What is the scope / objective of the internal audit. How do they establish independence and what documents need to be provided during the audit?
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)
(26258 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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