Description

SESSION FEBRUARY-MARCH 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION
(MBA)
SEMESTER III
COURSE CODE & NAME DFIN304 – INTERNAL AUDIT AND CONTROL
Assignment Set – 1

1. Elaborate the various qualities required in an Internal Auditor.
Ans 1.
To further define the different characteristics required of an Internal Auditor, we will identify the
most important attributes and skills that make an efficient internal auditor.
Integrity, Ethics and Ethical Behavior
Integrity is the foundation of the job of an internal auditor. They must follow an uncompromising
code of ethics in order to maintain honesty and transparency when they perform their duties. This
ensures that their reports and assessments are reliable and impartial.
Attention to Attention to
Internal auditors must have an eye for detail to spot discrepancies, mistakes or frauds in the
financial statements and operations procedures. This rigor helps ensure the reliability and
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2. Discuss the key clauses of ISO 31000:2009.
Ans 2.
ISO 31000:2009 is an set of international standards that provide guidelines for risk management
that are that are applicable to all organizations, no matter the size, or type of business. The main
goal of ISO 31000:2009 is helping companies identify, evaluate, and reduce risks in order to
meet their goals and improve decision-making. The standard provides a number of key clauses
that are the basis of a successful risk management.
One of the most important elements of ISO 31000:2009 is the creation of a framework for risk
3. State the features of Internal Audit. Also narrate the various types of Internal controls.
Ans 3.
Features of Internal Audit
Internal audit is an essential job in an organization. It seeks to provide independent and objective
assessments of the company’s operations, financial procedures, and control systems. One of the
most important aspects of internal audit is its independence which guarantees that internal
auditors are able to perform their tasks without having any influence from the management. This
is essential for giving honest and impartial evaluations.
Another important aspect is objectivity. Internal auditors need to be impartial in their reports and
Assignment Set – 2
4. Describe Internal control procedure for Inventory.
Ans 4.
Internal Control Procedure for Inventory
A well-functioning internal control system for inventory is essential to ensure the accuracy and
credibility of an organization’s financial statements, securing assets and maximizing the
management of inventory. Internal control procedures for inventory includes several important
elements:
Separation of Duties
The separation of tasks is an essential principle of internal control, in which responsibilities for
5. Explain the various Internal control schemes.
Ans 5.
Internal control systems are vital structures designed to guarantee the integrity of the financial
and operational processes within an organisation. They aid in preventing mistakes, detecting
fraud and in ensuring compliance with laws and regulations. Here are a few of the different
internal control systems that are commonly used in companies:
Preventive Prevention
Preventive controls are strategies designed to prevent errors or irregularities prior to they happen.
6. Narrate the scope of Audit in computerized environment.
Ans 6.
Scope of Audit in a Computerized Environment
The introduction of computerized systems has dramatically changed the process of auditing and
has opened up new possibilities and new challenges. Auditing in a computer-based environment
covers many critical areas, each of which is crucial to guaranteeing the security, accuracy and
integrity of operational and financial information.
Systems and Applications Controls
Auditing in a computer-based environment requires analyzing the controls in the systems of