Competence Course (IPCC) 2013
IPCC : Syllabus
(a)To lay a theoretical foundation for the preparation and presentation
of financial statements
1.Conceptual Framework for Preparation and Presentation of Financial Statements
2.Accounting Standards: An overview; standards setting process
Working knowledge of:
3. Company Accounts
(a) Preparation of financial statements - Profit and Loss Account,
Balance Sheet and Cash Flow Statement;
4.Financial Statements of Banking, Insurance and Electricity Companies
5.Average Due Date, Account Current, Self-Balancing Ledgers
6.Financial Statements of Not-for-Profit Organisations
7.Accounts from Incomplete Records
8.Accounting for Special Transactions
(a) Hire purchase and instalment sale transactions;
Final accounts of partnership firms - Admission, retirement and death of
a partner including treatment ofgoodwill;
10.Accounting in Computerised Environment
An overview of computerized accounting system - Salient features and significance, Concept of groupingof accounts, Codification of accounts, Maintaining the hierarchy of ledger, Accounting packages andconsideration for their selection, Generating Accounting Reports.
Auditing and Assurance
To understand objective and concepts of auditing and gain working knowledge of generally accepted auditing procedures and of techniques and skills needed to apply them in audit and attestation engagements and solving simple case studies.
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 and Computerized Environment, Approaches to Auditing in Computerised Environment.
8.Audit Sampling - Types of sampling, Test checking, Techniques of test
checks. Analytical reviewprocedures.
10.Audit of payments - General considerations, Wages, Capital expenditure, Other payments and expenses,Petty cash payments, Bank payments, Bank reconciliation.
11.Audit of receipts - General considerations, Cash sales, Receipts from debtors, Other Receipts.
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.
14.Audit of suppliers' ledger and the debtors' ledger - Self-balancing and the sectional balancing system, Total or control accounts, Confirmatory statements from credit customers and suppliers, Provision forbad and doubtful debts, Writing off of bad debts.
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.
19.Special points in audit of different types of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals, Hire purchase and leasing companies (excluding banks, electricity companies, cooperative societies, and insurance companies).
20.Features and basic principles of government audit, Local bodies and not-for-profit organizations, Comptroller and Auditor General and its constitutional role.
Law, Ethics and Communication
Part A: Law (60 Marks)
To test working knowledge of business laws and company law and their practical application in commercial situations.
Business Laws (30 Marks)
1.The Indian Contract Act, 1872
Company Law (30 Marks)
The Companies Act, 1956 - Sections 1 to 197
To have an understanding of ethical issues in business.
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.
3.Ethics in Workplace – Individual in the organization, discrimination, harassment, gender equality.
4.Ethics in Marketing and Consumer Protection – Healthy competition and protecting consumer's interest.
5.Ethics in Accounting and Finance – Importance, issues and common problems.
Part C: Business Communication (20 Marks)
To nurture and develop the communication and behavioral skills relating to business
1.Elements of Communication
(a) Forms of Communication: Formal and Informal, Interdepartmental,
Verbal and non-verbal; Active listening and critical thinking;
2.Communication in Business Environment
(a) Business Meetings - Notice, Agenda, Minutes, Chairperson's speech;
3.Basic understanding of legal deeds and documents
(a) Partnership deed;
Cost Accounting and Financial Management
Part A: Cost Accounting (50 Marks)
1.Introduction to Cost Accounting
(a) Material Cost:
(b) Employee Cost:
(c) Direct Expenses: Sub-contracting - Control on material movements, Identification with the main product or service.
3.Cost Book- keepingCost ledgers - Non-integrated accounts, Integrated accounts, Reconciliation of cost and financial accounts.
6.Introduction to Standard CostingVarious types of standards, Setting of standards, Basic concepts of material and labour standards andvariance analysis.
1.Scope and Objectives of Financial Management(
2.Time Value of MoneyCompounding and Discounting techniques- Concepts of Annuity and Perpetuity.
3.Financial Analysis and Planning
5.Types of Financing
7.Management of Working Capital
Part A: Income Tax (75 marks)
(a)gain knowledge of the provisions of Income-tax law relating to the topics mentioned in the contentsbelow and
(b)To gain ability to solve simple problems concerning assessees with the status of 'Individual'and 'HinduUndivided Family' covering the areas mentioned in the contents below.
1.Important definitions in the Income-tax Act, 1961
Part B: Service tax and VAT (25 marks)
Objective:To gain knowledge of the provisions of service tax as mentioned below and basic concepts of Value added tax(VAT) in India.
1.Service tax - Concepts and general principles
2.Charge of service tax and taxable services
3.Valuation of taxable services
4.Payment of service tax and filing of returns
5.VAT - Concepts and general principles.
Information Technolog and Strategic Management
Part A: Information Technology (50 Marks)
To develop an understanding of Information Technology and its use by the business as facilitator and driver.
1.Introduction to Computers
(a)Computer Hardware: Classification of Computers - Personal computer, Workstation, Serversand Super computers Computer Components - CPU, Input output devices, Storage devices
(b)BUS, I/O CO Processors, Ports (serial, parallel, USB ports), Expansion slots, Add on cards, Onboard chips, LAN cards, Multi media cards, Cache memory, Buffers, Controllers and drivers
(c)Computer Software: Systems Software - Operating system, Translators (Compilers, Interpretersand Assemblers), System utilities; General Purpose Software/ Utilities - Word Processor, SpreadSheet, DBMS, Scheduler / Planner, Internet browser and E-mail clients; Application Software -Financial Accounting, Payroll, Inventory; Specialised Systems".. Enterprise Resource Planning(ERP) , Artificial Intelligence , Expert Systems, Decision Support Systems - An Overvi.ew
2.Data Storage, Retrievals and Data Base Management Systems
(a)Data and Information Concepts: Bits, Bytes, KB, MB, GB, IB
(b)Data organization and Access: Storage Concepts: Records, Fields, Grouped fields, Special fieldslike date, Integers, Real, Floating, Fixed, Double precision, Logical, Characters, Strings, Variablecharacter fields (Memo); Key, Primary key, Foreign key, Secondary key, Referential integrity,Index fields; Storage tecbniques: Sequential, Block Sequential, Random, Indexed, Sequentialaccess, Direct access, Random access including Randomizing; Logical Structure and Physicalstructure of files.
(c)DBMS Models and Classification: Need for database, Administration, Models, DMLand DDL(Query and reporting); Data Dictionaries, Distributed data bases, Object oriented databases,Client Server databases, Knowledge databases
(d)Backup and recovery - backup policy, backup schedules, offsite backups, recycling of backups,frequent checking of recovery of backup
(e)Usage of system software like program library management systems and tape and diskmanagement systems - features, functionalities, advantages
(f)Data Mining and Data Warehousing - An overview
3.Computer Networks & Network Security
(a)Networking Concepts - Need and Scope, Benefits; Classification: LAN, MAN, WAN, VPN;Peer-to-Peer, Client Server; Components- NIC, Router, Switch, Hub, Repeater, Bridge, Gateway,Modem Network Topologies- Bus, Star, Ring, Mesh, Hybrid, Architecture :Token ring, EthernetTransmission Technologies and Protocols - OSI, TCP/IP, ISDN etc.; Network Operating System
(b)Local Area Networks- Components of a LAN, Advantages of LAN
(c)Client Server Technology: Limitation of Single user systems and need for Client ServerTechnology; Servers - Database, Application, Print servers, Transaction servers, Internet servers,Mail servers, Chat servers, IDS; Introduction to 3- tier and "n" tier architecture (COM, COM+)
(d)Data centres: Features and functions, Primary delivery centre and disaster recovery site
(e)Network Security: Need; Threats and Vulnerabilities; Security levels; techniques
(a)Internet and world-wide web, Intranets, Extranets, applications of
Internet, Internet protocols
(a)To develop an understanding of the general and competitive business environment,
(b)To develop an understanding of strategic management concepts and techniques,
(c)To be able to solve simple cases.
1.Business Environment: General Environment - Demographic, Socio-cultural, Macro-economic, Legal/political, Technological and Global Competitive Environment.
2.Business Policy and Strategic Management: Meaning and nature; Strategic management imperative;Vision, Mission and Objectives; Strategic levels in organisations
3.Strategic Analyses: Situational Analysis - SWOT Analysis, TOWS Matrix, Portfolio Analysis - BCGMatrix.
4.Strategic Planning: Meaning, stages, alternatives, strategy formulation.
5.Formulation of Functional Strategy: Marketing strategy, Financial strategy, Production strategy,Logistics strategy, Human resource strategy.
6.Strategy Implementation and Control: Organisational structures; Establishing strategic business units;Establishing profit centers by business, product or service, market segment or customer; Leadership andbehavioural challenges.
7.Reaching Strategic Edge: Business Process Reengineering, Benchmarking, Total Quality Management,Six Sigma, Contemporary Strategic Issues.BCOL-101: 100 Hours Information Technology Training Programme.
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