MF0013 Internal Audit Control
SUMMER-2015
Get solved assignments at nominal price of Rs.120 each.
Mail us at: subjects4u@gmail.com or contact at
09882243490
Master of Business Administration- MBA Semester 3
MF0013–Internal Audit & Control-4 Credits
(Book ID: 1733)
Assignment (60 Marks)
Note: Answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. Describe & explain the term auditing. “Personal qualities of an auditor are important for the successful conduct of audit”. Comment
Answer. Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any auditing the auditor perceives and recognizes the propositions before him for examination, collects evidence,
Q2. Write the key objectives of a good internal audit system. Narrate the points of dissimilarities b/w external & internal audit.
Answer. Five key objectives for in-demand internal auditors:
1. Looking forward. One part of internal audit’s job is to test past transactions to discover problems and control issues. As said it’s important also to look forward, anticipate risks, and help navigate the potentially choppy waters on the horizon.
The CAE can structure audit
Q3. Give the role of internal auditor in the company management. List down the duties of auditor under section 581ZG.
Answer. Major roles and responsibilities of internal audit function are:
Evaluates and provides reasonable assurance that risk management, control, and governance systems are functioning as intended and will enable the organization’s objectives and goals to be met reports risk management issues and internal controls deficiencies identified directly to the audit
Q4. 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
Get solved assignments at nominal price of Rs.120 each.
Mail us at: subjects4u@gmail.com or contact at
09882243490
Master of Business Administration- MBA Semester 3
MF0013–Internal Audit & Control-4 Credits
(Book ID: 1733)
Assignment (60 Marks)
Note: Answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. Describe & explain the term auditing. “Personal qualities of an auditor are important for the successful conduct of audit”. Comment
Answer. Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any auditing the auditor perceives and recognizes the propositions before him for examination, collects evidence,
Q2. Write the key objectives of a good internal audit system. Narrate the points of dissimilarities b/w external & internal audit.
Answer. Five key objectives for in-demand internal auditors:
1. Looking forward. One part of internal audit’s job is to test past transactions to discover problems and control issues. As said it’s important also to look forward, anticipate risks, and help navigate the potentially choppy waters on the horizon.
The CAE can structure audit
Q3. Give the role of internal auditor in the company management. List down the duties of auditor under section 581ZG.
Answer. Major roles and responsibilities of internal audit function are:
Evaluates and provides reasonable assurance that risk management, control, and governance systems are functioning as intended and will enable the organization’s objectives and goals to be met reports risk management issues and internal controls deficiencies identified directly to the audit
Q4. 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