25 July 2010
ACCORDING TO GENERAL GUIDELINES ON INTERNAL AUDITING ISSUING BY ICAI
AUDITING IS DEFINED AS "A SYSTEMATIC & INDEPENDENT EXAMINATION OF DATA,STATEMENTS,RECORDS&PERFORMANCE (FINANCIAL OR OTHERWISE) OF AN ENTERPRISE FOR A STATED PURPOSE "
01 August 2010
Accounting is the language of business.
Auditing is verification of accounting and its Financial Statements.
Now-a-days, not only accounting is required according to prescribed accounting standards but they are required to report whether various laws have been complied with by them or not. That is why the words finance and otherwise have been used.
Internal Audit not only helps to safeguard from legal complexities but also aids to the management about various loopholes in the control system.
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