Student
54 Points
Joined 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.
Internal Audit :
An ongoing appraisal of the financial health of a company's operations by its own employees. Employees who carry out this function are called internal auditors. During an internal audit, internal auditors will evaluate and monitor a company's risk management, reporting, and control practices and make suggestions for improvement. Internal auditing covers not only anorganization's finance function, but all the operations and systems in a firm. While internal auditors are typically accountants, this activity can also be carried out by other professionals who are well-versed with a company's functions and the relevant regulatory requirements.