Lesson-1 on Audit

Question: What is Auditing?

Answer:
An audit is an independent assessment of the fairness by which a company's financial statements are presented by its management. It is performed by competent, independent and objective person(s) known as auditors

Question: What is Risk Based Auditing (RBA)?

Answer:

Risk Based Auditing is an approach that focuses on the response of the organization to the risks it faces in achieving its goals and objectives.  It aims to give independent assurance that risks are being managed to an acceptable level and to facilitate improvements where necessary.

Question: What is Internal Audit?

Answer:

Internal Audit is the assurance and consulting service involving an independent review of an organization's records, operations and procedures to evaluate for efficiency, effectiveness, compliance and the existence of adequate internal controls to mitigate risks to the achievement of the organization's objectives.

Question: What is Audit Risk?

Answer:

Audit risk is the risk that auditors may give an inappropriate audit opinion on financial statements.

Question:  What is Audit Finding?

Answer:

Audit finding is the error, exception, deviation or deficiency noted by an auditor as a result of an examination of audit evidence. Findings generally relate to (a) compliance with policies, procedures and legal requirements, (b) adequacy and effectiveness of controls, and/or (c) efficiency and effectiveness of administration.

Lesson-4 on Management

Question: What is Leadership?

Answer:

Leadership is stated as the "process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task.

Question: What are different type of Leadership?

Answer:

Autocratic or Authoritarian Leaders

Under the autocratic leadership style, all decision-making powers are centralized in the leader, as with dictator leaders.

Participative or Democratic Leaders

The democratic leadership style favors decision-making by the group , such as leader gives instruction after consulting the group.

Laissez-Faire or Free Rein Leaders

A free rein leader does not lead, but leaves the group entirely to itself; such a leader allows maximum freedom to subordinates, i.e., they are given a free hand in deciding their own policies and methods.

Question: What is Standing Plan?

Answer:

A Standing Plan is a method of action for addressing an event or emergency including, continuing or recurring activities. It can be a step-by-step guide for carrying out activities or tasks. Standing Plans are used over and over again because they focus on organizational situations that occur repeatedly.

Question: What is Sensitivity Training?

Answer:

Ø    Sensitivity Training is a form of training that claims to make people more aware of their own prejudices, and more sensitive to others.

Ø    It asks training participants to put themselves into another person's place in hopes that they will be able to better relate to others who are different than they are.

Ø    Sensitivity training often specifically addresses concerns such as gender sensitivity, multicultural sensitivity, and sensitivity toward those who are disabled in some way.

Lesson-3 on Management

Question: What is the difference between goal and purpose?

Answer:

A goal is something desired for the long term. And a purpose is an immediate result.

Question: What is the difference goal and objectives?

Answer:

Ø    Goals – are long-term aims that you want to accomplish.

Ø    Objectives – are concrete attainments that can be achieved by following a certain number of steps.

Ø    The main difference comes in their level of concreteness. Objectives are very concrete, whereas goals are less structured. Goals are hard to quantify or put in a timeline, but objectives should be given a timeline to be more effective

Question: What is Policy?

Answer:

A policy is the principle or rule to guide decisions and achieve rational outcome(s). It is the general plan of action that guides members of the enterprises in the conduct of operations.

Question: What is Procedure?

Answer:

A procedure is a specified series of actions or operations which have to be executed in the same manner in order to always obtain the same result under the same circumstances. It is the series of related tasks that make up the chronological sequence and the established way of performing the work to be accomplished.

Question: What is Method?

Answer:

Method is the established, habitual, logical, or prescribed practice or systematic process of achieving certain ends with accuracy and efficiency, usually in an ordered sequence of fixed steps. It is a prescribed manner for performing a given task giving adequate consideration to the objective facilities available and total expenditures of time, money and effort.

Question: What is Strategic Planning?

Answer:

Strategic planning is the process of identifying an organization's long-term goals and objectives and then determining the best approach for achieving those goals and objectives.

Question: What is Logistics?

Answer:

Logistics is the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services,  information and other resources from point of origin to point of consumption in order to meet the requirements of consumers .In short, Logistic are concern with having the right resources available at the right place and the right time.

Question: What is Delegation of Authority?

Answer:

Delegation of authority is the transfer of authority for specific administrative functions from a central office level to an organizational level

Lesson-2 on Management

Question: What is Total Quality Management(TQM)?

Answer:

TQM refers to the process of getting every employee involved in the task of searching for continuous improvement of the organization’s product through a variety of techniques & training.

Question: What is Mission ?

Answer:

Ø    A mission statement is a brief description of a company's fundamental purpose.

Ø    A mission statement answers the question, "Why do we exist?"

Question: What is Vision?

Answer:

Ø    A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning.

Ø    The vision statement answers the question, “Where do we want to go?”

Question: What is Culture?

Answer:

Culture means common beliefs, attitudes, Norms, customs which is conventionally practiced in a society.

Question: Who is Mentor?

Answer:

Ø    A mentor is a role model who guides another employee by sharing valuable advice on roles to play & behaviors to avoid.

Ø    Mentor teach, advice sponsor their employees so as to expedite their career progress.

Question: What is Management by Exception?

Answer:

Management by Exception is a "policy by which management devotes its time to investigating only those situations in which actual results differ significantly from planned results. The idea is that management should spend its valuable time concentrating on the more important items.

Question:  What is Management by Objective?

Answer:

Ø    Management by objectives (MBO) is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources.

Ø    In MBO practice, specific objectives are determined jointly by managers and their subordinates, progress toward agreed-upon objectives is periodically reviewed, end results are evaluated, and rewards are allocated on the basis of the progress.

Ø    The objectives must meet five criteria: they must be (1) arranged in order of their importance, (2) expressed quantitatively, wherever possible, (3) realistic, (4) consistent with the organization's policies, and (5) compatible with one another

Question: What is “Goal” in Management?

Answer:

 A goal is an observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe.

Lesson-1 on Management

Question: What is Management?

Answer:

Management is the function of getting things done through others.

Question: What are the Functions of Management ?

Answer:

                       i.          Planning

                     ii.          Organizing

                   iii.          Staffing

                   iv.          Leading

                     v.          Controlling

Question: What is Difference between Effectiveness & Efficiency?

Answer:

Ø    Effectiveness is the achievements of objectives

Ø    Efficiency is the achievement of the objectives with the least amount of time / resources.

Question: What is SWOT analysis?

Answer:

The SWOT matrix is a conceptual framework for a systematic analysis that facilitates matching the external THREATS & OPPORTUNITIES with the internal STRENGTH & WEAKNESS of the organization.

Question: What is Job Description?

Answer:

Job description is a broad statement of the purpose, scope, duties & responsibilities of a particular job.

Question: What is Job Specification?

Answer:

Job Specification is a detailed statement of the physical and mental activities involved in the job, i.e., age, sex, educational qualification, experience, special qualities, physical specification etc.

Question: What is Theory X?

Answer:

• Average human beings have an inherent dislike of works & will avoid if they can. Because of this human characteristic of disliking work most people must be forced, controlled, directed & threatened with punishment to achieve organizational objectives.
• Autocratic, pessimistic, rigid & static.

Question: What is Theory Y?

Answer:

•  People will exercise self discretion & self control in the service of objective to which they are committed.
•  The average human being learns under proper conditions, not only to accept responsibility but also to seek it.
•  Optimistic, dynamic, flexible, emphasis on self direction

Question:  What are Maslow’s Hierarchy of Needs?

Answer :

01. Physiological Needs (Foods, Clothes, Shelter etc.)

02. Security of Safety Needs

03. Affiliation/Acceptance (Love, Affection, Belongingness)

04. Esteem Needs (Achievement, Respect, Recognition, Status etc.)

05. Self Actualization (Self fulfillment, Growth)

Question: What is Motivation ?

Answer:

• The psychological feature that arouses an individual to action towards a desired goal; the reason for the action; which gives purpose and direction to behavior.
• Purpose of Motivation is to give reason, incentive, enthusiasm, or interest that causes a specific action or certain behavior.

Question: What are Motivational Factors for Employees (Top 10) ?

Answer:

1.     Appreciation or recognition for a job well done

2.     Being in the know about company matters

3.     An understanding attitude from the management

4.     Job security

5.     Good wages

6.     Interesting work

7.     Career advancement opportunities

8.     Loyalty from management

9.     Good working conditions

10. Tactful discipline