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