Internal audit

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Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2015 Dear experts,
Plzz clarify what is internal audit & it's importance.........

Regard
Amit chandel

Amol S Joglekar

Amol S Joglekar (Expert)

31 December 2015 The audit conducted by the team of person with specific requirements. It may exceed the scope in relation to statutory audit

Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2015 Sir, thanks for your quick response, plz let me know who can conduct this audit and usually for what purpose this audit is to conduct also clarify weathet audit report will be made or not if yes to whom it will be submit..........

Amol S Joglekar

Amol S Joglekar (Expert)

04 January 2016 Depending upon the size of organisation the decision as to internal audit is taken.
It can be conducted by any person not necessarily a commerce person or CA.
Internal Audit Report is prepared.
It is submitted to the management of the company

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2016 sir usually which things is to be examined in internal audit...

Amol S Joglekar

Amol S Joglekar (Expert)

12 January 2016 Same as in the case of Statutory audit.

At times, even the scope of internal audit may be more than statutory audit.

Normally the areas are decided in consultation with the management of the company.

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