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internal audit

Anshul Agarwal (CA Final year student) (127 Points)

10 June 2008

is internal audit required under any law. plz suggest me

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4 Replies

Prasanna.Rm (Finance Pro) (110 Points)
Replied 10 June 2008

hi ansul,

No statute madatorily requires the internal audit to be carried on but it recommends good internal control system to commensurate with the size and nature of the business.

and it is the duty of the auditor to comment on the internal control system in his report under CARO.

Pankaj Kumar (Advocate & CA Final ) (35 Points)
Replied 10 June 2008

Interal audit is not mandatory but it recommends good internal control system to commensurate with the size and nature of the business and also it is the duty of the auditor to comment on the internal control system in his report under CARO.