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Internal auditor

Learner (Student) (409 Points)

14 June 2012  

What is the scope / objective of the internal audit. How do they establish independence and what documents need to be provided during the audit?


 2 Replies

CA Jaishree... (Chartered accountant) (156 Points)
Replied 14 June 2012

read standards on internal audit (SIA) 1 to 16 

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26248 Points)
Replied 14 June 2012

The scope of internal audit is very wide. 

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Indepth knowledge of various laws and its applications are required while conducting internal audit. 

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In addition to the above; the internal auditor has to see whether the top management's policies are actually implemented. 

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Internal auditor is a management tool i.e. he has to report to the management but the statutory auditor has access over it to decide the effectiveness of internal controls. 

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Internal auditor helps in achieiving excellence by use of resources available. 


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