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Internal check

neeraj bharti (c.s) (30 Points)

12 April 2016

What is internal check and internal auditing

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CA Suri Kota (Assistant Manager @ EY) (955 Points)
Replied 12 April 2016

In one sentence............Checking the efficiency of your own business process to help and attain your goals & objectives as been set.

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Milind M. Kulkarni (Practicing CA) (580 Points)
Replied 10 May 2016

Internal checks are controls within an organisation whereby a task done by a person is checked by another person, thereby reducing possibility to commit fraud or errors. Internal audit is audit carried out either by inhouse audit team or independent audit firm as per determined scope of areas to be covered. Internal auditor report to the management of a company unlike statutory auditors who report to the shareholders.

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Bhumish (Chartered Accountant) (33 Points)
Replied 11 May 2016

Practically speaking internal checks are the procedure through which one employee automatically verifies work of other employee in his regular duties. On the contraray internal control can be define as the activity designed by the entitiy specifically for the checking of other employyes work.

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poonam (Student) (54 Points)
Replied 14 June 2016

Audit: Verifying the Correctness to find out all kind of deviations in the defined format.

Internal Check: This can be referred as system adopted to exercise check on the work done by subordinates by the immediate superiors onwards to verify and endorse the correctness of policies/transactions/regulations required so that the work should --not-- deviate from its objective.

Internal Control: Represents regulations exercised by the management on the practices and procedures to be followed at the implementation stage on the practices to maintained to restrict violations from rules and a check on the inappropriate activities.