Internal audit
This query is : Resolved
08 January 2016
how to do an internal audit
08 January 2016
ICAI Publications - Internal Audit Standards Board published Industry Specific Technical Guides on Internal Audit, Have a look at this so that you can get complete view on how to handle internal audits.
https://www.icai.org/post.html?post_id=8916
https://www.icai.org/post.html?post_id=8916
08 January 2016
In simple words in INTERNAL AUDIT we need to find out internal control weakness in various areas of organisation(FINANCE/HR/INVENTORY/CASH TRANSACTIONS,STATUTORY COMPLIANCES,ETC., AS PER DEFINED SCOPE) and for that you need to understand clients business,scope of internal audit engagement.
Once you finds the internal control weakness report to management explaining
What was weakness observed in system
root cause of weakness
effect of weakness
suggestions to strengthen the process.
You need to take help of seniors in work which will be very helpful.like (https://www.caclubindia.com/experts/internal-audit-of-hotel-1317994.asp)
Do search in CACLUBINDIA search option for comments/articles on internal audit
Once you finds the internal control weakness report to management explaining
What was weakness observed in system
root cause of weakness
effect of weakness
suggestions to strengthen the process.
You need to take help of seniors in work which will be very helpful.like (https://www.caclubindia.com/experts/internal-audit-of-hotel-1317994.asp)
Do search in CACLUBINDIA search option for comments/articles on internal audit
08 January 2016
Dear Ravi,
Internal Audit is a very broad area divided into N number of areas as it covers the Statutory Aspects as well as the Internal Working & Weaknesses of the Company. You can follow the guidance note issued by ICAI as well as some publications issued by ICAI on the same.
Internal Audit is a very broad area divided into N number of areas as it covers the Statutory Aspects as well as the Internal Working & Weaknesses of the Company. You can follow the guidance note issued by ICAI as well as some publications issued by ICAI on the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
