smu mba semester 3 assignments, sprring 2014

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ASSIGNMENT
DRIVE SPRING 2014
PROGRAM MBADS (SEM 3/SEM 5)
MBAFLEX/ MBAN2 (SEM 3)
PGDFMN (SEM 1)
SUBJECT CODE &
NAME
MF0013 & INTERNAL AUDIT AND CONTROL
BK ID B1733
CREDIT & MARKS 4 Credits, 60 marks
Q.No Questions Marks Total Marks
1 General audits are classified into independent audit, internal audit and
government audit. Give a brief introduction of general audit. Explain all the three
types of audit covering all the important things under each audit.
Introduction of General audit
Explanation of independent audit
Explanation of internal audit
Explanation of Government audit
1
3
3
3
10
2 Internal Audit and External Audit – There are similarities and dissimilarities
between internal and external audit.
Explain the points that come under similarity
Explain the points that come under dissimilarity
A Explanation of similarity
Explanation of dissimilarity
2
8
10
3 Explain the qualities of an internal audit personnel.
A Explanation of qualities of an internal audit
personnel
10 10
4 Planning is the key to an effective and efficient audit.
Explain the importance of Internal Audit Planning and factors to be considered in
Internal Audit Planning.
A Explanation of importance of internal audit
planning
Explanation on factors to be considered in
internal audit planning
3
7
10
5 Internal check is an arrangement of staff duties whereby no one person is allowed
to carry through and record every aspects of a transaction. Write down the
objectives of internal check with an example. Explain the advantages of internal
check.
A Objectives of internal check with example
Advantages of internal check
7
3
10

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6 Write short notes on :
a) Accounting system and internal control
b) Review and preliminary evaluation of internal control
c) Compliance procedures of internal control
A Explanation of accounting system and internal
control
Explanation of review and preliminary
evaluation
Explanation of procedures of internal control
3
4
3
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.