no
No. The word auditor doesn't only mean an internal auditor but also an external auditor. An auditor could be an internal or an external auditor. In most cases simply an auditor means an external auditor.
Internal auditor is elected by a voice vote in a general body meeting of any organization. You don't need any qualification for becoming an internal auditor. But if you are already in the line of accounts and audits, you have the brightest chance of being elected in your organization as Internal Auditor.
IIA members approved the Code of Ethics in 1968; and in 1972 adopted a Common Body of Knowledge, which identified the content for the certified internal auditor (CIA) examination
doing internal audit and help management
a lot of money
Duties of internal auditor is to overview the internal control system in company to ensure sound internal control systems. Duty of external auditor is to examin the books of accounts and give verdict about true and fair nature of books of accounts.
An internal auditor is one who is on staff at a company or business. The auditor checks to make sure all monies are accounted for, that the company's books balance and that there are internal controls on spending. An external auditor is one that is not a company employee and usually is an accountant from an outside accounting firm that does almost the same job as internal auditors. The main difference is that as an outside company, it can be more objective on its findings.
why is it necessary for the auditor to assess the internal contol processess
The company's internal auditor is a watchdog, making sure rules are being followed. An external auditor is a bloodhound looking for rules that have been broken.
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Not specifically prescribed in company act 1956 but in company act 2011 it is recommended that internal auditor must be ca/cma or other professional suitable for internal audit in opinion of board.
The purpose of an internal auditor is to review the current methods within a company and determine if they are beneficial or not. This may include review wages of employees, profit margins and sales prices.