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This document provides information about getting assignment help from an online service. It lists an email address and phone numbers to contact for assistance on assignments. It charges Rs. 125 per subject or Rs. 700 per semester. The document then provides sample answers to 6 questions related to the subjects of finance and internal audit. It defines auditing and discusses the personal qualities of an auditor. It also outlines the key objectives of an internal audit system and differences between internal and external audits. Further answers cover characteristics of an effective internal control system, elements of internal controls, EDP controls, accounting systems, internal controls in insurance companies, and reporting internal control weaknesses.

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If Urgent Then Call Us On 08791490301, 08273413412

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SEM 3 FINANCE SUMMER 2014
MF0013 & INTERNAL AUDIT & CONTROL
Q1. Define and explain the term auditing. Personal qualities of an auditor are important for the successful
conduct of audit. Comment (Definition of auditing, Explanation of auditing, Qualities of an auditor) 2, 3, 2
Answer:
Definition of auditing
Auditing in its modern concept, is a scientific and systematic examination of books, vouchers and other financial and
legal records in order to verify and report upon the facts regarding the financial condition disclosed by the balance sheet
and the net income revealed by the profit and loss account. In the abovementioned definitions, the focus is on the
examination of the financial records and report thereon.

Q2. 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, Dissimilarities between
external audit and internal audit) 5, 5
Answer:
Key objectives of a good internal audit system
Briefly, the objectives of internal audit may be described as follows:
1. Evaluation of business control system: Internal audit is concerned with ensuring effective and efficient system of
accounting control, standard cost control, budgetary control and other functional control.
2. Compliance with standard policies and procedures: Reporting to management about the compliance of standard
policies and procedures is an important objective of internal audit.

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Q3. 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, Duties of auditor u/s 581ZG) 7, 3
Answer:
Role of Internal Auditor as a Part of Management

Management is an art and science of conducting the affairs of an organization in such a manner that its goals and
objectives are achieved through optimum utilization of available resources. For optimum utilization of available
resources, management should quantify its objectives through budget and targets. The role of internal auditors should be
to constantly review and monitor the policies, procedures, budget and targets of the organization. Deviations, if any,
Q4. 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, Elements of internal control) 4, 6
Answer:
Characteristics of Effective Internal Control System
Internal control is the whole system of controls, financial or otherwise, established by the management in order to carry
on the business of the enterprise in an orderly manner, safeguard its assets and secure as far as possible the accuracy and
reliability of its records. Now question arises, whether internal control system is her effective or ineffective, how you
will determine it. Obviously, there are certain special characteristics of an effective internal control system which are
discussed
below:
1. Plan of organization: A proper plan and an appropriate structure of the organization is a must for implementation of
Q5. Describe general EDP controls. Explain the appraisal of accounting system and related internal control.
(General EDP controls, Appraisal of accounting system and related internal control.) 4, 6
Answer:
General Electronic Data Process Control
a) Organizational and operational controls
relate to plan of the organization and operation of EDP activities;
emphasis on segregation of EDP department from source and user departments; and
also lays importance on segregation of functions within the EDP department.
b) System development and documentation control
are designed to monitor, design, test and document the system and programmes constituting each application;
Include:

Q6. Explain the internal control systems in insurance companies. Write down about the reporting internal
control weaknesses. (Internal control systems in insurance companies, Reporting internal control weaknesses) 5,
5
Answer:
Internal control system in insurance
Insurance companies paid special attention to the internal control procedures with regard to receipts and payments of
cash and cherubs, acceptance of risks, calculation of premiums, making of loans, buying and Selling of investments,
payment of commission to agents, and to control over expenses of management. An effective internal control system of
an insurance company should provide the following:

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