B Com Exam > B Com Videos > Auditing and Secretarial Practice > Scope - Internal Audit, Auditing and Secretarial Practice
Scope - Internal Audit, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Scope - Internal Audit, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the scope of internal audit? |  |
Ans. The scope of internal audit refers to the extent and boundaries within which the internal audit function operates. It includes the areas, processes, and activities that the internal auditors are responsible for reviewing and evaluating to provide independent and objective assurance to management and the board of directors.
| 2. What is the importance of auditing in business? | |
Ans. Auditing is important in business as it provides an independent and objective assessment of the financial statements, internal controls, and compliance with laws and regulations. It helps to ensure the accuracy and reliability of financial information, safeguard assets, detect and prevent fraud, and enhance the credibility and transparency of the organization.
| 3. What is secretarial practice in the context of business? | |
Ans. Secretarial practice in business refers to the administrative and compliance activities related to corporate governance and legal requirements. It involves ensuring compliance with statutory and regulatory provisions, maintaining corporate records, organizing board and shareholder meetings, drafting and filing legal documents, and providing support to the board of directors and senior management.
| 4. How does internal audit add value to an organization? | |
Ans. Internal audit adds value to an organization by identifying and assessing risks, evaluating the effectiveness of internal controls, providing recommendations for improvement, and assisting in the achievement of organizational objectives. It helps management to make informed decisions, enhance operational efficiency, prevent and detect fraud, and ensure compliance with laws and regulations.
| 5. What are the career opportunities in internal audit, auditing, and secretarial practice? | |
Ans. The career opportunities in internal audit, auditing, and secretarial practice are vast. Graduates with a B.Com degree in these areas can work in various roles such as internal auditor, external auditor, compliance officer, risk analyst, company secretary, corporate governance specialist, and financial consultant. They can find employment in corporate organizations, consulting firms, government agencies, financial institutions, and non-profit organizations.
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Nov 22, 2024 Last updated |
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