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DRIVE Fall 2014
PROGRAM/SEMESTER
MBADS (SEM 3/SEM 5)
MBAFLEX/ MBAN2
(SEM 3)
PGDFMN (SEM 1)
SUBJECT CODE &
NAME
MF0013 &
INTERNAL AUDIT AND
CONTROL
Q.1:
Distinguish between secretarial audit and cost audit. Write the advantages and
Difference
between secretarial audit and cost audit
Advantages
and disadvantages of continuous and periodical audit
ANS:
Difference
between secretarial audit and cost audit:
|
secretarial audit
|
cost audit
|
|
1.Secretarial audit is audit of
company secretarial and administration matters, whereas cost audit is concerned
with verification of cost accounts, records and reports.
|
1.cost audit means ‘the
detailed checking of the costing system, techniques and accounts to verify
their correctness and to ensure adherence to the objective of cost
accounting.’
|
Q.2:
Write the
characteristics of internal check system. Explain the essentials of effective internal
auditing.
Characteristics
of internal check system
Essentials
of effective internal auditing
ANS:
Characteristics
of internal check system:
The characteristics of a good internal
check system are:
1. Proper segregation of duties.
2. Automatic checking of a job.
3. Multiple recording of the same
transaction.
4. Rotation of jobs.
Q.3:
The audit
firm follows certain policies and procedures. Explain the quality control policies
adopted by an audit firm.
Explanation
of all the 12 points under audit firm
ANS:
The firm’s system of quality
control should include policies and procedures addressing each of the following
elements:
(a) Leadership responsibilities for quality within the firm.
(b) Ethical requirements.
Q.4:
Explain the
basic principles of governing internal control
Basic
principles of governing internal control
ANS:
Basic
principles of governing internal control:
The basic principles governing
internal control are as follows:
1. A proper system, preferably in
writing, must be implemented so that origination, recording and accounting of
business transactions take place in a standardised way.
2. The authority and
responsibility of every official should be fixed.
Q.5:
Discuss the
specific problems of Electronic Data Processing (EDP) relating to internal control.
Explanation
of all problems of EDP
ANS:
Explanation
of all problems of EDP:
The implementation of internal
control in an EDP system, give rise to the following problems:
(a) Separation of duties:The responsibility for initiating
transactions, recording transactions and custody of assets, lies with separate individuals
in a manual system. This is a basic control necessity for any
(b)
Q.6:
Explain the
factors for having the effective internal control system for a bank. Explanation
of various aspects of having the effective internalcontrol system.
ANS:
Explanation
of various aspects of having the effective internal control system:
An effectiveinternal control
system for a bank should consider the following aspects:
1. Control environment: Control environment is the
foundation of an internal control system. It includes and reflects the factors
that influence the control consciousness of its people. As per Auditing and
Assurance Standard 6 issued by ICAI (AAS6), control environment is the overall attitude,
awareness and actions of directors and management about the internal control
system and its importance in the entity.
Get fully solved assignment, plz drop a mail with your sub code
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Charges rs
125/subject and rs 700/semester only.
if urgent then call us
on 08791490301, 08273413412
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