CMA Final Paper-17 New Syllabus June 2023

CMA Final New Syllabus 2023: The Institute of Cost Accountants of India has revised new syllabus for CMA Final elective Paper-17 Cost and Management Audit (CMAD). The new ICMAI Syllabus-2022 shall be applicable from June 2023 term of examinations.

Students taking enrollments in the Final Course have to give one time option about choice of “Elective Paper”.

New Syllabus for CMAD

SECTION A: Cost Audit

1. Basics of Cost Audit
   1.1 Nature and Scope of Cost Audit
   1.2 Genesis of Cost Audit
   1.3 Objectives of Cost Audit
   1.4 Utility and Advantage of Cost Audit
   1.5 Cost Accounting Standards
2. Companies (Cost Records and Audit) Rules, 2014 (as amended)
3. Cost Auditor
   3.1 Definition
   3.2 Cost Auditor’s Eligibility, Qualifications, Disqualifications, Appointment,
   Resignation, Rotation, Remuneration, Removal, Rights and Duties, Liabilities
   3.3 Professional Ethics
   3.4 Duties of a Cost Auditor to Report Fraud – Section 143 of the Companies Act 2013
   3.5 Punishment for Fraud (Section 447 of the Companies Act, 2013)
   3.6 Punishment for False Statement (Section 448 of the Companies Act, 2013)
4. Overview of Cost Accounting Standards and GACAP
   4.1 Cost Accounting Standards
   4.2 Guidance Notes on Cost Accounting Standards
   4.3 Generally Accepted Cost Accounting Principles (GACAP)
5. Cost Auditing and Assurance Standards
   5.1 Cost Auditing Standards – Overview
6. Cost Audit Programme
   6.1 Introduction
   6.2 Factors in Planning Cost Audit Assignment
   6.3 Cost Audit Programme
7. Cost Audit Documentation, Audit Process and Execution
   7.1 Cost Audit Documentation
   7.2 Audit Process
   7.3 Practical Steps of Audit Process
8. Preparation and Filing of Cost Audit Report
   8.1 Introduction
   8.2 Critical Elements of Cost Audit Report and Related Evidences (Physical and Digital)
   8.3 Qualified Audit Report
   8.4 Adverse Audit Report
   8.5 Filing of Cost Audit Report to MCA in XBRL Format (as per TAXONOMY)

SECTION B: Management Audit

9. Basics of Management Audit
   9.1 Definition
   9.2 Nature and Scope
   9.3 Need for Management Audit and Reporting
   9.4 Audit of Management Process and Functions
   9.5 Establishing reliability of information
   9.6 Role of CMAs in Management Audit
10. Management Reporting Issues and Analysis
    10.1 Introduction
    10.2 Performance Analysis
    10.3 Capacity Utilisation Analysis
    10.4 Productivity and Efficiency Analysis
    10.5 Utilities and Energy Efficiency Analysis
    10.6 Key Costs and Contribution Analysis
    10.7 Profitability Analysis
    10.8 Working Capital and Liquidity Management Analysis
    10.9 Manpower Analysis
    10.10 Other Areas Suggested to be covered in the Report on Performance Analysis
    10.11 Management Accounting Tools
11. Management Audit in Different Functions
    11.1 Corporate Objectives and Culture
    11.2 Corporate Services Audit
    11.3 Corporate Development Audit
    11.4 Evaluation of Personnel Development
    11.5 Consumer Services Audit
    11.6 Audit of Environmental Pollution Control
    11.7 Audit of Energy and Utilities – Generation and Consumption
    11.8 Productivity Audit/ Efficiency Audit
    11.9 Propriety Audit
    11.10 Corporate Social Responsibility (CSR) Audit
    11.11 Social Cost – Benefit Analysis Audit
12. Evaluation of Corporate Image
    12.1 Introduction
    12.2 Audit Checks of Different Managerial Functions
    12.3 Audit Checks of Various Corporate Divisions/Departments
    12.4 ESG Audit
13. Information Systems Security Audit
    13.1 Overview
    13.2 Compliance and Security Framework
    13.3 Cyber Security and Cyber Forensics
    13.4 IT Audit in Banking Sector

SECTION C: Internal Control, Internal Audit, Operational Audit and Other Related Issues

14. Internal Control and Internal Audit
    14.1 Internal Control-Concept
    14.1.1 Objectives of Internal Control
    14.1.2 Scope of Internal Control
    14.1.3 Structure of Internal Control
    14.1.4 Limitations of Internal Control
    14.1.5 Evaluation of Internal Control
    14.2 Internal Control and the Auditor
    14.3 Internal Auditing – Evolution of the Profession
15. Operational Audit and Internal Audit under Companies Act, 2013
    15.1 Introduction
    15.2 Preparation for an Audit
    15.3 Audit Engagement Letter
    15.4 Role of CMAs in Internal Audit, Operational Audit and Managers
    15.5 Internal Audit under Companies Act, 2013
    15.6 Internal Audit and Companies (Auditor’s Report) Order
    15.7 Internal Audit in Companies under manufacturing sector
16. Audit of Different Service Organisations
    16.1 Audit of Hospitals
    16.2 Audit of Hotels
    16.3 Audit of Educational Institutions
    16.4 Audit of Co-operative Societies
    16.5 Audit of Self-Help Groups
    16.6 Audit of Non-Government Organisations (NGOs)
    16.7 Audit of Local Bodies
    16.8 Audit of Government Expenditure
    16.9 Propriety Audit in the context of Government Audit
    16.10 Audit of Commercial Accounts

SECTION D: Forensic Audit and Anti-Money Laundering

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