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DRIVE:
Winter 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. (3 Marks)
Explain
types of Government and Specific Audit? (7 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
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 approach and methods also. Sampling, test checking, application of
statistical tools and
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
Q.4: List and explain the elements of Internal
Control. Explain the basic principles of governing internal control
Explanation
of Elements of Internal Control (5 Marks)
Basic
principles of governing internal control (5 Marks)
Ans:
Elements
of Internal Control:
Internal control systems operate at different levels of effectiveness. Determining whether a particular internal control system is effective is a judgement resulting from an assessment of whether the five components –
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.
However, in
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
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