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DRIVE: SPRING 2016
PROGRAM:
MBA
SEMESTER:
3
SUBJECT
CODE & NAME: MF0013 & INTERNAL AUDIT AND CONTROL
BK
ID: B1733
CREDITS:
4
MARKS:
60
Q.1:
Distinguish between Government audit and Specific audit. Explain types of
Government and Specific Audit?
Distinguish
between Government audit and Specific audit. (5 Marks)
Explain
types of Government and Specific Audit? (5 Marks)
Ans:
Distinguish
between Government audit and Specific audit:
Government
audit is yet another variety of general audit. Government
audit is a particular variety of external audit done by the CAG, concerned
exclusively with government activity.
A specific audit is one which is limited in its scope in terms of
coverage of areas, events or period. Generally, the objectives of specific
audit are
Q.2:
Write the similarity and dissimilarity of Internal and External Audit? Explain
the Co- operation between external and internal auditor.
Similarity
and Dissimilarity of Internal and External Audit (5 Marks)
Co-operation
between external and internal Auditor (5 Marks)
Ans:
Similarity
and Dissimilarity of Internal and External Audit:
Similarity
1. Evaluation of the
internal control systems of the
entity.
2. Correctness of
accounting documentation, bookkeeping and financial reporting.
3. Verification of
assets.
There is a similarity
in the
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 (10 Marks)
Ans:
Explanation
of all the 12 points under audit firm:
1.
The audit firm should ensure that all audits comply with auditing standards, and
accordingly the firm has to design and implement quality control policies and
procedures.
2.
The quality control policies to be adopted by an audit firm will usually
include the following:
(a)
Professional requirements: The firm’s personnel have to follow the principles
of independence, objectivity, confidentiality, integrity and professional
behaviour.
(b) Skills
and
Q.4: Explain the basic principles of governing
internal control
Basic
principles of governing internal control (10 Marks)
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.
3.
Accounting entries
Q.5:
Discuss the specific problems of Electronic Data Processing (EDP) relating to
internal control.
Explanation
of all problems of EDP (10 Marks)
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 organisation.
Q.6:
Explain the factors for having the effective internal control system for a
bank.
Explanation
of various aspects of having the effective internal control system (10 Marks)
Ans:
Basic considerations
for an effective internal control system for cash and bank transactions are:
1.
Independent handling of receipt and opening of mail and preparation of
statement of receipts of money orders and cheques from the mail.
2.
Advise to customers and other
Get fully solved assignment. Buy online from website
online store
or
plz drop a mail with your sub code
we will revert you within 2-3 hour or immediate
Charges rs
125/subject and rs 700/semester only.
if
urgent then call us on 08791490301, 08273413412
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