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solved, MF0013 –Internal Audit and Control

solved, MF0013 –Internal Audit and Control

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Published by Arvind K
solved, MF0013 –Internal Audit and Control
solved, MF0013 –Internal Audit and Control

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Published by: Arvind K on Mar 09, 2012
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Master of Business Administration
 
Semester III
 MF0013
Internal Audit and Control- 4 Credits(Book ID:B1211)
 Assignment 
Set- 1 (60 Marks)Note: Each Question carries 10 marks. Answer all the questions.Q1. Discuss, in brief, the advantages and limitations of auditing.
Advantages of Audit We know that the prime objective of an audit is to make a critical review of, the system of book keeping, accounting, and internal control etc. and report to the members stating whether, in theopinion of the auditor, the accounts shows a true and fair view of the affairs of the company. This
report lends credibility to the financial standards prepared by the company’s management.Moreover, the company’s management knows th
at the financial statements, prepared by themwould be subject to an independent professional review. Hence, they remain very vigilant and alert in preparation of financial statements, result in less erroneous and/or fraudulent informationdissemination.Apart from above some other important advantages of audit are as follows:1. It facilitates the early detection and easy prevention of fraud and errors.2. It helps in reducing wastages and chances of losses or damage to business property.3. Banks, financial institutions and Government required audited accounts before granting anyfinancial assistance to the enterprises.4. Liability of the enterprise as to income tax, wealth tax, VAT, etc can easily be determined on thebasis of audited accounts as these are readily believed by the tax authorities. The Income Tax Act also contains a provision for holding tax audit.5. Audited accounts help in determining purchase consideration of enterprise in case of outright sale, merger and acquisition etc.Self Assessment Questions17. Audit keeps management more alert and vigilant. (True/False)18. The Income Tax Act does not contain a provision for holding tax audit. (True/False)1.11 Limitations of Audit 
 
As per SA 200A issued by The Institute of Chartered Accountants of India, on objective and scope of Audit, the objective of an audit is to express an opinion as to the true and fair view of the financialstatements. The user, should, however, not assume that this opinion is as assurance as to the futureviability of the enterprise or the efficiency or the effectiveness with which the management hasconducted the affairs of the enterprise.Moreover, the user should also understand that audit of accounts do not guarantee the detection of all the errors and/or frauds. These conceptual restrictions arise due to following inherent limitations of Auditing:
ForCompleteSolvedSMU Assignment @1500 Rs  Email:mba8182@gmail.comPh:09873669404
 
Q2. What is internal check? Explain with example.Q3. Discuss about the codes of ethics of internal auditorQ4. Explain the use of Sampling technique in Internal audit Q5. Explain the internal control system in banks.Q6. Discuss about the Computer Assisted Audit Techniques (CAATs).
 
Master of Business Administration
 
Semester III
 MF0013
Internal Audit and Control- 4 Credits(Book ID: B1211)
 Assignment 
 Set- 2 (60 Marks)Note: Each Question carries 10 marks. Answer all the questions.Q1. Discuss the main scope and objects of internal audit?
ForCompleteSolvedSMU Assignment @1500 Rs  Email:mba8182@gmail.comPh:09873669404
 
Q2. What matters the internal auditor should consider in developing his overall audit plan?

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