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Internal Audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 September 2010 Hello Everyone,

Can anybody tell me who can conduct an internal Audit?

And for application of Internal Audit, any one condition should be satisfied or both as per caro 2003.

Thanxs in Advance.
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Thrissurkkaran Ishtan

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Thrissurkkaran Ishtan (Expert)
06 September 2010 An internal audit can be conducted by anyone. There is no specific qualification that is required as internal audit is not covered by any law.

As per CARO, the statutory auditor is supposed to comment whether internal audit is adequate, etc. If he finds that the internal audit of poor quality then he may report that matter. But if the same is done well, even by an unqualified person, there are no issues.
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