This document provides information about fully solved assignments available for various postgraduate programs and subjects. Students can send their semester and specialization details to the provided email ID or call the phone number to get assignments. The document includes 6 questions related to internal audit and control as an assignment for the subject code MF0013. It asks to explain different types of audits, similarities and differences between internal and external audits, qualities of internal audit personnel, importance of internal audit planning and factors to consider in planning, objectives and advantages of internal checks, and short notes on accounting systems and internal controls, review and evaluation of internal controls, and compliance procedures for internal controls.

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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
CREDITS 4
MARKS 60
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.
Q.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.
Ans : General audit :
The term audit is derived from the Latin term ‘audire,’ which means to hear. In early days an auditor
used to listen to the accounts read over by an accountant in order to check them . Auditing is as old
as accounting. It was in use in all ancient countries such as Mesopotamia, Greece, Egypt. Rome, U.K.
and India. The Vedas contain reference to accounts and auditing. Arthasashthra by Kautilya detailed
rules for accounting and auditing of public finances
Q.2 Internal Audit and External Audit – There are similarities and dissimilarities between internal
and external audit.
Ans : Explanation of similarity :
There are several similarities between internal and external audits. Both observe the manner in
which the company conducts business. Both assess the possibility of fraud or theft, and both
compare regulations and laws with the actual operation of the firm. The recommended skill sets and
qualifications for both types of auditors are also similar. For each, a familiarity with the type of

2. business audited is a strong advantage. A detailed understanding of accounting, finance or general
business also assists both types of audits.
Explanation of dissimilarity :
Q. 3 Explain the qualities of an internal audit personnel.
Ans : Qualities of an internal audit personnel :
As the role of the internal auditor shifts, through regulatory changes or a more volatile economy, so,
too, do the skills required to do the job well. The skills shift is demonstrated by what companies
expect of the internal audit function. Technical skills are a prerequisite, but those skills alone are not
enough as the job’s scope broadens.
“The evolution of the skills of internal audit professionals is aligning with, or is corresponding to, the
evolution of the profession itself,” said Richard Chambers, chief executive and president of the
Institute of Internal Auditors (IIA). Chambers was the co-author of a recent report, Succeeding as a
21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors. The report,
produced by the IIA and global staffing firm Robert Half, listed
Q.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.
Ans : Explanation of importance of internal audit planning :
Internal Audit planning is based on an annual cycle that runs in line with each academic year. Each
Internal Audit will cover all key activities of the institution at least once and some areas that are
considered to be high risk or high priority are often covered more than once. Each summer the
Internal Auditors meet with Strategic Planning to plan the internal audit schedule for the academic
year identifying the areas for review. Strategic Planning then notifies Colleges and Services about
audits involving them in order to try and schedule a time during the year that is most convenient for
the audit to take place.
Q. 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.
Ans : Objectives of internal check with example :
Internal check is an organization of the system of account under which the work of one person is
automatically checked by another, with a view to prevent and detect the errors and frauds. Under
such a system, it is not possible to commit errors & frauds without the collusion between to or more
people.
Objective of internal check:
 To minimize the possibility of error, fraud and irregularity.
 To prevent the misappropriation of cash and goods

3. Q. 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
Ans : Accounting system and internal control :
Accounting system is Organized set of manual and computerized accounting methods, procedures,
and controls established to gather, record, classify, analyze, summarize, interpret, and present
accurate and timely financial data for management decisions.
Internal control, as defined in accounting and auditing, is a process for assuring achievement of an
organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and
compliance with laws, regulations and policies. A broad concept, internal control involves everything
that controls risks to an organization. It is a means by