would you please tel me the difference between internal audit and concurrent audit.
can a concurent auditor become the tax auditor of the same firm
2 Replies
CA P KARTHIKA
(Chartered Accountant)
(715 Points)
Replied 21 May 2009
Internal audit can be done in any time of the financial year with 2 or 3 months as an interval for reviewing the books of accounts for the previous 2 or 3 months. Concurrent audit is done without intervals like that for daily reviewing of the accounting treatment for check out of stable internal control procedures. A tax auditor can do interim audit but they dont do mostly but for control purpose but usually with an interval only...
KOVID TAGGAR
(Service)
(25 Points)
Replied 15 June 2009
To add further, the ICAI has recently imposed restrictions (barred) on appointment of internal auditor as tax auditor of an entity.
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