FIN304 – Internal Audit & Control

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Master of Business Administration - MBA Semester 3

FIN304 – Internal Audit & Control

Set - 1

Q1. What do you mean by Financial Audit? What are the advantages of Financial Audit?

• Define and Explain Financial Audit  

• Explain the various advantages of Financial Audit (4+6 =10)

Answer. Definition and Explanation 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

• Objectives of Internal Audit System 

• Essentials for effective Internal Audit (5+5=10)

Answer.  The key objectives of a good internal audit system are:

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

Answer. Factors to be considered in internal audit planning

1. Audit objectives: The detailed audit plan largely depends upon the specific objectives to be achieved by the audit.

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Set - 2

Q1. What are the basic principles that are governing internal audit?

• Explain the principles that are governing internal audit 10

Answer. The basic principles governing internal control are as follows:

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?

• Elaborate Audit Risk

• Explain the various important elements that an insurance company should ensure for effective internal control system (3+7=10)

Answer.  Audit Risk:-

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

• Explain the various features of a good internal audit report  

Answer. The important features of a good internal audit report are:

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

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