Internal audi

internal auditOR APPOINTED by MANAGEMENT

STAT AUDITOR APPOINTED BY BOD

Internal Audit is basically the Process audit conducted by chartereds on the appointment by the management.

In internal audit we deal with the processes, policies, compliances and even the controls that are set by the management within the company. This is the way of management to understand internal working of the company.

On the other hand, Stat Audit may be called as the financial & compliance audit where auditors are appointed by the shareholders. this audit is conducted to know the financial position of the company as on the end of certain period.

Let me correct you Mr Abhijeet,professional qulaification of a internal auditor is not described yet, any employee of the same organisation who the management think is capable enough can be appointed as a internal auditor.If he/she hold other  accounting certifications it will be more beneficial.

Internal audit has much broader scope than statuatory audit as in the internal auditor is responsible for the checking the overall functions of the company more importantly ""Internal controls"".

Agreed with Farheen. Internal auditor may or may not be a CA. A person part of the company may also be appointed as an internal auditor.