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Internal Audit

This document outlines an assignment for an internal audit and control course, providing details of the subject code, credit hours, and grading criteria. It includes 6 questions assessing students' understanding of key concepts like the definition of auditing, objectives of internal audits, roles of internal auditors, elements of an effective internal control system, EDP controls, and internal controls in insurance companies. Students are instructed to answer all questions, with 10-mark questions requiring around 400 words in the response.

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Kavish Babla
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41 views2 pages

Internal Audit

This document outlines an assignment for an internal audit and control course, providing details of the subject code, credit hours, and grading criteria. It includes 6 questions assessing students' understanding of key concepts like the definition of auditing, objectives of internal audits, roles of internal auditors, elements of an effective internal control system, EDP controls, and internal controls in insurance companies. Students are instructed to answer all questions, with 10-mark questions requiring around 400 words in the response.

Uploaded by

Kavish Babla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ASSIGNMENT

DRIVE
PROGRAM

Fall 2015

SUBJECT CODE &


NAME
BK ID
CREDIT
MARKS

MF0013 & INTERNAL AUDIT & CONTROL

MBADS (SEM 3/SEM 5)


MBAFLEX/ MBA (SEM 3)
PGDFMN (SEM 1)
B1733
4
60

Marks
Total Marks
Criteria
Q.No
Define and explain the term auditing. Personal qualities of an auditor are important for the
1
successful conduct of audit. Comment

A
Definition of auditing
Explanation of auditing
Qualities of an auditor
2
A

3
A

2
3
5

10

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
Dissimilarities between external audit and internal
5
10
audit.
Give the role of internal auditor in the Companys Management. List down the duties of auditor
Under Section 581ZG.
Role of internal auditor in the companys
management
7
10
Duties of auditor u/s 581ZG
3
The effectiveness of the internal control system can be ensured if the important aspects of the
companys 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
system
4
10
Elements of internal control
6

5
A

6
A

Describe general EDP controls. Explain the appraisal of accounting system and related internal
control.
General EDP controls
4
Appraisal of accounting system and related internal
10
control.
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

*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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