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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Example
He can stipulate that only a partial audit shall be carried out, that certain parts of the accounts shall not be checked or that the auditor also shall prepare the final statements of account. He can also decide whether the audit shall be carried out continuously or at the end of the year.... | [
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0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 5. AUDIT OF FIRM
Appointment of Auditors: The auditor to a fi rm is usually appointed by the partners either on the basis of a decision taken by them or to comply with a condition in the partnership agreement. His remuneration is also fixed by the partners. It ... | [
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0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
accounting standards. Alternatively, only disclosure of non- compliance with the accounting standards, would be sufficient without making it a subject matter of qualification.
Matters to be considered before starting audit: Also, before starting the audit, he should examine th... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
11. Limitations and restrictions that have been agreed upon, the rights and powers of partners and on their implied authority to pledge the fi rm's credit or to render it liable.
Advantages of Audit of a Partnership Firm On... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Matters which should be specially considered in the audit of accounts of a partnership:
- (i) Letter of Appointment:Confirming that the letter of appointment, signed by a partner, duly authorised, clearly states the nature and scope of audit contemplated by the partners, specially the limi... | [
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0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
authorisation of extraordinary and capital expenditure, raising of loans; purchase of assets, extraordinary contracts entered into and other such matters as are not of a routine nature.
- (iii) Objects of Partnership:Verifying that the business in which the pa... | [
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0.03566836938261986,... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Test Your Understanding 2
CA Akash Virmani is auditor of a partnership firm consisting of 4 partners. During the year, one of the partners has retired and another partner has joined the next day. Discuss, any one point, which shall be considered by you to ensure that financial stateme... | [
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0.021947277709841728,
-0.03... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 5.1 Basics of Limited Liability Partnerships (LLP) Audit
LLP is governed by Limited Liability Partnership Act, 2008. It is a form of business organisation which enshrines in itself the advantages of both the Company and Partnership forms of Organisation. Minimum of 2 Partners can form an LLP... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## It defines a Small Limited Liability Partnership to denote any LLP:
- a) the Contribution of which, does not exceed twenty-five lakh rupees (INR 25,00,000) or such higher amount, not exceeding five crore rupees , as may be prescribed; and
- b) the Turnover of which, as per the Statement of A... | [
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-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Advantages / Purpose / Need of Audit
1. Detection of Errors :- Auditing the accounts of a LLP helps in detecting errors & frauds & verification of fi nancial statements.
2. Disputes :-Disputes, if any between any partners in the matter of accounts can be settled with the help of audited ac... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Returns to be maintained and filed by an LLP :-
- ♦ Every LLP would be required to file annual return in Form 11 with ROC within 60 days of closer of financial year. The annual return will be available for public inspection on payment of prescribed fees to Registrar.
- ♦ Every LLP is also requi... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Auditor's Duty Regarding Audit of LLP
1. Engagement Letter :-The auditor should get definite instructions in writing as to the work to be performed by him.
2. Minutes Book :- If partners maintain minute book he shall refer it for any resolution passed regarding the accounts
3. LLP Agreement :- ... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (1) General
- (i) Studying the constitution under which the charitable institution has been set up.
- (ii) Verifying whether the institution is being managed in the manner contemplated by the law under which it has been set up.
- (iii) Examining the system of internal check , espec... | [
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-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (2) Subscriptions and donations
- (i) Ascertaining, if any, the changes made in amount of annual or life membership subscription during the year.
- (ii) Whether official receipts are issued;
- (a) confirming that adequate control is imposed over unused receipt books;
- (b) obtaining all ... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (5) Investments Income
- (i) Vouching the amounts received with the dividend and interest counterfoils.
- (ii) Checking the calculations of interest received on securities bearing fixed rates of interest.
- (iii) Checking that the appropriate dividend has been received where any investm... | [
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-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- (a) the amounts of the rent, and
- (b) the due dates.
- (ii) Vouching the rent on to the rent roll from the counterfoils of receipt books and checking the totals of the cash book.
- (7) Special function, etc. Vouching gross receipts and outgoings in respect of any special fun... | [
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0.021721921861171722,
... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (9) Expenditure
- (i) Vouching payment of grants, also verifying that the grants have been paid only for a charitable purpose or purposes falling within the purview of the objects for which the charitable institution has been set up and that no trustee, director or member of the Managing Committ... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (A) General :-
1. Examine the Trust Deed or Regulations, in the case of school or college and note all the provisions affecting accounts. In the case of a university, refer to the Act of Legislature and the Regulation framed thereunder.
2. Read through the minutes of the meetings of the Managing ... | [
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-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (B) Fee from Students :-
1. Check names entered in the Students Fee Register for each month or term, with the respective Class Registers, showing names of students on rolls and test amount of fees charged; and verify that there operates a system of internal check which ensures that demands ... | [
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-0.0149... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
and that the arrears that are irrecoverable have been written off under the sanction of an appropriate authority.
4. Check admission fees with admission slips signed by the head of the institution and confirm that the amount has been credited to a Capital fund, unless the M... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (C) Other Receipts/Grants & Donations :-
1. Verify rental income from landed property with the rent rolls, etc.
2. Vouch income from endowments and legacies, as well as interest and dividends from investment; also inspect the securities in respect of investments held.
3. Verify any Go... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (D) Expenditure :-
1. Verify that the Provident Fund money of the staff has been invested in appropriate securities.
2. Vouch donations, if any with the list published with the annual report. If some donations were meant for any specific purpose, see that the money was utilised for the... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
budget prepared, see that any excess under any head over the budgeted amount was duly sanctioned by the Managing Committee. If not, bring it to the Committee's notice in your report.
5. See that increase in the salaries of the sta... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (E) Assets & Liabilities :-
1. Report any old heavy arrears on account of fees, dormitory rents, etc. to the Managing Committee.
2. Confirm that caution money and other deposits paid by students on admission, have been shown as liability in the balance sheet not transferred to revenu... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (F) Compliances :-
1. Confirm that the refund of taxes deducted from the income from investment (interest on securities etc.) has been claimed and recovered since the institutions are generally exempted from the payment of income-tax.
2. Finally, verify the annual statements of a... | [
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Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Test Your Understanding 3
You are auditor of a school operating in your city. During audit of a year, it is noticed that fees concessions to students have been provided in substantial number of cases. Discuss, how, you as an auditor, would proceed to verify the ... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
of rent on properties, dividends, and interest on securities have been collected.
4. Legacies and Donations : Ascertain that legacies and donations received for a specific purpose have been applied in the manner agreed upon.
5. Re... | [
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0.04826899245381355,
0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 9. AUDIT OF CLUB
The special steps involved in such an audit are stated below-
- (1) Entrance Fee :- Vouch the receipt on account of entrance fees with members' applications, counterfoils issued to them, as well as on a reference to minutes of the Managing Committee.
- (2) Subscriptions :- Vouch... | [
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0.056762609630823135,
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0.03784667328000069,
0.02594449743628502,
-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
- (9) Margins earned :- Vouch purchases of foodstuffs, cigars, wines, etc., and test their sale price so as to confirm that the normal rates of gross profit have been earned on their sales. The inventory of unsold provisions and stores, at ... | [
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0.03820527344942093,
0.02269885689020157,
0.024519190192222595,
-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (1) Verify the internal control mechanism -
- (a) that entrance to the cinema-hall during show is only through printed tickets;
- (b) that they are serially numbered and bound into books;
- (c) that the number of tickets issued for each show and class, are different though the numbers of the same ... | [
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-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (A) HIRE - PURCHASE :-
- (1) A Hire-purchase agreement means an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement and includes an agreement under which-
2. (i) possession of goods is delivered by ... | [
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0.05118540674448013,
-0.00... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- (i) Hire purchase agreement is in writing and is signed by all parties.
- (ii) Hire purchase agreement specifies clearly-
- (a) The hire-purchase price of the goods to which the agreement relates;
- (b) The cash price of the goods, that is to say, the price at which the goods... | [
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0.04020000249147415,
-0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (3) A normal finance lease transaction usually goes through the following modality :
- I. The lessee will select the equipment, and satisfy himself about its functional fitness and specifications, the lessor has no participation at this stage.
- II. Having chosen the equipment, the lessee approach... | [
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0.06622103601694107,
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0.030042758211493492,
-0.0237... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
lessor places an order on the manufacturer as chosen by the lessee.
- IV. The manufacturer delivers the equipment at the site of the lessee, and the latter gives notice of acceptance to the lessor.
- V. The lease agreement giving detailed t... | [
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0.03822103515267372,
-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- (ii) the amount of tenure of lease, dates of payment, late charges, deposits or advances etc. should be noted.
- (iii) whether the equipment shall be returned to the lessor on termination of the agreement and the cost shall be borne by the lessee.
- (iv) whether the agreeme... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Operating Lease
An arrangement that does not transfer substantially all the risks and rewards incidental to ownership qualifies as an Operating Lease. In other words, an operating lease is a lease arrangement 'Other than finance lease'.
The below table captures the broad dif... | [
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0.05245526134967804,
-0.01... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 12. AUDIT OF HOTELS
The special considerations in a hotel audit can be summarised as follows:
- (1) Internal Controls Pilfering is one of the greatest problems in any hotel and the importance of internal control cannot be undermined. It is the responsibility of management to introduce control... | [
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0.04443425312638283,
0.023710543289780617,
-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
- (2) Room Sales & Hall Bookings The charge for room sales is normally posted to guest bills by the receptionist/ front office or in the case of large hotels by the night auditor. The source of these entries is invariably the guest regis... | [
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0.027155544608831406,
-0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## (6) Travel Agents & Shops -
- (i) For ledgers coming through travel agents or other booking agencies the bills are usually made on the travel agents or booking agencies. The auditor should ensure that money are recovered from the travel agents or booking agencies as per the terms of credit al... | [
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0.0548117458820343,
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0.032458607107400894,
0.03118254616856575,
-0.0297... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.1 Background
A Cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise". The Co-operative Societies Act, 1912 , a ... | [
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0.04696265980601311,
-0.00... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.2 Audit as per Section 17 of the Co-Operative Societies Act, 1912
- (1) The Registrar shall audit or cause to be audited by some person authorised by him by general or special order in writing in this behalf the accounts of every registered society once at least in every year.
- (2) The audit ... | [
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0.05861659720540047,
0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
books and accounts to be kept by a co-operative society.
For example, in Maharashtra, the co -operative societies are required to maintain books of account in terms of the instructions of the Registrar as following:
- (i) All sums of money... | [
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0.037967950105667114,
-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
a co-operative society will be concerned with this provision so as to watch any breach relating to holding of shares. One should also watch whether any provision in the bye-laws of the society is not contrary to this statutory position. The State Acts may provide l... | [
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0.049515217542648315,
... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
9. Contributions to Charitable Purposes According to section 34, a registered society may, with the sanction of the Registrar, contribute an amount not exceeding 10% of the net profits remaining after the compulsory transfer to the r... | [
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0.06043423339724541,
-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.3 Special Features of Co-Operative Audit
The general processes of auditing involved in audit work such as checking of posting, ascertainment of arithmetical accuracy, vouching, verification of assets and liabilities and fi nal scrutiny of Balance Sheet are well known to the students... | [
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0.05799392983317375,
0.010280735790729523,
0.030188417062163353,
0.024722207337617874,
-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
2. Overdue Interest Overdue interest should be excluded from interest outstanding and accrued due while calculating profit. Overdue interest is interest accrued or accruing in accounts, the amount of which the principal is overdue. I... | [
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0.027837419882416725,
-0.017... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
these modern techniques are mostly not in application and as such in practice a wide gap is found in the goals to be achieved and the actual achievements. While auditing the expenses, the auditor should see that they are economically incurred and there is no wastage of funds. M... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
- (iv) In the case of urban co-operative banks, disproportionate advances to vested interest groups, such as relatives of management, and deliberate negligence about the recovery thereof. Cases of reckless advancing, where the management is... | [
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0.04022511467337608,
-0.012... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.4 Audit, Inquiry and Inspection of Multi-State Co-Operative Societies
The Multi-State Co-operative Societies Act, 2002, which came into force in August, 2002 applies to co-operative societies whose objects are not confined to one State. The Act contains detailed provisions regarding regis... | [
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0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
Books of Accounts As per Multi-State Co-operative Society Rules 2002, every Multi- State Co-operative society shall keep books of account with respect to-
- a. all sum of money received and expended and matters in respect of which the receipt and expenditure take place;
- b. a... | [
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0.03424588590860367,
... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.4.1 Audit of Multi-State Co-operative Society -
1. Qualification of Auditors -Section 72 of the Multi-State Co-operative Societies Act, 2002 states that a person who is a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 can only be appointed as auditor of ... | [
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0.027928853407502174,
0.01771623268723488,
0.043387383222579956,... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
- (d) A person who is indebted to the Multi-State co-operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the Multi-State co-operative society for an a... | [
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0.06623973697423935,
0.023223571479320526,
0.029080474749207497,
0.028754282742738724,
-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- (c) Whether personal expenses have been charged to revenue account, and
- (d) Where it is Stated in the books and papers of the Multi-State co-operative society that any shares have been allotted for cash, whether cash has actually, been received in respect of such allotment,... | [
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0.0677800104022026,
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0.01674916408956051,
-0.01... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
- (iv) Whether the Multi-State cooperative society's balance sheet and profit and loss account dealt with by the report are in agreement with the books of account and return.
Where any of the matters referred to in sub-section ... | [
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0.004281764384359121,
-0.031748026609420776,
0.07340046018362045,
0.013764633797109127,
0.0449928380548954,
0.01608526147902012,
-0.02870690... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
3. Shareholding Restriction :- However, Central Government shall order for special audit only if that Government or the State Government either by itself or both hold fifty -one percent or more of the paid-up share capital in such Multi-State co-operative society.
4. Spec... | [
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-0.020... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 13.4.2 Inquiry by Central Registrar under Section 78
1. When :- The Central Registrar may, on a request from :-
- a federal co-operative to which a Multi- State Co-operative society is affiliated or
- a creditor or not less than one-third of the members of the board or
- not less than one-fi fth ... | [
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0.06988546252250671,
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0.030110476538538933,
0.00601451238617301,
0.01832... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SPECIAL FEATURES OF AUDIT OF DIFFERENT TYPES OF ENTITIES
2. How :- hold an inquiry or direct some person authorized by him by order in writing in his behalf to hold an inquiry into the constitutions, working and fi nancial condition of a Multi-State Co-operative society.
3. Opportunity of being He... | [
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0.01959625631570816,
-0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- federal co-operative to which a Multi- State Co-operative society is affiliated or a creditor or
- not less than one-third of the members of the board or
- not less than one-fi fth of the total number of members of a Multi -State co-operative society
2. How: - By ge... | [
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0.020541194826364517,
-0.006... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Test Your Understanding 4
A society has been formed by pan India employees of a public sector bank. The purpose of society is to promote savings habits of members and to grant loan to them up to a small specified amount. Small savings are promoted amongst members by way of compulsory co... | [
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0.0741797611117363,
0.02... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## 14. AUDIT OF TRUSTS & SOCIETIES
There are three basic legal forms of charitable entities under Indian law: trusts, societies, and section 8 companies. The legal framework governing the charitable institution will depend on the form of business organization the charitable... | [
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0.04697985574603081,
... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Auditor's responsibility
The auditor should obtain the list of the books and records maintained by the Trust. The list should be matched with the above requirement for maintaining mandatory books and records as may be applicable in each case. The auditor should then verify the records for the purp... | [
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0.03298776224255562,
-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Such working papers should include his notes on the following, amongst other matters:
- (a) work done while conducting the audit and by whom;
- (b) explanation and information given to him during the course of the audit and by whom;
- (c) decision on the various points taken;
- (d) the judicial ... | [
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-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## It is important that the audit working papers prepared and/or obtained by the auditor provide evidence that:
- (i) the opinion expressed by the auditor is based on the examination made by him;
- (ii) in arriving at his opinion, the auditor has given due cognizance to the information an... | [
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0.036000318825244904,
... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## TRUSTS
The auditor has to ascertain :-
- (a) whether accounts are maintained regularly and in accordance with the provisions of the applicable Act and the rules;
- (b) whether receipts and disbursements are properly and correctly shown in the accounts and money received in the form of do... | [
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0.05417284741997719,
-0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
per the objects of the trust and as per the specific direction by the donor, if any.
- (c) whether the cash balance and vouchers in the custody of the manager or trustee on the date of audit were in agreement with the accounts;
- (d) whether all books, deeds, accounts, voucher... | [
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0.04041586071252823,
-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SOCIETIES
The auditor's considerations:-
- (a) The auditor should ascertain governing legislation of society i.e. Societies Registration act, 1860 or any applicable state law under which it has been registered.
- (b) Object of society needs to be ascertained from its memorandum ... | [
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0.04868852719664574,
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0.028547905385494232,
0.058103848248... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
the working or financial condition of society and its implications for auditor's opinion.
- (i) Ascertain all cases of irregular, illegal or improper expenditure or failure or omission to recover monies or other property belonging to society or of loss or waste of money or oth... | [
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0.04430754855275154,
-0.0... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## CASE STUDY
Consider the following five descriptions: -
- (A) Audit of 'Implementation of Nagpur Metro Rail Project' was conducted by the Comptroller and Auditor General of India.
Following is extract of few audit findings placed on website cag.gov.in.
'The location of New Airport station ... | [
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0.038951218128204346,
-0.019... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## Based on above, answer following questions:
- (1) Based upon plain reading of audit findings stated at Para (A) , identify type of audit carried out by office of the Comptroller and Auditor General of India.
2. ( a ) Audit against provision of funds
3. ( b ) Propriety audit
4. ( c ) Performance au... | [
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0.0332023948431015,
0.03521721810102463,
-0.... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- ( b ) It is likely to be a report prepared for submission to the Prime Minister under Article 151 of the Constitution of India by an independent task force of experts.
- ( c ) It is likely to be a report prepared for submission to the President under Article 151 of the Const... | [
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0.019816601648926735,
-... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## SUMMARY
- ♦ The main objective of government audit is a combination of ensuring accountability of administration to legislature and functioning as an aid to administration.
- ♦ In India, the function of Government Audit is discharged by the independent statutory authority of the Comp... | [
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... |
Inter_P5_Audit_Mod2_Chapter_9_Special_Features_of_Audit_of_Different_Type_of_Entities.pdf | Audit | Study_Material | N/A | [Concept: Theory]
## AUDITING AND ETHICS
- ♦ Co-operative society is a business organisation with a special mode of doing business, by pulling together all the means of production co-operatively, elimination of middlemen and exploitation from outside forces.
- ♦ The Multi-State Co-operative Societies Act,... | [
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-0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## After studying this chapter, you would be able to -
- ♦ State the meaning, importance and scope of Financial Management in an entity.
- ♦ Discuss Financing decision/functions.
- ♦ Discuss the objectives of Financial Management; Profit maximisation vis-a-vis Wealth maximisation.
- ♦ Discuss Shareho... | [
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0.04680575430393219,
0.013167270459234715,
0.027889132499694824,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 1. INTRODUCTION
We will like to explain Financial Management by giving a very simple scenario. For the purpose of starting any new business/venture, an entrepreneur goes through the following stages of decision making:-
| Stage 1 | Stage ... | [
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... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT
1.3
While deciding how much to take from each source, the entrepreneur would keep in mind the cost of capital for each source (Interest/Dividend etc.). As an entrepreneur he would like to keep the cost of capital low.
Thus, financial manag... | [
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0.003706355346366763,
0.012951132841408253,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 2. MEANING OF FINANCIAL MANAGEMENT
Financial management is that managerial activity which is concerned with planning and controlling of the firm's financial resources . In other words it is concerned with acquiring, financing and managing assets to accomplish the overall goal o... | [
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... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT
1.5
In a global competitive scenario, it is not enough to depend on the available ways of raising finance but resource mobilization has to be undertaken through innovative ways on financial products which may meet the needs of investors. We ... | [
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0.06294712424278259,... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 2.2 Effective Utilisation of Funds
The finance manager is also responsible for effective utilisation of funds. He has to point out situations where the funds are being kept idle or where proper use of funds is not being made. All the funds are procured at a certain cost and after ent... | [
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0.0049327826127409935,
0.0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 3. EVOLUTION OF FINANCIAL MANAGEMENT
Financial management evolved gradually over the past 50 years. The evolution of Financial Management is divided into three phases. Financial Management evolved as a separate field of study at the beginning of the century. The three stages... | [
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-0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## Long term Finance Function Decisions
- (a) Investment decisions (I) : These decisions relate to the selection of assets in which funds will be invested by a firm. Funds procured from different sources have to be invested in various kinds of assets. Long term funds are used in a project for v... | [
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-0.0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT
1.9
capital are effectively managed. The financial manager needs to possess a good knowledge of the sources of available funds and their respective costs and needs to ensure that the company has a sound capital structure, i.e. a proper balance between... | [
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0.012272180058062077,
0.02560... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 5. IMPORTANCE OF FINANCIAL MANAGEMENT
Importance of Financial Management cannot be over-emphasized. It is, indeed, the key to successful business operations. Without proper administration of finance, no business enterprise can reach at its full potentials for growth ... | [
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0.04526060074567795,
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0.029708344489336014,
0.04097239673137665,
0.012207387946546078,
0.00023688169312663376,
0.... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 6. SCOPE OF FINANCIAL MANAGEMENT
As an integral part of the overall management, financial management is mainly concerned with acquisition and use of funds by an organization. Based on financial management guru Ezra Solomon's concept of financial management, following ... | [
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0.03774799033999443,
0.05639754608273506,
0.002946653636172414,
0.015086071565747261,
0.0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 7. OBJECTIVES OF FINANCIAL MANAGEMENT
Efficient financial management requires the existence of some objectives or goals because judgment as to whether or not a financial decision is efficient must be made in the light of some objective. Although various objectives are possible but we assume two... | [
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0.05417650565505028,
0.017865868285298347,
-0.006227273028343916,... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 7.1 Profit Maximisation
It has traditionally been argued that the primary objective of a company is to earn profit; hence the objective of financial management is also profit maximisation. This implies that the finance manager has to make his decisions in a manner so that the profits of ... | [
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0.04588250443339348,
0.028803596273064613,
0.01566760241985321,
0.028119677677750587,
0.... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 7.2 Wealth Maximisation/ Value Creation
We will first like to define what is Wealth Maximization Model. Shareholders wealth are the result of cost benefit analysis adjusted with their timing and risk i.e. time value of money.
So, Wealth = Present value of benefits - Present Value of Co... | [
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0.02323482558131218,
0.011043219827115536,
0.011761972680687904,
0.04253619909286499,
0.005... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT
Stockholders hire managers to run their firms for them......
Because stockholders have absolute power to hire and fire managers.
Managers set aside their interest and maximise stock prices...
Because markets are efficient.
Stockholders wealth is max... | [
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0.03741276636719704,
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0.042784661054611206,
0.0423... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 8. CONFLICTS IN PROFIT VERSUS VALUE MAXIMISATION PRINCIPLE
In any company, the management is the decision taking authority. As a normal tendency the management may pursue its own personal goals (profit maximization). But in an organization where there is a significant outside particip... | [
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0.012610232457518578,
0.01629653200507164,
0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## SCOPE AND OBJECTIVES OF FINANCIAL MANAGEMENT
1.17
The table below highlights some of the advantages and disadvantages of both profit maximization and wealth maximization goals:-
| Goal | Objective | Advantages ... | [
0.027948379516601562,
0.015148860402405262,
0.010384046472609043,
0.004598168656229973,
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0.023396102711558342,
0.03015316091477871,
0.0028345007449388504,
0.015208205208182335,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## ILLUSTRATION 1
Profit maximization does not consider risk or uncertainty, whereas wealth maximization considers both risk and uncertainty. Suppose there are two products, X and Y and their projected earnings over the next 5 years are as shown below:
| Year | Product X ( ` ) | Product Y ( ` ) ... | [
0.03598678484559059,
0.04185160994529724,
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0.046840909868478775,
0.04014521837234497,
-0.002498852787539363,
0.011592153459787369,
0.0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 9. ROLE OF FINANCE EXECUTIVE
Modern financial management has come a long way from the traditional corporate finance. As the economy is opening up and global resources are being tapped, the opportunities available to finance managers virtually have no limits.
A new era has ushered ... | [
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0.04564191773533821,
0.05864357575774193,
0.012230831198394299,
-0.0036795511841773987,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## Changing Role of the Finance Executive
'Today's CFO team is expected to add value well beyond the traditional roles of cost management, controls and acting as the conscience of the organisation. These roles are challenging enough, but today's CFO is expected to work in collabor... | [
0.009871217422187328,
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0.013445386663079262,
0.07247348874807358,
0.013944857753813267,
0.016506781801581383,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 9.1 Role of Finance Executive in today's World vis-a-vis in the past
Today, the role of chief financial officer, or CFO, is no longer confined to accounting, financial reporting and risk management. It's about being a strategic business partner of the chief executive officer, o... | [
0.030592046678066254,
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0.004048897419124842,
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0.021682223305106163,
0.062308527529239655,
0.03345378488302231,
0.006718860473483801,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 10. FINANCIAL DISTRESS AND INSOLVENCY
There are various factors like price of the product/ service, demand, price of inputs e.g. raw material, labour etc., which is to be managed by an organisation on a continuous basis. Proportion of debt also need to be managed by an or... | [
0.011801664717495441,
0.01961497776210308,
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0.017943041399121284,
0.02980905771255493,
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0.0591491237282753,
0.03764946386218071,
0.015396885573863983,
0.0242686215788126,
-0.0202... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 11. RELATIONSHIP OF FINANCIAL MANAGEMENT WITH RELATED DISCIPLINES
As an integral part of the overall management, financial management is not a totally independent area. It draws heavily on related disciplines and areas of study namely economics, accounting, production, marketing an... | [
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0.0446106493473053,
0.005459256004542112,
0.041795514523983,
-0.0010304460301995277,
-0.01... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 11.1 Financial Management and Accounting
The relationship between financial management and accounting are closely related to the extent that accounting is an important input in financial decision making. In other words, accounting is a necessary input into the fina... | [
-0.019569123163819313,
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0.05084983631968498,
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0.042429205030202866,
-0.018649820238351822,
-... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## Treatment of Funds
In accounting, the measurement of funds is based on the accrual principle i.e. revenue is recognised at the point of sale and not when collected and expenses are recognised when they are incurred rather than when actually paid. The accrual based accounting data do... | [
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0.02025020122528076,
0.02877124398946762,
-0.00023336200683843344,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## Decision-making
The purpose of accounting is to collect and present financial data of the past, present and future operations of the organization. The financial manager uses these data for financial decision making. It is not that the financial managers cannot co... | [
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0.01955198310315609,
0.0066485218703746796,
... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## 11.2 Financial Management and Other Related Disciplines
For its day to day decision making process, financial management also draws on other related disciplines such as marketing, production and quantitative methods apart from accounting. For instance, financial managers should consider ... | [
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0.0180366151034832,
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0.046807147562503815,
0.012661190703511238,
0.026454387232661247,
0.009559575468301773,
-0... |
Inter_P6A_FM_Mod1_Chapter_1_Scope_and_Objectives_of_Financial_Management.pdf | FM | Study_Material | N/A | [Concept: Theory]
## Impact of Other Disciplines on Financial Management
The above figure depicts the relationship between financial management and supportive disciplines. The marketing, production and quantitative methods are, thus, only indirectly related to day to day decision making by financial managers ... | [
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0.037527814507484436,
0.004381390288472176,
0.03163892403244972,
0.024233534932136536,
-... |
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