Group IV Paper Syllabi (Papers 17-20)
CMA Final Paper 17: Cost and Management Audit (CMAD)
Section A: Cost Audit (50%)
1. Basics of Cost Audit (5%) — Nature, Scope, Genesis, Objectives, Utility, CAS
2. Companies (Cost Records and Audit) Rules 2014 (10%) — Applicability, Maintenance, Formats
3. Cost Auditor (10%) — Definition, Eligibility, Qualifications, Appointment, Rotation, Duties, Liabilities, Professional Ethics, Fraud Reporting (Section 143), Punishment for Fraud (Section 447/448)
4. Overview of Cost Accounting Standards and GACAP (10%) — Cost Accounting Standards (CAS), Generally Accepted Cost Accounting Principles
5. Cost Auditing and Assurance Standards (5%)
6. Cost Audit Programme (5%)
7. Cost Audit Documentation, Audit Process and Execution (5%)
8. Preparation and Filing of Cost Audit Report (5%)
Section B: Management Audit (25%)
9. Basics of Management Audit (5%)
10. Management Reporting Issues and Analysis (5%)
11. Management Audit in Different Functions (5%)
12. Evaluation of Corporate Image (5%)
13. Information Systems Security Audit (5%)
Section C: Internal Control, Internal Audit, Operational Audit (15%)
14. Internal Control and Internal Audit (5%)
15. Operational Audit and Internal Audit under Companies Act, 2013 (5%)
16. Audit of Different Service Organisations (5%)
Section D: Forensic Audit and Anti-Money Laundering (10%)
17. Forensic Audit (5%)
18. Anti-Money Laundering (5%)
CMA Final Elective Papers (Paper 20) — choose ONE from three options, each carrying 100 marks:
Paper 20A: Strategic Performance Management and Business Valuation
- Section A: Strategic Performance Management (50%)
(KPIs, Balanced Scorecard, Transfer Pricing, Variance Analysis, Divisional Performance)
- Section B: Business Valuation (50%)
(Asset, Income and Market approaches; Valuation of Shares, Goodwill, Intangibles; M&A Valuation)
Paper 20B: Risk Management in Banking and Insurance
- Section A: Risk Management in Banking (60%)
(Credit Risk, Market Risk, Operational Risk, Basel Norms, NPA Management, RAROC)
- Section B: Risk Management in Insurance (40%)
(Life/Non-Life Risk, Actuarial Concepts, IRDAI Regulations, Reinsurance)
Paper 20C: Entrepreneurship and Startup
- Section A: Entrepreneurial Skill Sets (15%)
- Section B: The Entrepreneurial Eco-system (15%)
- Section C: Idea to Action (15%)
- Section D: Value Addition (15%)
- Section E: Scale up (10%)
- Section F: Risk Management Strategies (10%)
- Section G: Leadership (10%)
- Section H: Types of New Age Business (10%)
Note: Each elective paper carries 100 marks.
CMA Final is divided into two groups (Group III and Group IV), each with 3 compulsory papers plus elective:
Group III (Papers 13-16):
- Paper 13: Corporate and Economic Laws (CEL) — Section A: Corporate Laws 60% / Section B: Economic Laws 40%
- Paper 14: Strategic Financial Management (SFM) — Investment 25% / Security Analysis 35% / Risk Mgmt 20% / International 15% / Digital Finance 5%
- Paper 15: Direct Tax Laws and International Taxation (DIT) — Direct Tax 60% / International Taxation 40%
- Paper 16: Strategic Cost Management (SCM) — Strategic Cost Mgmt 60% / Quantitative Techniques 40%
Group IV (Papers 17-20):
- Paper 17: Cost and Management Audit (CMAD) — Cost Audit 50% / Management Audit 25% / Internal Control 15% / Forensic 10%
- Paper 18: Corporate Financial Reporting (CFR)
- Paper 19: Indirect Tax Laws and Practice (IDT) — GST Act 70% / Customs Act 30%
- Paper 20: Elective (choose ONE: 20A Strategic Performance & Valuation / 20B Risk Management Banking & Insurance / 20C Entrepreneurship & Startup)
Each paper carries 100 marks.
