Description

SESSION JUL-AUG ‘24
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER III
COURSE CODE & NAME DFIN304 INTERNAL AUDIT AND CONTROL

Assignment Set – 1

1. Discuss COSO ERM framework along with its various components.
Ans 1.
Introduction to COSO ERM Framework
The COSO Enterprise Risk Management (ERM) Framework is a widely recognized model
developed by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). It serves as a robust guideline for organizations to identify, assess, manage, and
monitor risks to achieve their strategic objectives effectively. ERM integrates risk
management into the core functions of an organization, offering a structured approach to
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2a. Elaborate on the steps involved in the Statistical sampling process.
b. Discuss the components of Risk Assessment
Ans 2.
Introduction to Statistical Sampling and Risk Assessment
Statistical sampling and risk assessment are essential components of internal auditing.
Statistical sampling involves selecting a representative subset of a population to draw
conclusions about the whole. Risk assessment, on the other hand, focuses on identifying and
evaluating risks that could hinder an organization’s objectives.
Steps in the Statistical Sampling Process
Define Objectives The first step involves determining the purpose of the sampling process.
3. What are the types of Internal Control? Narrate the limitations of Internal control
system.
Ans 3:
Types and Limitations of Internal Control
Internal control refers to the systems, policies, and procedures implemented by an
organization to safeguard its assets, enhance the reliability of financial reporting, and ensure
compliance with laws and regulations. While internal control systems are indispensable for
achieving organizational objectives, they are not without limitations.
Types of Internal Control
Preventive Controls These controls are designed to deter errors or irregularities before they
Assignment Set – 2
4. Explain finance and accounts audit procedure.
Ans 4.
Introduction to Finance and Accounts Audit
A finance and accounts audit examines an organization’s financial records to ensure
accuracy, compliance with regulatory standards, and adherence to accounting principles. It is
an integral part of governance that enhances transparency and trust among stakeholders.
Audit Procedure for Finance and Accounts
Planning the Audit Auditors begin by understanding the organization’s financial processes,
5. What is Internal control data analytics? Explain the four phased approach to
Internal control data analytics.
Ans 5.
Internal control data analytics is the process of using advanced data analysis techniques to
strengthen an organization’s internal control systems. It involves leveraging data-driven
insights to identify risks, monitor compliance, and enhance decision-making. By applying
analytics, organizations can transition from traditional control measures to a proactive
approach, ensuring accuracy and efficiency in operations.
What is Internal Control Data Analytics?
Internal control data analytics focuses on analyzing large volumes of data generated within an
6. What are the qualities and elements of a good Audit report? What are the various
points to consider while drafting a report?
Ans 6.
An audit report is a critical document that communicates the findings of an audit to
stakeholders. Its purpose is to provide an objective evaluation of an organization’s financial
and operational processes, ensuring transparency, accountability, and compliance. A good
audit report not only highlights issues but also offers constructive recommendations for
improvement.
Qualities of a Good Audit Report
A high-quality audit report possesses several key characteristics. First and foremost, it must