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MF0013 —Internal Audit and Control-

Master of Business Administration- MBA Semester 3
MF0013 —Internal Audit and Control- 4 Credits
(Book ID: B1733)
(60 Marks)
Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60
Q1. Discuss in brief the advantages and limitations of auditing. (5+5)
Answer : Advantages of Auditing
SA 200: ‘Basic Principles Governing an Audit’ issued by the Institute of Chartered Accountants of India suggests that the auditor should plan his work to enable him to conduct an effective audit in an efficient and timely manner. Among other things, the plan should cover a detail audit programmed of nature, timing and extent of audit
Q2. Discuss the scope and objectives of internal audit. (5+5)
1. Internal audit is an independent appraisal function established by the management of an organisation for the review of the internal control system as a service to the organisation. It objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economic and effective
Q3. Explain the role of internal auditor as an integral part of management.
Answer : Role of Internal Audit
What do Internal Auditors do?
The internal auditor is often described as the organisations’ critical friend — the independent advisor who can challenge current practice, champion best practice and be a catalyst for improvement, with the objective of ensuring  that the organisation as a  whole can achieve its strategic objectives.
Q4. Explain the steps in internal audit planning.
Answer : The internal audit process
Most audits follow a fairly well-established pattern that consists of:
·         Planning
·         Fieldwork
·         Reporting
·         Follow-up
The step-by-step guide provided below identifies the stages of an audit and highlights the areas in which staff should become involved in
Q5.Explain internal control system in banks.
Answer : Internal control system for banks
Internal control structure of any organization depends upon the size, complexity and risk profile of its operation. However, the basic principles underlying any internal control process is same that is it is efficient and effective and helps in
Q6. Explain Computer Assisted Audit Techniques (CAATs).
Answer : Computer Assisted Audit Techniques (CAATS) or Computer Aided Audit Tools or Computer Assisted Audit Tools and Techniques (also sometimes referred to as CAATTs) are becoming more popular throughout our profession. Now more than ever before, these tools are being used throughout the industry to assist internal auditors in their search for irregularities in data files, to help internal accounting departments with

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