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ASSIGNMENT DRIVE Summer 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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