ICWA INTERMEDIATE LAW AND ETHICS
SECTION A: LAWS (INDUSTRIAL AND ECONOMIC LAWS) [60 MARKS]
1. Laws of Contracts
Essential elements of a contract, offer and acceptance
Void and voidable agreements
Consideration
Legality of object
Multinational agreement
e-contracts
Strategies and constraints to enforce contractual obligations
Quasi-contracts, contingent contracts, termination or discharge of contracts
Special contracts : Indemnity and Guarantee; Bailment and Pledge; Laws of Agency
2. Laws relating to Sale of Goods
Definition
Transfer of ownership
Performance of the contract of sale
3. Laws relating to Employees: (object, scope and applicability of the following Acts):
Factories Act,1948
Industrial Disputes Act,1947
Workmen’s Compensation Act,1923
Payment of Wages Act, 1936 and Minimum Wages Act,1948
Payment of Bonus Act, 1965 and Payment of Gratuity Act, 1972
Employees State Insurance (E.S.I)Act, 1950
Provident Fund (P.F.) Act, 1952
The Child Employee (Prohibition and Regulation) Act, 1986
4. Negotiable Instruments Act, 1881
Definition, Acceptance and negotiation
Rights and liabilities of Parties
Dishonour of a Negotiable Instrument, Hundis
Bankers and Customers
5. Laws related to Partnership:
Indian Partnership Act,1932
Limited Liability Partnership Act, 2008
6. Prevention of Money Laundering Act ,2011
Historical background
Prevention of Money Laundering Act, 2011
Concepts, definitions, various transactions, etc
Obligations of Banks and Financial Institutions
RBI Guidelines on KYC ( Know Your Customer)
SECTION B: CORPORATE LAWS AND GOVERNANCE [20 MARKS]
7. Essentials of Corporate Laws
Company – types, formation and related procedures
Director- roles, responsibilities, qualification, disqualification,
appointment/re-appointment,
Cost Accountant – Appointment, Role and Responsibilities
8. Right to Information Act, 2005
Salient features, objective
Public authorities and their obligations
Designations of Public Information Officers (PIO) and their duties
Request for obtaining information
9. Governance
Basic understanding of Corporate Governance
Corporate governance practices
SECTION C : ETHICS [20 MARKS]
10. Ethics and Business
Evolution of Business Ethics (with reference to IFAC on Ethics – IEG-8)
Ethics – meaning, importance, nature and relevance to business, v
The “Seven Principles of Public Life” – selflessness, integrity, objectivity,
11.Ethical Conflict
The relationship between ethics and law, difference between ethical codes and
contracts
Unethical behavior – consequences, Conflicts of interest – causes and remedies.
Ethics of Management Accountant Professionals