Internal Audit

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vaibhav falod (Querist)
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15 December 2010 I have done numerous statutory audits but this is my first internal audit. So I dont know the extra steps which should be taken on every particular area.
However, I am doing internal audit of a leasing company for the period 1/4/10 to 30/9/10. So i need to know what extra steps do i take to verify the rental income for the same.
Also, this company has changed its accounting package on 1st July 2010. So, half the entries are in one package & half the entries in other package. So, i have to perform an internal control system audit as well. So, how do I proceed for this?? can i have the checklist for this as well??

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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16 December 2010 Internal audit is a scrutiny of accounts and activities for management control and reporting. The scope varies from assignment to assignment.

However, the ICAI has issued various SIAs (Internal Auditing Standards) which may be referred to regarding the scope, documentation and process of Internal Audit.

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