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MF0013 & INTERNAL AUDIT & CONTROL

ASSIGNMENT

DRIVE: SUMMER 2014

PROGRAM: MBADS (SEM 3/SEM 5)

MBAFLEX/ MBA (SEM 3): PGDFMN (SEM 1)

SUBJECT CODE & NAME: MF0013 & INTERNAL AUDIT & CONTROL

BK ID: B1733

CREDIT: 4 MARKS 60

 

Q.No Criteria Marks Total Marks

 

1.Define and explain the term auditing. “Personal qualities of an auditor are important for the successful conduct of audit”. Comment

A

Definition of auditing

Explanation of auditing

Qualities of an auditor

 

2.Write the key objectives of a good internal audit system. Narrate the points of dissimilarities between external audit and internal audit.

A

Key objectives of a good internal audit system

Dissimilarities between external audit and internal audit.

 

3.Give the role of internal auditor in the Company’s Management. List down the duties of auditor Under Section 581ZG.

A

Role of internal auditor in the company’s management

Duties of auditor u/s 581ZG

 

4.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.

A

Characteristics of an effective internal control system

Elements of internal control

 

5.Describe general EDP controls. Explain the appraisal of accounting system and related internal control.

A

General EDP controls

Appraisal of accounting system and related internal control.

 

6.Explain the internal control systems in insurance companies. Write down about the reporting internal control weaknesses.

A

Internal control systems in insurance companies

Reporting internal control weaknesses

 

*A-Answer

Note —Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

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