hi friends!!! i m vry much confused regarding ma articleship.can any1 tell me how is internal audit field to practice in articleship?.Is it better than stat audit?and plz tell me same for tax also?thanx in advance
1 Replies
CA Tarkeshwar
(job)
(77 Points)
Replied 03 December 2010
dear friend
your question is not clear
so far i understand, u may want to know whether internal audit is better or statutory audit to know about
As the two audit activities have their own scope and objective, the statutory Audit is comducted by a person who must be A Chartered Accountants and independent of the company , the statutory auditor has to follow the technical standard, rule and regulation, relavant legislation, recent announcement and as per terms of engagement. so it covers almost all practical and theoritical aspect of accounting and tax profession, so it is better to devote much time in statutory audit and finalisation of accounts to be a successful professional.
On the other hand, internal audit may have a scope of getting knowledge of various aspect of inernal operation, core area, work environment, management direction, movement of inventory, manufacturing or trading procedure and other which one can not learn through statutory audit
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