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Difference between internal & concurrent audit

Internal Audit 2618 views 1 replies

Hi,

 

I wanna know the exact difference betwwen "Internal Auidt" & "Concurrent Audit"

Also who are eligible for conducting the same. Is it mandatory for an Assessee to appoint a Chartered Accountant for the same?

Please help me out!!!!!!!!!!

 

Replies (1)

I can say both are same, but the banking grammar says the word "Internal" as "Concurrent". Both run as the continuous audits within the Organization. I dont see using the word Concurrent to non-banking areas.

I dont see the mandate to have only CA's do these audits, any competent person as referred by the respective legisltation can be appointed to conduct these.


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