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SEM 3 FINANCE Summer 2016
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
An
audit is an IRS examination of an individual or corporation's tax return, to
verify its accuracy. There are three types of audits: correspondence audits
(the IRS mails a request for additional information), office audits (an
interview is conducted at a local IRS office), and field audits (an interview
is
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 concerned with ensuring effective and
efficient system of accounting control, standard cost control, budgetary
control and other functional control.
2.
Compliance with standard policies
and procedures: Reporting to management about the
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 an organization in such a
manner that its goals and objectives are achieved through optimum utilization
of available resources. For optimum utilization of available resources,
management should quantify its objectives through budget and targets. The role
of internal auditors should be to constantly review and monitor the policies,
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:
Characteristics
of Effective Internal Control System
Internal
control is the whole system of controls, financial or otherwise, established by
the management in order to carry on the business of the enterprise in an
orderly manner, safeguard its assets and secure as far as possible the accuracy
and reliability of its records. Now question arises, whether internal control
system is her effective or ineffective, how you will determine it. Obviously,
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 and user departments; and
·
Also lays importance on
segregation of functions within the EDP department.
b)
System
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 control procedures with regard
to receipts and payments of cash and cherubs, acceptance of risks, calculation
of premiums, making of loans, buying and selling of investments, payment of
commission to agents, and to control over expenses
Get fully solved assignment. Buy online from website
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700/sem
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