RASIC

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santhosh (Querist)
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25 July 2010 ACCORDING TO GENERAL GUIDELINES ON INTERNAL AUDITING ISSUING BY ICAI

AUDITING IS DEFINED AS "A SYSTEMATIC & INDEPENDENT EXAMINATION OF DATA,STATEMENTS,RECORDS&PERFORMANCE (FINANCIAL OR OTHERWISE) OF AN ENTERPRISE FOR A STATED PURPOSE "

WHAT IS MEANT BY FINANCIAL OR OTHERWISE

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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01 August 2010 Accounting is the language of business.

Auditing is verification of accounting and its Financial Statements.

Now-a-days, not only accounting is required according to prescribed accounting standards but they are required to report whether various laws have been complied with by them or not. That is why the words finance and otherwise have been used.

Internal Audit not only helps to safeguard from legal complexities but also aids to the management about various loopholes in the control system.

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