MF0013 & INTERNAL AUDIT & CONTROL – Summer 2015
ASSIGNMENT
| DRIVE | SUMMER 2015 |
| 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 |
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| 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 | ||
|
Definition of auditing |
2 |
10 |
|
| Explanation of auditing | 3 | ||
| Qualities of an auditor | 5 | ||
| 2 | Write the key objectives of a good internal audit system. Narrate the points of dissimilarities between external audit and internal audit. | ||
| Key objectives of a good internal audit system | 5 |
10 |
|
| Dissimilarities between external audit and internal | 5 | ||
| audit. | |||
| 3 | Give the role of internal auditor in the Company’s Management. List down the duties of auditor Under Section 581ZG. | ||
| Role of internal auditor in the company’s |
7 |
10 |
|
| management | |||
| Duties of auditor u/s 581ZG | 3 | ||
| 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. |
||
| Characteristics of an effective internal control |
4 |
10 |
|
| system | |||
| Elements of internal control | 6 | ||
| 5 | Describe general EDP controls. Explain the appraisal of accounting system and related internal control. | ||
| General EDP controls | 4 |
10 |
|
| Appraisal of accounting system and related internal | |||
| control. | 6 | ||
| 6 | Explain the internal control systems in insurance companies. Write down about the reporting internal control weaknesses. | ||
| Internal control systems in insurance companies | 5 | 10 | |
| Reporting internal control weaknesses | 5 | ||
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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