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SEM 3 FINANCE Summer 2015
MF0013 & INTERNAL AUDIT & CONTROL
Q1. Define and explain the term
auditing. “Personal qualities of an auditor are important for the successful
conduct of audit”. Comment (Definition of auditing, Explanation of auditing,
Qualities of an auditor) 2, 3, 2
Answer:
Definition of
auditing
“Auditing
in its modern concept, is a scientific and systematic examination of books,
vouchers and other financial and legal records in order to verify and report
upon the facts regarding the financial condition disclosed by the balance sheet
and the net income revealed by the profit and loss account.”In the
abovementioned definitions, the focus is on the examination of the financial
records and
Q2. Write the key objectives of a good
internal audit system. Narrate the points of dissimilarities between external
audit and internal audit. (Key objectives of a good
internal audit system, Dissimilarities between external audit and internal
audit) 5, 5
Answer:
Key objectives
of a good internal audit system
Briefly,
the objectives of internal audit may be described as follows:
1. Evaluation of business control system: Internal
audit is
Q3. Give the role of internal
auditor in the Company’s Management. List down the duties of auditor Under
Section 581ZG. (Role of internal auditor in the company’s management, Duties of
auditor u/s 581ZG) 7, 3
Answer:
Role
of Internal Auditor as a Part of Management
Management
is an art and science of conducting the affairs of
Q4. The effectiveness of the internal control
system can be ensured if the important aspects of the company’s operations are
kept in mind.
Explain the characteristics of an effective
internal control system. Write the elements of internal control. (Characteristics
of an effective internal control system, Elements of internal control) 4, 6
Answer:
Answer:
Characteristics
of Effective Internal Control System
Internal
control is the whole system of controls, financial or
Q5. Describe general EDP
controls. Explain the appraisal of accounting system and related internal
control. (General EDP controls, Appraisal of accounting system and related
internal control.) 4, 6
Answer:
General
Electronic Data Process Control
a)
Organizational and operational
controls
·
relate to plan of the
organization and operation of EDP activities;
·
emphasis on segregation of EDP
department from source
Q6. Explain the internal control systems in
insurance companies. Write down about the reporting internal control
weaknesses. (Internal control systems in insurance companies, Reporting
internal control weaknesses) 5, 5
Answer:
Internal
control system in insurance
Insurance
companies paid special attention to the internal
Get fully solved assignment. Buy online from website
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