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Internal audit

adnan (Article) (241 Points)

25 February 2008

why is internal audit as statutory audit complete itself

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Deepak Maithani (CA STUDENT) (445 Points)
Replied 26 February 2008

Dear Adnan,

Internal audit is a kind of audit which is not a statutory audit. Internal audit is a tool of management and required for controlling the internal matter. Through the Internal audit the financial transactions are regular and the mistakes are detected. The Internal audit is done not only after completion of the year, but it can be done during each financial year whenever required. In many cares it becomes continuous or routine audit. In the care of statutory audit only statutory matters or points are audited which in care of internal audit almost all the financial transactions are audited.