ACCOUNTANCY and AUDITING CSS SYLLABUS (200 MARKS)
Here is a complete CSS syllabus for ACCOUNTANCY and AUDITING CSS Syllabus for subjects is of 2 papers each containing 100 marks.
Paper-I (MARKS-100)
(A) Financial Accounting (50 Marks)
I. Fundamental Accounting Principles, Concepts, Assumptions and Conventions
- Nature and Scope of Accounting
- Accrual/Matching Concept
- Consistency of Presentation and Comparability
- True and Fair View
- Neutrality
- Materiality
- Prudence
- Completeness
- Understandability and Usefulness
- Going Concern
- Substance over Form
II. Accounting Cycle / Process and Financial Statements
- Transactions and/or Events
- General Journal
- General Ledger
- Trial Balance (Unadjusted)
- Adjusting Entries
- Adjusted Trial Balance
- Work Sheet
- Financial Statements including:
- Income Statement
- Statement of Financial Position (Balance Sheet)
- Statement of Cash Flows
- Statement of Changes in Equity
- Financial Reporting Framework as specified by:
- International Accounting Standards Board (IASB) through IFRSs/IASs
- Securities and Exchange Commission of Pakistan through Companies Ordinance 1984
- Closing Entries
- Reversing Entries
III. Attributes and Significance of Accounting Information
- Attributes of Accounting Information
- Information / Reporting Requirements of Users / Stakeholders of Financial Statements
- External Stakeholders
- Investors / Shareholders
- Creditors
- Suppliers
- Lenders / Financiers
- Government Agencies
- Internal Stakeholders
- Board of Directors
- Partners
- Managers
- Employees
- External Stakeholders
IV. Accounting for Common Legal Forms of a Business
- Accounting Principles and Financial Statements of:
- Sole-proprietorships
- Partnerships
- Joint Stock Companies
- Banking Companies
- (Excluding Advanced Topics like Amalgamation, Capital Reduction, Consolidation etc.)
V. Accounting for Associations Not-for-Profit and for Public Sector
- Accounting Principles and Financial Statements of:
- Associations Not-for-profit
- Public Sector Entities
- Standardized Financial Reporting Framework:
- International Public Sector Accounting Standards (IPSAS) Board
- Practices being followed in the country
VI. Accounting for Non-current Tangible Assets
- Fundamental Concepts and Principles concerning Non-current Assets:
- Cost
- Depreciable Amount
- Depreciation
- Fair Value
- Property, Plant and Equipment
- Residual Value
- Useful Life
- Depreciation Methods and their Application:
- Straight-line Method
- Reducing Balance Method
- Number of Units Produced
- Basic know-how of other commonly used methods
VII. Fundamental and Technical Analysis of Various Forms of Organizations
- Financial Statements Analysis
- Horizontal Analysis (Measuring Change)
- Vertical Analysis (Ratio Analysis)
- Liquidity Ratios
- Activity Ratios
- Debt Ratios
- Profitability Ratios
- Market Ratios
- Technical Analysis
- Industry Analysis
(B) Cost and Managerial Accounting (50 Marks)
VIII. Fundamental Cost Accounting Principles and Concepts
- Nature and Scope of Cost and Managerial Accounting
- Cost Concepts
- Cost Elements
- Cost Classification
- Differences among Financial, Cost and Management Accounting
IX. Accounting for Material, Labour and Factory Overheads (FOH)
- Recognition and Valuation Principles for Material Inventory
- Methods to Control Material Inventory
- Calculation / Measurement and Accounting for Payroll
- Time Rate System
- Piece Rate System
- Group Incentive Schemes
- Factory Overhead Costs and FOH Rate
- Departmentalization of FOH Costs
- Allocation, Apportionment and Reapportionment
- Primary Distribution
- Secondary Distribution
- Methods for Secondary Distribution
- Repeated Apportionment / Distribution
- Algebraic Method
X. Costing for Specific Jobs and Process Costing
- Nature of a Specific Job
- Job-order Costing
- Process Flow
- Process Costing
- Cost of Production Report (CPR)
XI. Management Accounting for Planning, Decision-making and Control
- Budgeting and its Use
- Meaning and Nature of a Budget
- Production Budget
- Sales Budget
- Cash Budget
- Flexible Budgets
- Zero-based Budget
- Master Budget
- Break-even Analysis
- Marginal Costing
- Absorption Costing
- Relevant Cost
- Contribution Margin
- Variance Analysis
- Meaning and Use of Standards and Variances
- Material Variances
- Labour Variances
- FOH Variances
- Computation of Variances
Paper-II (MARKS-100)
(A) Auditing (40 Marks)
I. Fundamental Auditing Principles and Concepts
- Audit and Auditing
- True and Fair View
- Audit Assertions
- Reasonable Assurance
- Documentation and Audit Evidence
- Audit Program
- Audit Risks
- Computer Information Systems (EDP Systems)
- Computer-assisted Audit Techniques (CAAT)
- Inspection
- Fraud
- Going Concern
- Audit Materiality
- Misstatement
- Governance and Premise
- Tests of Control
- Substantive Procedures
II. Audit Considerations, Dimensions and Conduct
- Internal Control System
- Internal Audit
- Internal vs External Audit
- Responsibility for Financial Statements
- Audit Planning
- Scope of an Audit
- Objectives of an Audit
- Inherent Limitations of an Audit
- Risk Assessment and Management
- Internal Audit and Corporate Governance
- Classification of Audit
- Qualities of an Auditor
- Auditing in Computer Information Systems (EDP Systems)
- Computer-assisted Audit Techniques
- General Auditing Principles and Techniques
- Auditing of:
- Merchandizing entities
- Manufacturing entities
- Banking
- Insurance
- Investment entities
- Audit Performance
- Audit Completion
III. Role and Responsibilities of an Auditor
- Auditor’s Professional Rights
- Auditor’s Legal Rights
- Responsibilities and Duties
- Liabilities
- Auditor’s Opinion and Report
- Classification of Auditor’s Reports
- Companies Ordinance 1984
- Handbook of IFAC
(B) Business Taxation (30 Marks)
IV. Tax Structure and Fundamental Concepts – Income Tax in Pakistan
- Tax Structure in Pakistan
- Fundamental Definitions / Terminologies under Section 2 of Income Tax Ordinance 2001
V. Income Tax and Sales Tax Principles and Application
Income Tax
- Income for Tax Purposes
- Section 4
- Section 9
- Section 10
- Heads of Income
- Section 11
- Tax Payable on Taxable Income
- First Schedule
- Salary Income
- Sections 12–14
- Income from Property
- Sections 15–16
- Income from Business
- Sections 18–20
- Capital Gains
- Sections 37–38
- Income from Other Sources
- Sections 39, 40, 101(6), 111
- Tax Credits
- Sections 61–65
- Taxation of:
- Individuals
- AOPs
- Companies
- Sections 86, 92, 94
- Due Date for Payment of Tax
- Section 137
- Deduction of Tax at Source / With-holding Tax
- Sections 147, 149, 153, 155
- Income Tax Rules 2002
Sales Tax
- Scope of Tax – Section 3
- Exempt Supply – Section 2(11)
- Goods – Section 2(12)
- Input Tax – Section 2(14)
- Registered Person – Section 2(25)
- Supply – Section 2(33)
- Tax – Section 2(34)
- Retail Price and Retailer – Sections 2(27) & 2(28)
- Taxable Activity – Section 2(35)
- Taxable Supply – Section 2(41)
- Tax Fraction – Section 2(36)
- Tax Period – Section 2(43)
- Time of Supply – Section 2(44)
- Determination of Tax Liability – Section 7
(C) Business Studies and Finance (30 Marks)
VI. Business Studies
- Nature and Scope of a Business Entity
- Contemporary Challenges posed to a Business
- Legal Forms of a Business Entity
- Sole-proprietorship
- Partnership
- Joint Stock Company
- Features, Formation and Management
- Business Combinations and Scope
- Business Cycle and its Implications
- Role of Information Technology in Business
VII. Finance
- Meaning, Nature and Scope of Finance
- Financial Management
- Modes of Business Finance
- Short-term
- Medium-term
- Long-term
- Financial Markets and Institutions
- Features and Classification of Financial Markets
- Financial Management Techniques
- Time Value of Money
- Cost of Capital
- Capital Budgeting Techniques
FPSC RECOMMENDED BOOKS List for ACCOUNTANCY and AUDITING CSS SYLLABUS
Accounting Paper – I (100 Marks)
| S.No. | Title | Author |
|---|---|---|
| 1 | Financial Accounting and Intermediate Accounting | Kieso, Weygandt and Warfield |
| 2 | Fundamentals of Accounting Principles | Widd. Larson, Chiappetta |
| 3 | Accounting for Decision-making | Meigs, Williams and Haka |
| 4 | IFRS / IAS | ICAP / IFAC |
| 5 | Principles and Practice of Book Keeping and Accounts | Vickery, B.G |
| 6 | Financial Accounting | M. Hanif and A. Mukherjee |
| 7 | Principles of Accounting and Advanced Accounting | Sohail Afzal |
| 8 | Principles of Accounting and Advanced Accounting | M.A. Ghani and Ejaz |
| 9 | Cost Accounting – Planning and Control | Usry, Hammer, Matz |
| 10 | Managerial Accounting | Peter C. Brewer, Ray H. Garrison, Eric W. Noreen |
| 11 | Cost Accounting | Jain and Narang |
| 12 | Cost Accounting | Nisar ur Din |
Accounting Paper – II (100 Marks)
| S.No. | Title | Author |
|---|---|---|
| 13 | Auditing – Principles and Techniques | S. K. Basu |
| 14 | Auditing | Dicksee, L.R |
| 15 | Practical Auditing | Spicer and Pegler |
| 16 | Companies Ordinance 1984 | SECP |
| 17 | Auditing | S. K. Millichamp, ELBS |
| 18 | Handbook of International Quality Control, Auditing, Review and Other Assurance | ICAP / IFAC |
| 19 | Auditing | M. Irshad |
| 20 | Advanced Auditing | Prof. Dr. Khwaja Amjad Saeed |
| 21 | Income Tax Ordinance 2001 | FBR |
| 22 | Introduction to Taxation / Synopsis of Taxes Pakistan | Mirza Munawar Hussain |
| 23 | Law in Practice – Income and Sales Tax | Abdul Razzaq |
| 24 | Business Taxation | Ijaz Ali Waince |
| 25 | Principles of Managerial Finance | Lawrence J. Gitman |
| 26 | Fundamentals of Financial Management | Van Horne, Wachowicz Jr., Bhaduri |
| 27 | Basic Business Finance | Hunt, Williams and Donaldson |
| 28 | Business Studies | Hall, Jones and Raffo |
| 29 | Foundations of Financial Markets and Institutions | Fabozzi, Modigliani, Jones and Ferri |
| 30 | Contemporary Business | Kurtz and Boone |
| 31 | Principles and Practice of Commerce | Stephenson |
| 32 | Introduction to Business | M. Saeed Nasir |
FPSC Official ACCOUNTANCY and AUDITING CSS SYLLABUS
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