DFIN304 INTERNAL AUDIT AND CONTROL JULY-AUG 2025

Description

SESSION	JUL-AUG 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	III
COURSE CODE & NAME	DFIN304  INTERNAL AUDIT AND CONTROL

 

 

Assignment Set – 1

 

 

Q1. Discuss the role of Internal Auditor as a member of Management Body. 10          

Ans 1.

Role of Internal Auditor as a Member of the Management Body

Internal auditing is an essential governance function within modern organizations, ensuring accountability, transparency, and operational integrity. As a member of the management body, the internal auditor does not merely perform compliance activities; instead, they actively contribute to strategic decision-making, risk assessment, and performance improvement. The role has evolved beyond traditional financial verification to include

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Q2. Elaborate the Risk Management principle for organizations.  10    

Ans 2.

Risk Management Principles for Organizations

Risk management is a structured approach that organizations use to identify, assess, and control risks that may impact their objectives. In today’s complex business world, risks are dynamic and interconnected, making a comprehensive risk management framework essential. Core principles of risk management guide organizations in developing sustainable, resilient,

 

 

Q3. What are the types of Internal Control? Narrate the limitations of Internal control system. 5+5 

Ans 3.

Types of Internal Control & Limitations of Internal Control System

Types of Internal Control

Internal controls are policies, procedures, and mechanisms established to ensure accuracy, reliability, efficiency, and compliance within an organization. They help safeguard assets, ensure adherence to regulations, and support operational effectiveness.

Types of Internal Controls

1. Preventive Controls

Preventive controls aim to stop errors, fraud, and irregularities before they occur. Examples

 

 

Assignment Set – 2

 

Q4. Explain the procedure adopted for cash control in an organization.  10     

Ans 4.

Procedure Adopted for Cash Control in an Organization

Cash is the most liquid and vulnerable asset in any organization. Its susceptibility to theft, fraud, and misappropriation makes cash control an essential component of internal control and financial management. Effective cash control procedures ensure accuracy in financial records, safeguard company assets, and promote accountability. These procedures apply to both receipt and disbursement of cash, covering physical handling, authorization processes,

 

Q5. State the Internal Control Schemes adopted in Internal Control and Audit exercises.  10

Ans 5.

Internal Control Schemes Adopted in Internal Control and Audit Exercises

Internal control schemes are systematic frameworks designed to ensure accuracy, reliability, and efficiency in organizational operations. These schemes are essential for detecting errors, preventing fraud, ensuring compliance with laws, safeguarding assets, and supporting decision-making. Internal auditors rely on structured control schemes to evaluate the strength of controls and recommend improvements. A well-designed internal control system covers all

 

 

Q6. Narrate the scope of Internal Audit in a computerized environment.  10   

Ans 6.

Scope of Internal Audit in a Computerized Environment

The increasing adoption of computerized systems has transformed how organizations operate, record transactions, and manage information. Internal audit functions have evolved accordingly. In a computerized environment, the scope of internal audit extends beyond traditional financial checks to include system validations, data integrity assessments, cybersecurity evaluation, and IT governance oversight. Internal auditors must understand