15 December 2009
Traditionally; internal audit is meant for management to ensure that internal controls are adequate and effective; financial records are uptodate according to the operations carried out and policies and procedures laid down by the management is being followed.
In India; there is no restriction on law firms to be appointed as internal auditor.
But still; you should have some persons in your organisations who understand well about accounting.
Now-a-days; heavy penalties are there for non-compliance of various laws. Regarding that; your firm can provide such type of services.
At the time of your appointment letter; the areas of audit may be described well.
CAclubindia
