Internal auditor

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Querist : Anonymous

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13 June 2014 IS INTERNAL AUDITOR ALSO GIVE HIS/HER EXPRESSION ON FINANCIAL STATEMENT

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 no. internal auditor doesn't express opinions on financial statements

Querist : Anonymous

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13 June 2014 CAN INTERNAL AUDITOR EVALUATE INTERNAL CONTROL SYSTEM BEFORE START HIS/HER WORK

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 his job is to evaluate the internal control systems!! what will he do, if he evaluates them before starting his work!

Querist : Anonymous

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13 June 2014 sorry not understood

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 dear friend, the main job of the internal auditor is to evaluate internal control system itself. So that is his main task.

Querist : Anonymous

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13 June 2014 WHAT INTERNAL AUDITOR SHALL DO AFTER EVALUATING INTERNAL CONTROL SYSTEAM

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 June 2014 he will make a report and will submit it to management who have hired him....

Querist : Anonymous

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14 June 2014 U MEAN INTERNAL AUDITOR NOT DO VOUCHING AND VERIFICATION

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 June 2014 Depends on his terms of engagement

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 yes he may do it on selective basis.

Querist : Anonymous

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14 June 2014 Y INTERNAL AUDIT CONDUCTED BY MANAGEMENT

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 to appraise and to improve the quality of internal controls and to increase their effectiveness and efficiency in attaining the objectives set out by top management.

Querist : Anonymous

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14 June 2014 I THINK IT IS ALSO POSSIBLE THROUGH STATUTORY AUDIT, WHAT IS YOUR OPINION........

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 statutory and internal audit are diff in scope and in approach...........

Querist : Anonymous

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14 June 2014 I KNOW BUT TELL ME,
THROUGH STATUTORY AUDIT EFFICIENCY AND EFFECTIVENESS OF MGT. NOT INCREASE

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 the ans is no.......................................

Querist : Anonymous

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16 June 2014 Y..............
.............
............

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 June 2014 tell me honestly friend. you ever did any internal audit or for that matter, any stat audit?

a statutory audit is an audit done to comply with regulations prescribed under laws. the main intent is to provide external parties a level of comfort on the financial statements of the company.

whereas an internal audit is a task performed to improve and control the functioning of the organization to improve efficiency, reduce risks and costs etc etc.

to answer how a stat audit doesnt improve your efficiency, take an example. does your driving improves because you have a license? no, it improves with practice...license is just a statutory requirement!

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