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!!!!!!!!!!
AYUSH Agarwal (Aticle) (158 Points)
03 February 2012Hi,
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!!!!!!!!!!
CA KiranKumar.K
(FCA)
(902 Points)
Replied 03 February 2012
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.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)