Semester 3 MF0013 – Internal Audit and Control - 4 Credits (Book ID: B1211) Assignment Set- 1 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1. Explain the use of Sampling technique in Internal Audit ( SA500) Q2. Discuss‚ in brief‚ the advantages and limitations of auditing. Q3. Discuss the main scope and objects of internal audit? Q4. As a senior audit assistant of M/s. Asutosh Associates‚ you are in charge of internal audit team of M/s Rajesh Technologies
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auditing can be challenging and requires highest level of professional proficiency. Therefore internal audit staff must have professional abilities to carry out the audit functions. Our internal audit department is committed to assist each staff members to meet that responsibilities. Slide #2 Speaker’s notes Independence is the foundation of internal audit‚ the internal audit activity must be free from interference in determining the scope of internal auditing ‚ performing work and
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The owners (stockholders) elect a board of directors to provide oversight of the organization’s activities and accountability back to its stakeholders.” The key players in corporate governance are the stockholders (owners)‚ board of directors‚ audit committees‚ management‚ regulatory bodies‚ and both internal and external auditors. 2-2. In the past decade‚ all parties failed to a certain extent. For detailed analysis‚ see exhibit 2.2 in the chapter and repeated here: Corporate Governance
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The need for an external audit in the case of companies arises primarily from the existence of split-up of ownership from control. When control is shared an audit report will be needed in order to ensure that all the partners or be it shareholders are on the same page as the managers (the ones who will be controlling the company) and know what has been happening in the company‚ what is happening at present and what can be expected to happen in the future in order to increase returns in the company
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Accreditation Audit-AFT Task 4 Western Governors University Discuss the current compliance status of the healthcare facility. Nightingale Community Hospital (NCH); a 180-bed‚ acute care‚ not for profit organization provides services in critical and emergency care‚ Oncology‚ cardiology‚ general medical and surgical services and neuroscience‚ vascular‚ level II nursery units amongst a few others. Providing these services Nightingale has held
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Case 14: Tivo Inc. I. Current Situation A. Past Performance A.1. Tivo is a corporation developed on a product that allows customers to record TV shows digitally‚ and watch them when convenient for them. A.2. TiVo released an IPO in 1999 and price of stock has fluctuated significantly over the years. A.3. Tivo has had a difficult time in maintaining positive growth or consistent financial standings since its founding. B. Strategic Posture B.1. Mission B.1.1. TiVo has evolved from the pioneer
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statements give a true and fair view. As the Statement on auditing Practices issued by the Institute of Chartered Accountants of India states‚ an auditor should bear in mind the possibility of the existence of frauds or errors in the accounts under audit since they may cause the financial position to be mis-stated. Fraud refers to intentional misrepresentation of financial information with the intention
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where there needs to be proof to fall back on. People don’t want to give their hard earned money and is not sure how it will be used. An organization can get money from anyone and state that they will use it to benefit the organization and end up using it for another purpose. 4. Are the customers/clients treated equally and fairly regardless of race‚ gender‚ religion‚ or sexual orientation? This question is important because you want to make sure all of the clients are treated equally and fairly
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Subway Restaurants Marketing Situational Analysis Case Study Executive Summary Subway Restaurants is the leading submarine sandwich franchise in the United States and the world with 20‚532 restaurants worldwide located in 72 countries. Restaurant locations continue to increase year over year from an annual rate of 4 percent in 1999 to 14 percent in 2003. Brand recognition grows as market geographically expands. The new Tuscany Décor reinforces the idea of a fresh‚ healthy and great tasting menu
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Fields Maria Gomozova Sviatlana Lizun Patricia Vaz Megan Wark Very good! 100% +2 cb 6C-1 Summary of Audit Sections Section Purpose Content 1 Objectives of the Engagement To describe the services that are to be rendered to the client (KCN). The objectives include: an audit of KCN’s financial statements for the year ended 12/31/20X5 and to issue a letter of compliance with covenants of the client’s letter of credit agreement
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