ASSIGNMENT

DRIVE FALL 2013

PROGRAM/SEMESTER MBADS (SEM 3/SEM 5) / MBAN2 / MBAFLEX (SEM 3) /
PGDFMN (SEM 1)
SUBJECT CODE &
NAME
MF0013 & INTERNAL AUDIT & CONTROL
BK ID B1733
CREDIT 4
MARKS 60


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


2
3
5

10
2 Write the key objectives of a good internal audit system. Narrate the points of dissimilarities
between external audit and internal audit.
A Key objectives of a good internal audit system
Dissimilarities between external audit and internal
audit.

5
5

10
3 Give the role of internal auditor in the Companys Management. List down the duties of auditor
Under Section 581ZG.
A Role of internal auditor in the companys
management
Duties of auditor u/s 581ZG


7
3

10
4 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.
A Characteristics of an effective internal control
system
Elements of internal control


4
6

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





A General EDP controls
Appraisal of accounting system and related internal
control.

4

6


10
6 Explain the internal control systems in insurance companies. Write down about the reporting
internal control weaknesses.
A Internal control systems in insurance companies
Reporting internal control weaknesses

5
5
10
*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.