Sunday, 25 June 2017

mf0013 smu mba spring 2017 (jul/aug 2017 exam) IIIrd sem assignment

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ASSIGNMENT DRIVE SPRING 2017
PROGRAM Master of Business Administration - MBA
SEMESTER III
SUBJECT CODE & NAME MF0013 Internal Audit and Control
BK ID B1733 CREDITS & MARKS 4, 60


Q1 What do you mean by Financial Audit? What are the advantages of Financial Audit?
·         Define and Explain Financial Audit  
·         Explain the various advantages of Financial Audit  4+6 =10
Answer:-
Definition and Explanation of Financial Audit:-  
Financial Audit is a specialized discipline with its own principles, standards, postulates, procedures and techniques.
The International Auditing Practices Committee defines auditing as “the independent examination of financial information of any entity, whether profit-oriented or not and irrespective of its size, or legal form, when such an examination is conducted with

Q2 Write short notes on Key Objectives of Internal Audit System and Essentials for effective Internal Audit
·         Objectives of Internal Audit System 
·         Essentials for effective Internal Audit  5+5=10
Answer:-
The key objectives of a good internal audit system are:
1. Evaluation of accounting controls: Ensuring that the checks and balances in the accounting processes are effective and provide the required accounting controls.
2. Compliance with policies and

Q3 What are the factors that are to be considered in Internal Audit Planning?
·         Explain the factors that are to be considered in Internal Planning Audit 10
Answer:-
Factors to be considered in internal audit planning
1. Audit objectives: The detailed audit plan largely depends upon the specific objectives to be achieved by the audit. Normally, internal audit has the following objectives:
a) Examination of the correctness of the financial and accounting records and reports.
b) Making sure that the financial accounting, reporting and disclosure are in line with the applicable generally accepted accounting

Q4 What are the basic principles that are governing internal audit?
·         Explain the principles that are governing internal audit  10
Answer:-
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

Q5 What is Audit Risk? What are the various important elements that an insurance company should ensure for effective internal control system?
·         Elaborate Audit Risk
·         Explain the various important elements that an insurance company should ensure for effective internal control system  3+7=10
Answer:-
Audit Risk:-
Audit risk is the conditional probability that the auditor does not detect a material misstatement in the financial statements, given that one exists. It comprises three kinds of risks: control risk, inherent risk and detection risk.
Control risk is the risk that material

f a good internal audit report
·         Explain the various features of a good internal audit report   10
Answer:-
The important features of a good internal audit report are:
1. Objectivity: To maintain the credibility of internal audit function the comments and opinions expressed in the report should be objective and unbiased.
2. Clarity: The language used should be simple and straightforward. The use of technical terms and jargon should be minimal. Each draft of the

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