What is Internal Audit?

Questions by scott   answers by scott

Showing Answers 1 - 45 of 45 Answers

garima

  • Feb 21st, 2007
 


INTERNAL AUDIT IS DONE INTERNALLY BY THE COMPANY BT ITS FINANANCE DEPY,BEFORE ACTUAL AUDIT TAKE PLACE.

  Was this answer useful?  Yes

mohdazam

  • Feb 23rd, 2007
 

internal audit is mainly done by the company auditors to check the proper maintenance of records and to find of mistakes and to rectify it.

  Was this answer useful?  Yes

jay_021

  • Apr 13th, 2007
 

Internal audit is done by company auditors not to search fraud or mistakes but to assure the safeguard of assets from losses and to improve internal control of the company....

Miniii_1

  • Aug 1st, 2007
 

Internal audit is an audit which is conducted by the Internal auditors of the Company, who may or may not be an employee of the company. Internal audit assignment may also be given to outsiders as professionals, consultants etc

Sophea

  • Jul 26th, 2010
 

A systematic collection of satisfactory evidences to form an opinion, to attest, and to make a report on, the financial statements or to evaluate whether the management has efficiently discharged its responsibilities. To carryout audit, the auditor obtains the evidences by inspection of documents, enquiries, observation and confirmation by third parties. From Sophea

  Was this answer useful?  Yes

amit

  • Nov 2nd, 2011
 

Internal audit is said to be an independent appraisal activity with in an organisation for review
of
1) ACCOUNTING
2) FINANCIAL
3) OTHER OPERATION
as a basis of service to the organisation


-SAFEGUARDING OF ASSET

INTERNAL AUDIT INCLUDE
OPERATIONAL AUDIT & MGMT AUDIT

Rutul

  • Dec 13th, 2011
 

Internal audit is the audit system set by the company for audit of the company purpose.

Internal audit (IU) is not mandatory except condition stated by companies act 1956.

IU may be chartered accountant or may not be and having freedom setup by company only.

  Was this answer useful?  Yes

Shivam Tiwari

  • Oct 18th, 2014
 

Internal Audit helps an organization/Company to achieve its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management & control.

  Was this answer useful?  Yes

Ashwini.R

  • Oct 30th, 2014
 

Internal Audit is an audit, it is carried out either by a separate department within the bank or a firm of chartered accountant.

  Was this answer useful?  Yes

hassan

  • Nov 9th, 2014
 

to check the accounts of company weither he is doing work according to standard or not

  Was this answer useful?  Yes

akjohn

  • Jul 21st, 2015
 

Internal Audit is an independent and objective assurance and consultancy activity which is designed to add value and and improve an organisations operations. It assists in the accomplishment of organisational objectives by introducing a disciplined and systematic approach to evaluate and improve the effectiveness of risk management, governance and internal control processes.

  Was this answer useful?  Yes

azmat wali

  • Aug 5th, 2015
 

Internal audit is not mandatory by law.. It is conducted to assure the accuracy of books of account.. It also reduce the possibility of fraud..Internal audit time is not fixed..

  Was this answer useful?  Yes

Dr.Yonis

  • Jun 12th, 2016
 

Internal Audit is an independent and objective assurance and consultancy activity which is designed to add value and and improve an organisations operations.

  Was this answer useful?  Yes

Manish Agarwal

  • Jul 1st, 2016
 

Internal audit is an independent appraisal activity to evaluate internal control of an entity and improve the overall governance (management) of an entity.
Its objective to determine Whether internal control are properly designed and implemented.

  Was this answer useful?  Yes

Satish Kannan.M

  • Sep 28th, 2016
 

Systematic, independent and documented process for evaluating the system /process / product

  Was this answer useful?  Yes

Give your answer:

If you think the above answer is not correct, Please select a reason and add your answer below.

 

Related Answered Questions

 

Related Open Questions