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Master of Business Administration - MBA Semester 3
Note: Answers for 10 marks questions should be approximately of 400 words. Each question is
followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. What do you mean by Financial Audit? What are the advantages of Financial Audit?
Financial Audit is a specialized discipline with its own principles, standards, postulates, procedures
and techniques.
The International Auditing Practices Committee defines auditing as “the independent examination
of financial
Q2. Write short notes on Key Objectives of Internal Audit System and Essentials for effective
Internal Audit
1. Evaluation of accounting controls: Ensuring that the checks and balances in the accounting
processes are effective and
Q3. What are the factors that are to be considered in Internal Audit Planning?
• Explain the factors that are to be considered in Internal Planning Audit 10
1. Audit objectives: The detailed audit plan largely depends upon the specific objectives to be
achieved by the audit.
FALL-2017
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SET II
Q1. What are the basic principles that are governing internal audit?
1. A proper system, preferably in writing, must be implemented so that origination, recording and
accounting of
Q2. What is Audit Risk? What are the various important elements that an insurance company
should ensure for effective internal control system?
• Explain the various important elements that an insurance company should ensure for effective
internal control system (3+7=10)
Audit risk is the conditional probability that the auditor does not detect a material misstatement
in the financial
Q3. What the various important features of a good internal audit report
1. Objectivity: To maintain the credibility of internal audit function the comments and opinions
expressed in the report should be objective and unbiased.
2. Clarity: The language used should be simple and straightforward. The use of technical terms
and jargon
FALL-2017
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08894344452, 8219081362