Section A: LAWS (Industrial and Economic Laws) [60 marks]

1. Laws of Contracts
(a) Essential elements of a contract, offer and acceptance
(b) Void and voidable agreements
(c) Consideration
(d) Legality of object
(e) Multinational agreement
(f) e-contracts
(g) Strategies and constraints to enforce contractual obligations
(h) Quasi-contracts, contingent contracts, termination or discharge of contracts
(i) Special contracts : Indemnity and Guarantee; Bailment and Pledge; Laws of Agency

2. Laws relating to Sale of Goods
(a) Definition
(b) Transfer of ownership
(c) Performance of the contract of sale

3. Laws relating to Employees: (object, scope and applicability of the following Acts):
(a) Factories Act,1948
(b) Industrial Disputes Act,1947
(c) Workmen’s Compensation Act,1923
(d) Payment of Wages Act, 1936 and Minimum Wages Act,1948
(e) Payment of Bonus Act, 1965 and Payment of Gratuity Act, 1972
(f) Employees State Insurance (E.S.I)Act, 1950
(g) Provident Fund (P.F.) Act, 1952
(h) The Child Employee (Prohibition and Regulation) Act, 1986

4. Negotiable Instruments Act, 1881
(a) Definition, Acceptance and negotiation
(b) Rights and liabilities of Parties
(c) Dishonor of a Negotiable Instrument, Hundis
(d) Bankers and Customers

5. Laws related to Partnership:
(a) Indian Partnership Act,1932
(i) Nature of Partnership
(ii) Rights and liabilities of Partners
(iii) Dissolution of Firms
(b) Limited Liability Partnership Act, 2008
(i) Concept, Formation, Membership, Functioning,
(ii) Dissolution

6. Prevention of Money Laundering Act ,2011
(a) Historical background
(b) Prevention of Money Laundering Act, 2011
(c) Concepts, definitions, various transactions, etc
(d) Obligations of Banks and Financial Institutions
(e) RBI Guidelines on KYC ( Know Your Customer)

Section B: Corporate Laws and Governance [20 marks]

7. Essentials of Corporate Laws
(a) Company – types, formation and related procedures
(b) Director- roles, responsibilities, qualification, disqualification, appointment/re-appointment, retirement, resignation, removal, remuneration, powers, duties, Director’s Identification Number (DIN), Loans to Directors, Office or Place of Profit
(c) Cost Accountant – Appointment, Role and Responsibilities – with special reference to Certification, Compliance Report and Performance Evaluation of the Organization

8. Right to Information Act, 2005
(a) Salient features, objective
(b) Public authorities and their obligations
(c) Designations of Public Information Officers (PIO) and their duties
(d) Request for obtaining information

9. Governance
(a) Basic understanding of Corporate Governance
(b) Corporate governance practices in India, USA, UK, Japan and Germany
(c) Tools for ensuring Governance:
(i) Cost Audit Methodology and Corporate Governance
(ii) Internal Audit for Governance – nature, scope, function, planning process, investigation of fraud, internal audit reports
(iii) Statutory Audit for Governance
(iv) An introduction to e-governance and XBRL

Section C : Ethics [20 marks]

10. Ethics and Business
(a) Evolution of Business Ethics (with reference to IFAC on Ethics – IEG-8)
(b) Ethics – meaning, importance, nature and relevance to business, values and attitudes of Professional Accountants
(c) The “Seven Principles of Public Life” – selflessness, integrity, objectivity, accountability, openness, honesty and leadership

11. Ethical Conflict
(a) The relationship between ethics and law, difference between ethical codes and contracts
(b) Unethical behavior - consequences, Conflicts of interest – causes and remedies.
(c) Ethics of Management Accountant Professionals

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