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SEMESTER III
Q1 What do you mean by Financial Audit? What are the advantages of Financial Audit?
Answer:-
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
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?
Answer:-
1. Audit objectives: The detailed audit plan largely depends upon the specific objectives to be
achieved by the audit.
SET 2
Q1 What are the basic principles that are governing internal audit?
Answer:-
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?
Answer:-
Audit Risk:-
Audit risk is the conditional probability that the auditor does not detect a material misstatement in the
financial
Answer:-
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
Dear Students,
SMU MBA FALL-2017 Assignments are available. For Booking Kindly mail us on
kvsude@gmail.com OR call us to +91 9995105420 or S M S your Email ID us in the following
Format On +91 9995105420 we will reach back you with in 24H