what is Internal AUDIT?

1341 views 2 replies

How to do Internal audit and why is require?

While doing the internal audit whiat kind of step need to be take care?

Please reply immediatelyyyyyyyyy.

Thanks in advance

 

 

 

 

Replies (2)

As the name suggest itself internal audit means audit to check the internal control system of the organisation. it is not compusory but if any organisation wants better internal control and coordination amoong all the department of the organisation then it can go for the same. Internal auditor is just like an employee of the organisation because he has enough time to verify deeply each and every issues and area with in the organisation. If the internal control system of the organisation is good then the statutory auditor may rely upon the internal audit reports but the liabilty of the statutory auditor remains same.

Generally the areas to be focus or the scope is detemined by the client at the time of appointment of the internal auditor itself. The scope of internal auditor is limited as comparing to statutory auditor.

The main difference between the statutory audit and internal audit is statutory audit report is addressed to shareholders of the company on the other hand internal audit report is addressed to the directors of the company. 

hi pinak,

a few points to add on,after the appointment of internal auditor,once the scope is defined,the management along with the internal auditor has to decide the intrevals of audit,whether it shld be monthly,quarterly or half yearly,considering the quantum of the audit and its areas.

then on the decided period basis,audit programme is prepared and sent to the management to start the audit.

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details