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DRIVE-
SPRING 2014
PROGRAM-
MBADS (SEM 3/SEM 5) MBAFLEX/ MBAN2 (SEM 3)
SUBJECT
CODE & NAME- MF0013 & INTERNAL AUDIT AND CONTROL
Q1.
General audits are classified into independent audit, internal audit and
government audit. Give a brief introduction of general audit. Explain all the
three types of audit covering all the important things under each audit.
(Introduction of General audit, Explanation of independent audit, Explanation
of internal audit, Explanation of Government audit) 1, 3, 3, 3
Answer:
General and Specific Audit
An audit may be
general or specific. A general audit covers all areas of management and is
company-focussed. A specific audit on the other hand covers one or more
specific areas of management. Examples of specific audit are cost audit and tax
audit.
A general audit is
usually done on a routine, predetermined schedule. But specific audits are
need-based and may occur at any time, except for statutory audits of a specific
nature, like cost audits, secretarial
Q2.
Internal Audit and External Audit – There are similarities and dissimilarities
between internal and external audit. Explain the points that come under
similarity
Explain the points that come under
dissimilarity
(Explanation
of similarity, Explanation of dissimilarity) 2, 8
Answer: Internal Audit and
External Audit
There are similarities
as well as dissimilarities between internal and external audit. In this section
we make a comparison between the two, and also study how the two audits can
complement each other for the overall good of the company.
Q3.
Explain the qualities of internal audit personnel. (Explanation of qualities of
an internal audit personnel) 10
Answer: The qualities of
internal audit personnel can be summarised as follows:
1. They should possess
required qualifications, training, experience and competence.
Q4.
Planning is the key to an effective and efficient audit.
Explain
the importance of Internal Audit Planning and factors to be considered in
Internal Audit Planning. (Explanation of importance of internal audit planning,
Explanation on factors to be considered in internal audit planning) 3, 7
Answer:
Importance of Internal Audit Planning
Planning the internal
audit programme is the key to effective and efficient internal audit.
Effectiveness means attainment of the internal audit objectives and efficiency
means conduct of the audit with the
Q5.
Internal check is an arrangement of staff duties whereby no one person is
allowed to carry through and record every aspects of a transaction. Write down
the objectives of internal check with an example. Explain the advantages of
internal check. (Objectives of internal check with example, Advantages of
internal check) 7, 3
Answer:
Objectives of Internal Check
Internal check is a
preset system of carrying out and recording of transactions in such a way that
error and frauds are prevented or get exposed if committed. Generally, the
system of internal check has the following objectives:
Q6.
Write short notes on :
a)
Accounting system and internal control
b)
Review and preliminary evaluation of internal control
c)
Compliance procedures of internal control
(Explanation
of accounting system and internal control, Explanation of review and
preliminary evaluation, Explanation of procedures of internal control) 3, 4, 3
Answer:
Accounting system and
internal control
The series of tasks in
an entity by which transactions are processed as a means of maintaining
financial records may be said to be an accounting system. Such a system should
recognise, calculate, classify, post, analyse, summarise and report
transactions.
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