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IGNOU ECO 12 Solved Assignment 2022-23
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Important Note – IGNOU ECO 12 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
All questions are compulsory.
1.Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?
Basic Principles of an Internal Control System
An internal control system should be designed to meet a firm’s specific informational needs. Thus, the system can range, from a simple manual-system to complex computerized on-line system with remote terminals spread across the entire country. Whether manual or computerized, the accounting system must process information efficiently, accurately, and on a timely basis. At the heart of any well designed accounting system is a well-thought-out internal control system.
One of the principal responsibilities of management is to protect the assets under its control. ensure the accuracy and reliability of its accounting records, and see that its policies are carried out. Internal control is the organizational plan, including specific methods and procedures, that management develops to meet these responsibilities. Specifically, Internal control is formally defined as:
the plan of organization and all of the coordinate methods and measures adopted
within a business to safeguard its assets, check the accuracy and reliability of its
accounting data, promote operational efficiency, and encourage adherence to prescribed policies.
A strong internal control system will contain both administrative and accounting controls.
Administrative controls include the plan of organization and the procedures and records that are concerned with the decision processes leading to management’s authorization of transactions. That is, management uses administrative controls to ensure that its policies and procedures are carried out.
Accounting controls are the plan of organization and the procedures and records that are concerned with safeguarding the assets and the reliability of the financial records, These controls are more specific and are designed to ensure that:
- Transactions are executed in accordance with management’s general or specific authorization.
- Transactions are recorded as necessary (1) to permit preparation of financial statements in conformity with generally accepted accounting principles or any other criteria applicable to such statements and (2) to maintain accountability for assets.
- Access to assets is permitted only in accordance with management’s authorization.
- The recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
In order for a firm to have a sound system of internal control, both administrative and accounting controls must be present. The administrative controls provide the overall framework in which the specific accounting controls operate. If management is not interested in maintaining administrative controls, specific accounting controls can not ensure that the firm’s assets are being safeguarded.
Necessity of Internal Controls
Internal controls are necessary because accounting systems are designed and run by people and people make errors. These errors may be either true mistakes or deliberate actions. There have been numerous instances in which large corporations have restated their financial reports because of inadvertent errors in the accounting records.
Recently, a large personal computer company discovered that it had not accounted for millions of dollars of inventory. Poor record keeping rather than fraud appears to have been the reason.
There are situations, however, in which individuals falsify accounting records in order to steal or embezzle. In the early 1980s, one individual stole huge sums of money from Wells Fargo Bank by daily making a simple accounting entry in the bank’s computer system. A strong internal control system is necessary to minimize these events and their associated losses.
Recently, a strong impetus for internal controls resulted from payments that U.S. corporations made to foreign officials to obtain business. In many cases these payments were considered legal in the foreign country, although many in the United States considered them a violation of good business ethics. Furthermore, many of the firms that made these questionable payments were large, decentralized multinational firms whose top executives did not even know about them.
Because of these and other events, both the American Institute of CPAs (AICPA) and the U.S. Congress mandated the maintenance of a strong system of internal control. In its auditing guidelines, the AICPA stated that the system of internal control should be under the continuing supervision of management to determine that it is functioning as prescribed and is modified as appropriate for changes in condition.
Congress, alarmed by the number of questionable payments to foreign officials, passed the Foreign Corrupt Practices Act. This act holds management accountable for developing and maintaining a strong Accounting internal control system that would prevent such payments. This act requires every publicly held corporation to maintain such a system of internal control. Furthermore, the act requires that the system of internal control limit the use of corporate assets to the purpose designated by management and that the accounting records be compared with the assets owned by the firm.
Attributes of a Strong Internal Control System
The design of an internal control system and the procedures utilized should be tailored to the firm’s specific needs. However, a well.designed internal control system will center on a properly designed accounting system and include sound personnel and personnel practices and the separation of duties.
2. Discuss the process of verification and valuation of investments in a company.
Valuation is the analytical process of determining the current (or projected) worth of an asset or a company. There are many techniques used for doing a valuation. An analyst placing a value on a company looks at the business’s management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets, among other metrics.
Fundamental analysis is often employed in valuation, although several other methods may be employed such as the capital asset pricing model (CAPM) or the dividend discount model (DDM).
A valuation can be useful when trying to determine the fair value of a security, which is determined by what a buyer is willing to pay a seller, assuming both parties enter the transaction willingly. When a security trades on an exchange, buyers and sellers determine the market value of a stock or bond.
- Absolute valuation models attempt to find the intrinsic or “true” value of an investment based only on fundamentals. Looking at fundamentals simply means you would only focus on such things as dividends, cash flow, and the growth rate for a single company, and not worry about any other companies. Valuation models that fall into this category include the dividend discount model, discounted cash flow model, residual income model, and asset-based model.
- Relative valuation models, in contrast, operate by comparing the company in question to other similar companies. These methods involve calculating multiples and ratios, such as the price-to-earnings multiple, and comparing them to the multiples of similar companies.
4. What is cost audit? What are its objectives? State the advantages and limitations of cost audit.
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IGNOU ECO 12 Solved Assignment 2022-23
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5 Write short notes on the following:
(a) Auditing Standards
(b) Clear Report and Qualified Report
(c) Continuous Audit
(d) Importance of Vouching
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IGNOU Instructions for the ECO 12 ELEMENTS OF AUDITING Solved Assignment 2022-23
IGNOU ECO 12 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
- Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
- Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
- Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
- Use only foolscap size paperfor your response and tag all the pages carefully
- Write the relevant question number with each answer.
- You should write in your own handwriting.
GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU ECO 12 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
- Planning: Read the questions carefully. IGNOU ECO 12 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
- Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU ECO 12 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
- Presentation: IGNOU ECO 12 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.
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