Public Policy & International trade And Audit & Accountancy

Pubic Policy

• Prudent Financial Decision Making for Public Policy Makers
• Impact of Macro Policies in Planning & Budgeting
• Government Accounting to India: Recent Trends
• Overview of Budgeting Processes and Fiscal Responsibility Legislation
• Shades in Budgeting
• (Performance Budgeting, Outcome Budgeting, Gender Budgeting, and Zero based budgeting)
• Public Procurement: The Legal Procedural and Regulatory Framework
• Introduction to Social Cost Benefits Analysis
• Leveraging from Public Private Partnership Introductory issues
• Data Analysis for Public Policy Makers
• Public Financial Management System: Introduction and Impact

International Trade - Basic principles and practical aspects

• Why countries trade– absolute advantage and comparative advantage
• Trade policy tools– tariffs and non-tariffs
• How countries use trade measures: some examples
• Types of trade arrangements- bilateral, regional and multilateral
• Trade Finance and Letter of Credit

International Trade and India

• India’s international trade- trends of imports and exports
• Where India stands in global trade and significance of trade policy for India
• India’s bilateral and regional trade arrangements, and role of customs
• World Customs Organization (WCO)
• Overview of WCO
• International Customs Conventions and other conventions
• HS Convention
• ATA Convention
• Revised Kyoto Convention
• Mutual Administrative Assistance on Customs matters
• Nairobi Convention
• Johannesburg Convention
• Important MAA arrangements of India

Other Conventions relevant for Customs & Border Protection:

1. Basel Convention
2. SCOMET
3. CITES
4. Cartagena Convention
5. Rotterdam Convention
6. Montreal Protocol
7. OPCW
8. Stockholm Convention

21st Century Customs

1. Paperless Customs
2. Single Window
3. Big Data
4. E-commerce
5. NTC (National Targeting Centre)
6. APIS (Advance Passenger Information System)

Multilateral Trade- the World Trade Organization (WTO)

• WTO- basic principles and structure
• GATT and Schedule of Concession

WTO agreements relevant for customs:

• Antidumping
• Safeguards
• Customs Valuation
• Rules of Origin
• Information Technology
• Import Licensing
• Trade Facilitation
• Customs role in multilateral trading system
• Dispute settlement mechanism of WTO
• WTO Trade Disputes- Case Studies:
• EC – IT products: Case of set-top boxes (DS375)
• EC – Customs Classification of Frozen Boneless Chicken Cuts (DS269)

WTO Agreement on TFA

• TF Negotiations
• Structure and provisions of TFA
• Current International Developments
• India’s Preparedness

Role of Customs in Implementing TFA Audit & Accountancy :

• Financial Accounting - Basics
• Introduction to Financial Accounting, Accounting Principles, Concepts and Conventions, Double entry systems of book keeping, Accounting terms & Accounting Equations. Classification of Accounts - Personal Account, Real Account, Nominal Account, Capital and Revenue, Expenditure.
• Journal – Steps for journalisation, Rules of Debit/ Credit; Practical exercises
• Subsidiary Books, Cash Book, Sales Book, Purchase Book, Sales Returns Book, Purchase Return Book, Bills Receivable/Payable Books. Ledger
• Format of Ledger, Arrangement of Accounting in Ledger, Sub Division of Ledger, Steps in posting, Balancing of Account, Study of Debit notes, Credit notes; Practical exercises
• Trial Balance – Concepts, Preparation of Trail Balance, Suspense Account; Accounting treatment of CENVAT credit on inputs services and capital goods; Payment of duty demand through CENVAT credit; CENVAT duty on finished goods, removal of inputs/capital goods and its treatment
• Profit & Loss Account; Adjustment of Entries , Other Income, Depreciation, Treatment of Losses, Preparation of Trading/Manufacturing P&L Account
• Balance sheet – Assets & Liabilities, preparation of Balance Sheet - Statutory Auditor’s Report - Internal Auditor Report
• Audit by Comptroller and Auditor General Income Tax Audit/Form3CD.
• Sales Tax/VAT Audit - Cost Audit Report - Companies( Auditor’s Report )
• INTRODUCTION TO COST ACCOUNTING. VARIOUS COSTS. IMPORTANCE OF CAS 4. PREPARATION OF CAS4; Practical exercises
• Analysis of Balance Sheet- Practical reading of Balance Sheet of Large Corporate Companies with a purpose to scrutinize compliance to Tax Laws
• Study of Financial Records from Audit Perspective - Trial Balance, Debit Note, Credit Note, P&L Account, Balance Sheet, Notes to Account, Auditors Report & Directors Report
• Departmental- Audit - Provisions, Procedures and Audit Tools
• Introduction to Microsoft Excel, Basic Functionalities of Excel
• Using Functions
• Getting External Data
• Analyzing data and Exporting in various formats
• Introduction to Tally - Familiarizing Tally ERP 9
• Master Creation - Transactions Entry - Tax Accounting – Vouchers
• Returns, Annexures, Registers, Balance Sheet, Profit & Loss Account
• Data Export, exception Reports - Journal Entries, Debit Notes / Credit Notes, BS / P&L , registers, Stock summary, Receipt and Payment Vouchers
• Miscellaneous - searching / Opening Data, Backup / Restore , Password policy , Data Migration
• CAAP INTRODUCTION
• AUDIT MODALITIES CONCEPTS OF BUSINESS SYSTEM FILE STRUCTURES
• MANAGEMENT FIELD TYPES IMPORT IDEA - DBASE -EXCEL STANDARD FORMATS -PRINT REPORT - SINGLE LINE EQUATION EDITOR
• CAA PARAMETERS AND DATA TRANSFER - PERFORM CAATS - FEASIBILITY STUDY - SORTING & INDEXING
• SUMMARISATION , JOINING & APPENDING OF DATABASES
• EXPORTING, GAP DETECTION & DUPLICATE KEY DETECTION
• POST TRANSFER CARE, BACK UP OF DATA, FILE DOCUMENTATION
• SAP ERP-Financials
• Legal provisions governing Audit – under Customs, Central Excise, Service Tax & GST including Rules thereof; Overview of Audit Procedure; Risk Parameters/ National/Local Risk Parameters - Score based selection of units for Audit.
• GST returns ( with special emphasis on GSTR 9) and its implication in Audit
• Audit in Central Excise and Service Tax ( Including EOU) - Steps involved; Desk Review, Interview of key personnel, Tour of the Factory Premises, Review of Internal Control, Walk through.
• Preparation of Audit plan, Verification, Working Papers Preparation of Draft Audit Report; Monitoring Committee Meetings, Final Audit Report, Audit Follow up, Quality Assurance
• On Site Post Clearance Audit in Customs and Post Clearance Audit in Customs – OSPCA and PCA Regulations/Guidelines; Important Areas to be covered – Classification/ Valuation/ Exemption/ Country of Origin etc.