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Scope of Audit

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TARUN JAIN

TARUN JAIN (Querist)

14 December 2009
Please provide me the scope of internal audit for law firm.

Thanks and Regards

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

15 December 2009 Traditionally; internal audit is meant for management to ensure that internal controls are adequate and effective; financial records are uptodate according to the operations carried out and policies and procedures laid down by the management is being followed.

In India; there is no restriction on law firms to be appointed as internal auditor.

But still; you should have some persons in your organisations who understand well about accounting.

Now-a-days; heavy penalties are there for non-compliance of various laws. Regarding that; your firm can provide such type of services.

At the time of your appointment letter; the areas of audit may be described well.

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