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Home / Syllabus / Master of Commerce (M.Com.) / Banking and Finance / Semester 3 / Auditing of Banking and Financial Sector

Master of Commerce (M.Com.) Auditing of Banking and Financial Sector Syllabus - Mumbai University

Auditing of Banking and Financial Sector Syllabus.pdf
Elective course · Semester 3 · M.Com. Banking and Finance · 4 credits · 100 marks

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Syllabus for Auditing of Banking and Financial Sector

Elective course · Semester 3 · M.Com. Banking and Finance · 4 credits · 100 marks

Module I: (2CREDITS)

  • Unit 1 Auditing Concept and Audit of Limited Companies Nature, Scope and Significance of Auditing, Audit Engagement, Audit Program, Audit Working Papers, Audit Note Book, Audit Evidence, Qualifications, Disqualifications, Appointment, Removal, Remuneration ofAuditors, Audit Ceiling, Status, Power, Duties and Liabilities of Auditors,Branch Audit, Joint Audit, Special Audit. Maintenance of Books of Account - Related Party Disclosures, Segment Reporting, Divisible Profit, Dividendand Depreciation (Companies Act, Standards on Accounting, LegalDecisions and Auditor’s Responsibility), Representations by Management,Contents of Annual Report. Definition, Distinction between Report andCertificate, Types of Reports/Opinion.
  • Unit 2 Audit of Banking Companies Introduction of Banking Companies, Form and Content of Financial Statements, Qualification and Appointment of Bank Auditors, Power of Auditor, Auditor’s Report, Format of Audit Report, Internal control system in Banks, Categories of Bank Audit: Concurrent audit, Internal Audit/ Information Systems, Audit and Statutory audit, Banking Regulation Act in pursuant to accounts and auditing of banking companies - Sec 29 to Sec 34A, Guidance Note on Audit of Banks by ICAI.

Module II: (2CREDITS)

  • Unit 3 Audit of Insurance Companies Audit of Companies carrying General Insurance Business, Audit of Companiescarrying Life Insurance Business, Applicability of Accounting Standards (AS 3,4,9,13,17), Books and Registers to be maintained, Submission of Reports andReturns, Audit of Accounts, Preparation of Audit and Internal Controls.
  • Unit 4 Internal Control and Ethical Principles of Auditing
  • Internal Controls, Operational Risk – Definition, Safeguards and Reporting, Types of Internal Audit, Types of External Audit, Reporting to Head Office, Reporting to Board of Directors, Reporting to RBI, Reporting to Stock Exchanges and SEBI – in the case of listed Banks. Maximum Promoter Holding (say, 15%)
  • Overview of ethical principles and values in auditing, Importance of professional ethics for auditors and stakeholders, Ethical challenges and dilemmas in the audit profession, Overview of regulatory bodies and professional organizations in auditing, Examination of audit standards and guidelines related to ethics, Compliance requirements and consequences of non-compliance with ethical standards.

References

  • 1 "Auditing and Assurance: Textbook for CA Intermediate (IPC)" by Surbhi Bansal, Publisher: AUBS Publishers.
  • 2 "Bank Audit: A Practical Guide" by R. L. Gupta, Publisher: Bharat Law House.
  • 3 "Auditing in Financial Institutions" by Dr. R. Jayaraman, Publisher: Taxmann Publications Pvt. Ltd.
  • 4 "Bank Audit & Practical Case Studies" by D. K. Bansal and C. A. Kamal Garg, Publisher: Bharat Law House. Paper Pattern (Total 50 Marks ) Internal = 25 Marks External = 25 Marks Internal Paper Pattern (25 Marks) Q1. Project Presentation/ Case Study writing 05 Marks Q2. Quiz/ Group discussion 05 Marks Q3. Paper Presentation/ Seminar presentation 05 Marks Q4. Class Test 10 Marks Total 25 Marks External Paper Pattern (25 Marks) Q1. Case Study Analysis 05 Marks Q2. Answer the following (Any One) 10 marks A Or B Q3. Answer the following (Any One) 10 Marks A Or B Total 25 Marks Paper Pattern Total 100 Marks ) Internal = 50 Marks External = 50 Marks Internal Paper Pattern (50 Marks) Q1. Project Presentation/ Case Study writing 10 Marks Q2. Quiz/ Group discussion / Role Playing 10 Marks Q3. Paper Presentation/ Seminar presentation 10 Marks Q4. Class Test 20 Marks Total 50 Marks External Paper Pattern (50 Marks) Q1. Case Study Analysis 10 Marks Q2. Answer the following (Any One) 10 marks A Or B Q3. Answer the following (Any One) 10 Marks A Or B Q4. Answer the following (Any One) 10 marks A Or B Q5. Answer the following (Any One) 10 marks A Or B Guidelines for Case Study Analysis
  • 1 Use the representation of real situations; avoid presenting situations that do not exist/ are not plausible in real life
  • 2 Make sure that the description of the case is as clear and specific as possible
  • 3 Make sure there is sufficient information on the content and the context of the case ask students Interpretative and application questions
  • 4 Questions need to be devised to assess the interpretation and application of knowledge, comprehension skills, and critical thinking skills
  • 5 Devise clear and unambiguous questions to limit student confusion and time spent interpreting the question like suggest suitable title, offers a summary, explaining the scenario in detail, Problem/ issue presented in the scenario, suggest Solution/chosen course of action etc.
  • 6 Maximum words for case study (Approx. 500-700 words) and followed by number of questions will depend on marks (3/4 marks each). Necessary precaution is to be taken for avoiding plagiarism PassingStandard Credit: 02 (Total 50 Marks) The learners to pass a course shall have to obtain a minimum of 40% marks in aggregate foreachcoursewhere thecourseconsistsofInternalAssessmentandSemesterEndExamination. The learners shall obtain minimum of 40% marks (i.e., 10 out of 25) in theInternalAssessmentand40%marksinSemesterEndExamination (i.e.,10Outof 25)separately, to pass the course and minimum of Grade E to pass a particular semester A learner will be said to have passed the course if the learner individually passes the Internal Assessmentas well as Semester EndExamination. Credit: 04 (Total 100 Marks) The learners to pass a course shall have to obtain a minimum of 40% marks in aggregate foreachcoursewhere thecourseconsistsofInternalAssessmentandSemesterEndExamination. The learners shall obtain minimum of 40% marks (i.e., 20 out of 50) in theInternalAssessmentand40%marksinSemesterEndExamination (i.e., 20Outof 50)separately, to pass the course and minimum of Grade E to pass a particular semester Alearner will be said to have passed the course if the learner individually passes the Internal Assessmentas well asSemester EndExamination Grades and Grade Points:

Reproduced from the University of Mumbai syllabus for M.Com. (Banking & Finance) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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