15 March 2008
Internal audit (IA) is essentially a management tool as part of internal control. While there is no statutory compulsion regarding IA, the statutory auditors of a company have to report whether a company has an internal audit system commensurate with its size and volume of operations.
16 March 2008
Internal Audit is not compulsory. It is upto the management and the volume and procedure of transactions handled by the company. If volume is more and the transactions are handled by different persons, with the consent of mgt. the Internal audit is kept.
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