- Account & Audit|Blog|
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- By Taxmann
- Last Updated on 28 June, 2021
Internal audit evaluates and improves effectiveness of an organisation’s risk management, control, governance and accounting processes. Internal audit is performed to identify potential risk (such as misappropriation of assets, misuse of funds, frauds, manipulation of records) an organisation may be prone to, managing those risk and reporting on such risk and their management as per statutory requirements.
Internal Audit Objectives:
Internal audit is performed to give assurance to top level management that the risk associated to business are identified and managed properly. It is conducted to provide assurance that management of an organisation has an ability to manage risk effectively. It also ensures that governance and internal control processes are operating effectively.
Benefits of Internal Audit:
Applicability of Internal Audit:
Can an employee of a company be appointed as an internal auditor?
An employee of a company can be appointed as an internal auditor provided he possess requisite qualification and abilities to perform internal audit.
Activities involved in Internal Audit:
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