathering Audit Evidence
    • Precautions to be Observed on Gathering Audit Evidence
    • Evaluation of Evidence
    • Review Questions
  • Chapter 5 AUDIT PLANNING AND PREPERATION
    • Introduction
    • Preliminary Preparation
    • Audit Programme
    • Audit Notebook
    • Audit Working Papers
    • Audit Planning
    • Audit Manual
    • Audit Memorandum
    • Review Questions
  • Chapter 6 INTERNAL CONTROL
    • Definitions of Internal Control
    • Components or Features of Internal Control
    • Objectives of Internal Control
    • Forms of Internal Control
    • Principles or Prerequisites of Internal Control System
    • Process of implementing Accounting Control
    • Advantages of Internal Control System
    • Shortcomings of Internal Control System
    • Auditor and Internal Control System
    • Method of Reviewing the Internal Control System
    • Internal Control and Corporate Governance
    • Internal Control in Computerised Information Environment
    • Sample Internal Control System for Cash Sales and Cash Collection
    • Internal Control for Sales/Debtors
    • Review Questions
  • Chapter 7 INTERNAL CHECK
    • Definition of Internal Check
    • Features of Internal Check
    • Factors Causing Errors and Frauds
    • Objectives of Internal Check
    • Essentials/Prerequisites of Good Internal Check System
    • Principles or Features of Internal Check System
    • Merits of Internal Check System
    • Shortcomings of Internal Check System
    • Auditor and Internal Check System
    • Execution of Operation of Internal Check for Certain Transactions
    • Review Questions
  • Chapter 8 INTERNAL AUDIT
    • Definition of Internal Audit
    • Features of Internal Audit
    • Role of Internal Audit
    • Objectives of Internal Audit
    • Functions of Internal Audit
    • Advantages of Internal Audit
    • Possible shortcomings of Internal Audit
    • Scope of Internal Audit
    • Interface between Internal Auditor and Statutory Auditor
    • Evaluation of Internal Audit Function
    • Distinction between Internal Check, Internal Control and Internal Audit
    • Operational Audit
    • Review Questions
  • Chapter 9 VOUCHING AND VOUCHING OF CASH TRANSACTIONS
    • Introduction
    • Definitions of Vouching
    • Features of Vouching
    • Objectives of Vouching
    • Vouchers
    • Vouching and Routine Checking
    • Teeming and Lading
    • Vouching of Cash Transactions
    • Sources of Evidence
    • Vouching Receipts Side
    • Review Questions
  • Chapter 10 VOUCHING OF TRADING TRANSACTIONS
    • Introduction
    • Various Aspects to be Covered in Vouching of Trading Transactions
    • Vouching of Purchase Book
    • Vouching of Purchase Returns
    • Vouching of Sales Book
    • Vouching of Sales Returns
    • Vouching of Journal Proper
    • Vouching of Bills Receivable Book
    • Vouching of Bills Payable Book
    • Vouching of Consignment Sales
    • Vouching of Goods Sent on Sale or Return Document
    • Vouching of Purchase Ledger
    • Vouching of Sales Ledger
    • Review Questions
  • Chapter 11 VOUCHING IMPERSONAL LEDGER
    • Introduction
    • General Considerations While Vouching Impersonal Ledger
    • Current Assets and Current  / Outstanding Liabilities
    • Contingent Liabilities
    • Capital and Revenue Expenditure
    • Review Questions
  • Chapter 12 VERIFICATION AND VALUATION OF ASSETS
    • Definitions
    • Meaning of Valuation
    • The Process of Valuation
    • Objects of Verification
    • Principles of Verification
    • Valuation of Assets
    • Classification of Assets
    • Verification and Valuation of Specific Assets
    • Stock
    • Market Price: Meaning
    • Verification and Valuation of Fictitious Asset
    • Verification and Valuation of Current Assets
    • Review Questions
  • Chapter 13 VERIFICATION OF LIABILITIES
    • Introduction
    • Meaning
    • Verification of Share Capital
    • Debentures
    • Secured Long-term Loans
    • Verification of Current Liabilities Sundry Creditors
    • Review Questions
  • Chapter 14 AUDITORS OF A COMPANY
    • Introduction
    • Appointment of Auditors
    • Ceiling on Number of Audits
    • Removal of Auditor
    • Auditor’s Remuneration
    • Qualification of Auditor
    • Disqualifications
    • Auditor’s Resignation
    • Review Questions
  • Chapter 15 RIGHTS (POWERS), DUTIES AND LIABILITIES OF AUDITOR
    • Introduction
    • Rights/Powers of an Auditor
    • Duties/Responsibilities of an Auditor
    • Status of an Auditor
    • Liabilities of an Auditor
    • An Auditor is a Watch Dog but not a Blood Hound – A Discussion
    • Review Questions
  • Chapter 16 AUDIT REPORT
    • Introduction
    • Definition of the Term Report
    • Definition of Audit Report
    • Need and Importance of Audit Report
    • Auditor’s Duty Regarding Audit Report
    • Requisites of Good Audit Report
    • Distinction between Audit Report and Audit Certificate
    • Elements of an Audit Report
    • Contents of the Report under Companies Act
    • Matters to be included in the Auditor’s Report
    • Signing of Audit Report
    • Types of Report
    • Statutory Report
    • Review Questions
  • Chapter 17 COMPANY AUDIT
    • Introduction
    • Classifications of Capital
    • Forms of Capital
    • Audit of Share Capital
    • Verification of Share Capital
    • Audit of Share Capital Received
    • Audit of Calls in Arrears
    • Audit of Calls in Advance
    • Forfeiture of Shares
    • Reissue of Forfeited Shares
    • Issue and Redemption of Preference Shares
    • Redemption of Preference Shares
    • Alteration of Capital
    • Capital Reduction
    • Share Transfer
    • Transmission of Shares
    • Share Warrant
    • Buying Back of Own Shares
    • Review Questions
  • Chapter 18 INVESTIGATION
    • Introduction
    • Characteristics of Investigation
    • Duties of Investigator/Principles of Investigation
    • Purpose of Investigation
    • Process of Conducting Investigation by Central Government
    • Contents of the Report
    • Types of Investigation
    • Review Questions
  • Chapter 19 AUDIT OF SPECIAL INSTITUTIONS
    • Introduction
    • Audit of Educational Institutions: Colleges, Universities and Schools
    • Audit of Charitable Institutions
    • Audit of Clubs
    • Audit of Hospitals
    • Audit of Hotels
    • Audit of Cinema Theatres
    • Audit of Insurance Companies
    • Audit of Banks
    • Audit Procedure for Verification of Assets and Liabilities
    • Verification of Liabilities
    • Review Questions
  • Chapter 20 AUDIT IN A COMPUTERISED ENVIRONMENT
    • Introduction
    • Aspects to be Considered in Computerised Information System (Cis) Environment
    • Approaches to Edp Auditing
    • Characteristics of Auditing through theComputer
    • Effect of Edp on Auditing Scenario
    • Audit Trail
    • Internal Control System in the Computerised Accounting Environment
    • Benefits of Computerised Accounting
    • Deficiencies in Computerised Accounting System
    • Role of Auditor under EDP Environment
    • The Role of Auditor in Computerised Audit Environment
    • Service Bureau
    • Information Systems Audit
    • Pursuit of Ethical Principles
    • Recent Trends in Auditing
    • Review Questions
  • Chapter 21 CORPORATE GOVERNANCE
    • Meaning
    • Features of Corporate Governance
    • Principles of Corporate Governance
    • Theories of Corporate Governance
    • Corporate Governance Models
    • Various Committees in Corporate Governance
    • Need for Corporate Governance / Significance of Corporate Governance
    • Advantages and Disadvantages of Corporate Governance
    • Major Corporate Scandals in India
    • Scandals Abroad
    • Major Corporate Governance Reforms India
    • Common Governance Problems in Various Corporate Failures
    • Role of Auditors in Corporate Governance
    • Code of conduct for Directors and Auditors under Corporate Governance
    • Environmental, Social, and Governance (ESG) Code: Overview
    • Significance of ESG to Companies
    • Review Questions
  • Chapter 22 CORPORATE SOCIAL RESPONSIBILITY
    • Meaning
    • Definitions
    • Key Considerations in Implementing CSR
    • Forms of Corporate Philanthropy
    • Types of Corporate Philanthropy
    • Benefits of Corporate Philanthropy
    • Prerequisites for Corporate Philanthropy
    • Features of Corporate Philanthropy
    • Application of CSR in Certain Areas
    • Relationship between CSR (Corporate Social Responsibility) and Corporate Sustainability
    • CSR and Business Ethics
    • CSR and Business Ethics Models
    • Challenges Involved in Rendering CSR and Practising Business Ethics
    • Benefits of Combining CSR and Business Ethics
    • Cost of Practising CSR and Business Ethics
    • Strategies of Implementing CSR and Business Ethics
    • Tools of Communication of CSR and Business Ethics Performance
    • Trends in Practising CSR and Business Ethics
    • The Relationship between Corporate Social Responsibility (CSR) and Corporate Governance
    • Challenges Companies Face in Implementing Csr in Balancing Social, Economic, and Environmental Goals
    • CSR Provisions under the Companies Act, 2013 (Section 135 Schedule - VII)
    • CSR Policy Rules
    • Review Questions
  • Index
For Authors

Dr. K. Sundar is Former Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has contributed over 100 articles in national and international journals. He has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics, Business, Management and Auditing.

Biographical note

Dr. K. Sundar is Former Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. A prolific author, he has contributed over 100 articles in national and international journals. He has authored books on Business Communication, Principles of Management, Human Resource Management, Organisation Behaviour, Business Ethics, Business, Management and Auditing.

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