FIN 304 - Internal Audit and Control

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ASSIGNMENT

DRIVE	SPRING 2018
PROGRAM	MBA
SEMESTER	3
SUBJECT CODE & NAME	FIN 304 - Internal Audit and Control
BK ID	B1733
CREDITS	2, 4
MARKS	30

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.

SET I

Question. 1. What do you mean by Financial Audit? What are the advantages of Financial Audit?

Answer:A financial audit involves the verification of the financial statements of a company (or other institution or business entity) by an auditor. The aim of the audit is to verify that the financial statements have been made properly and meet the criteria set out in the Accounting Act. By law, audits are required to be performed by various types

Question. 2.Write short notes on Key Objectives of Internal Audit System and Essentials for effective Internal Audit

Answer:

Key Objectives of Internal Audit System

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Question. 3. What are the factors that are to be considered in Internal Audit Planning?

Answer:The auditor should consider the audit approach he wishes to adopt, including the extent to which he may rely on internal controls and any aspects of the audits, which need particular attention. Matters to consider by the auditor in developing overall audit plan include;

·       Understanding the accounting and internal

SET II

Question. 1. What are the basic principles that are governing internal Control?

Answer:The Code of Ethical Conduct of the internal auditor was approved by Order no. 252/2004. Based on this act, the generally accepted basic principles for the good organization and exercise of the internal auditor profession are focused on the five major objective elements:

Question. 2. What is Audit Risk? What are the various important elements that an insurance company should ensure for effective internal control system?

Answer:Some of us were taught that internal control for smaller entities was an oxymoron. My supervisors made it clear that, because segregation of incompatible duties was not usually possible for smaller entities, internal control was non-existent.  In 2006, COSO changed the rules by publishing Internal Control over Financial Reporting — Guidance for Smaller Public Companies and recognizing there are different rules for larger and

Question. 3. What the various important features of a good internal audit report

Answer:At first glance, these may seem obvious, but it is important to remind ourselves that these core actions should be instinctive to internal auditors. The challenges of modern internal auditing can create pressure on practitioners to act quickly and decisively. While we must be willing and able to meet those growing demands, we must remain vigilant that those pressures don't erode or overwhelm our commitment to remain true to these fundamental virtues.

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