Internal audit

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Ravi kabra

Ravi kabra (Querist)

08 January 2016 how to do an internal audit

Ganeshbabu K

Ganeshbabu K (Expert)

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

Ganeshbabu K

Ganeshbabu K (Expert)

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

ROHIT

ROHIT (Expert)

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.

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