Bank audit

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rohit

rohit (Querist)
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30 September 2012 WHAT ARE POINTS OF DIFFERENCES BETWEEN

1.INTERNALAUDIT

2. STATUTORYAUDIT

3. CONCUURRENT AUDIT

CA Suresh Jain

CA Suresh Jain (Expert)
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30 September 2012 1. internal Audit :- The system of internal control is devised by anorganization in order to achieve management’s objectives. Itconstitutes all the methods and procedures are adopted by themanagement of an entity in ensuring, as far as possible, orderlyand efficient conduct of its business, including adherence tomanagement policies. Safeguarding assets, through preventionand detection of fraud and error and ensuring accuracparzy andcompleteness of the accounting records, and the timelypreparation of the reliable financial information are the basicobjectives of a sound internal control system. The system of internal control extends beyond those matters which directly relateto the functions of the accounting systems. Internal audit is a part of Internal Control System

2. Statutory Audit is conducted as required by a Law of Land

3. Concurrent Audit :- Concurrent Audit is an examination whiach is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person.

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