What is the scope / objective of the internal audit. How do they establish independence and what documents need to be provided during the audit?
2 Replies
CA Jaishree...
(Chartered accountant)
(156 Points)
Replied 14 June 2012
read standards on internal audit (SIA) 1 to 16
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 14 June 2012
The scope of internal audit is very wide.
.
Indepth knowledge of various laws and its applications are required while conducting internal audit.
.
In addition to the above; the internal auditor has to see whether the top management's policies are actually implemented.
.
Internal auditor is a management tool i.e. he has to report to the management but the statutory auditor has access over it to decide the effectiveness of internal controls.
.
Internal auditor helps in achieiving excellence by use of resources available.
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