DFIN304 INTERNAL AUDIT AND CONTROL

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 managing uncertainties in an increasingly complex business environment.

Components of COSO ERM Framework

 

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2a. Elaborate on the steps involved in the Statistical sampling process.

1. 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

 

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 occur. Examples include

 

 

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, identifying key areas of risk, and

 

 

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

 

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