MF0013 –Internal Audit and Control

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Master of Business Administration- MBA Semester 3

MF0013 –Internal Audit and Control- 4 Credits

(Book ID: B1211)

Assignment Set- 1 (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. Define and explain the term auditing. Discuss, in brief, the advantages and limitations of auditing

Answer : The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, internal auditing, and government

Q2. Distinguish between secretarial audit and cost audit.

Answer : What is a Secretarial Audit?

As per the "Reference on Secretarial Audit" issued by Institute of Company Secretaries of India (ICSI), a "Secretarial Audit is compliance audit; it is a part of total compliance management in an organisation. The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely

Q3. What is internal check? Explain with example.

Answer : Internal Check or internal audit is an arrangement of staff duties whereby no one person is allowed to carry through and record every aspect of transactions so that without collusion between two or more persons, fraud is prevented and at the same time the possibilities of errors is reduced to a minimum.

Internal Check is a system or

Q4. Discuss about the role of internal auditor as a 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

Q5. Explain the different stages in internal audit planning.

Answer : The internal audit process

Most audits follow a fairly well-established pattern that consists of:

·         Planning

Q6. Describe about the nature and significance of internal audit programme.

Answer : Concept of internal auditing

In the Act, internal auditing is defined as an activity designed to help an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate financial management and assess risks arising from the activities of the organisation concerned.

The main function of internal auditing

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