Integrated Professional Competence Course is the second level of CA examination.After Clearing the CPT test student have to give ipcc exam. This exam is divided into two groups or sections. Both these groups are can be studied separately or combined.
It covers Accounting Standards, Accounting Standards Interpretations, Applications of IFRS (International Financial Reporting Standards) and US GAAP, Corporate Financial Reporting, Accounting for Corporate Restructuring, Consolidated Financial Statements of Group Companies, Accounting and Reporting of Financial Instruments, Share based payments, Financial Reporting by Mutual funds, Non-banking finance companies, Merchant bankers, Stock and commodity market intermediaries and Valuation.
It gives knowledge of current auditing practices and procedures including Auditing Standards, Statements, Audit strategy, planning and programming, Risk Assessment and Internal Control, Audit under computerized information system (CIS) environment, Special audit techniques, Audit of limited companies and Professional Ethics.
This paper has been divided in two parts: Section A: Company Law (70 Marks) Covers the entire provisions and Rules & Regulations of The Companies Act 1956 comprising topics like Accounts and audit, Dividend, Directors – powers, managerial remuneration, Meetings, powers of the Board and related party transactions, Inspection and Investigation, Compromises, Arrangements and Reconstructions, Prevention of Oppression and Mismanagement, Revival and Rehabilitation of Sick Industrial Companies, Corporate Winding up and Dissolution, Producer Companies, Companies incorporated outside India, Offences and Penalties, E-governance and Corporate Secretarial Practice Drafting of Resolution, Minutes, Notices and Reports. Section B: Allied Laws (30 Marks) It has The Securities and Exchange Board of India Act,1992, The Securities Contracts (Regulation) Act, 1956, The Foreign Exchange Management Act, 1999, The Competition Act, 2002, The Banking Regulation Act, 1949, The Prevention of Money Laundering Act, 2002.
It gives an insight of various management accounting techniques for planning, decision making and controlling. It comprises of Cost Management, Cost Volume Profit Analysis, Pricing Decisions, Budgets and Budgetary Control, Standard Costing and Variance Analysis, Transfer pricing.
It relates to the laws and standards in computerized Information system and includes Information Systems Concepts, Systems Development Life Cycle Methodology, Control objectives, Audit Tests of General and Automated Controls, Risk assessment methodologies and applications, Business Continuity Planning and Disaster recovery planning.
This paper has been divided in two parts:
1. The Income-tax Act, 1961 and Rules there under(90 Marks)
2. The Wealth-tax Act, 1957 and Rules there under(10 Marks) It contains complete provisions of Direct Tax Laws used in practical application.
This paper has been divided in three parts: 1. Central Excise (40 Marks) It covers Rules, Circulars and Notifications related to Central Excise Act, 1944 and Central Excise Tariff Act, 1985 2. Service tax & VAT (40 Marks) It covers complete set of Rules, Circulars and Notifications related to service tax as contained in the Finance Act, 1994 and Value Added Tax. 3. Customs (20 Marks) It covers Rules, Circulars and Notifications related to Customs Act, 1962 and Customs Tariff Act, 1975