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internal audit

naina singh (student) (111 Points)

18 November 2007

i want to know about the internal audit in detail. Can you help me.

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ashok (CA) (112 Points)
Replied 18 November 2007

Internal auditing involves the utilization of a systematic methodology for analyzing business processes or organizational problems and recommending solutions. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. The scope of internal auditing within an organization is broad and may involve internal control topics such as the efficacy of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations

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KAAPIL (COACHING ) (11717 Points)
Replied 18 November 2007

Internal Audit is a specialized audit procedure with an objective to analyze efficiency. i.e. cost savings, proper utilization of expenditure, proper recording of income. This is done to avoid fraud. Internal Audit is time based.

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 19 November 2007

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 19 November 2007

audit performed within an entity by its staff rather than an independent certified public accountant; the function of internal auditor (IA) is ... ec.europa.eu/budget/other_main/glossary_en.htm Internal audit is an independent appraisal of operations, conducted under the direction of agency management, to assess the effectiveness of internal administrative and accounting controls and help ensure conformance with managerial policies. www.budget.state.ny.us/citizen/financial/audit.html an independent appraisal function established within an organisation to examine and evaluate its activities as a service to the organisation. www.prospects.ac.uk/cms/ShowPage/Home_page/Explore_job_sectors/Accountancy_and_business_services/jargon_buster/p!ejFimke An organisation’s own in-house team of auditors. Responsible primarily for evaluating the effectiveness of internal control systems & contributing to their ongoing effectiveness by providing advice & support to management. www.etpconsulting.co.uk/Business%20Continuity/business-continuity-glossary.htm means audits conducted by, or on behalf of, the organisation itself for internal purposes. www.nswfitc.com.au/a/1855.html To provide sufficient and timely assurance services on all important aspects of its risk management strategy and practices, management control frameworks and practices, and information used for decision-making and reporting. www.riskshield.com.au/Glossary.aspx The Committee shall: www.pennon-group.co.uk/index.cfm An examination of a company's records, policies, and procedures that is conducted by the company's own employees to ensure that service standards are met, data recorded in the company's files is accurate and complete, and established procedures are being followed. Contrast with external audit. https://www.woodmen.com/inside.cfm Internal Audit independently reviews the Risk Management process adopted including risk identification, evaluation and controls applied. www.sdublincoco.ie/index.aspx Refers to internal audit groups from the Office of the Comptroller General, Ministry of Finance and Corporate Relations or Financial Policy and Monitoring Branch, Ministry of Health and Ministry Responsible for Seniors. www.cf.gov.bc.ca/publications/contract_management/6-Glossary.doc Internal auditing is a management-oriented discipline that has evolved rapidly since World War II. Once a function primarily concerned with financial and accounting matters, internal auditing now addresses the entire range of operating activities and performs a correspondingly wide variety of ... en.wikipedia.org/wiki/Internal audit

(Guest)

Dear Ashok, regarding internal auditing any special cource have please let me know.

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Stan (CA Job) (17 Points)
Replied 22 November 2007

Can someone kindly provide me the soft copy of Gliem's CIA Cds ( books + questions + audio notes) for all 4 parts. Thanks in Advance

ashok (CA) (112 Points)
Replied 22 November 2007

There is a well recognised course leading to CIA- Certified Internal Auditor. https://www.theiia.org/certification/certified-internal-auditor/
Else CISA as you might know, is computer based audit is globally recognised qualfication. It is not specifically for internal audit, but more about auditing in an information systems environment, such as a bank. CISA is becoming more of a mandotory qualfication, espeically in attest functions of banks etc.
I know both these courses can be done in India. CISA and CIA qualifieds are hired by the big four audit firms as well.
If you are looking for purely internal auditing, CIA is better.