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Internal audit refers to an independent service to evaluate an organisation’s internal controls, its corporate practices, processes, and methods. An internal audit helps in securing compliance with the various laws applicable to an organisation.
Section 138 of the companies act deals with the same, i.e., Internal Auditing. And states about the various classes of companies where Auditing is mandatory.
Section 138 of the Companies Act 2013
Internal Audit under Section 138 of Companies Act, 2013: The internal audit assesses a company’s interior control, inclusive of its corporate governance and accounting methods. These audits pledge compliance with laws and regulations and help to maintain precise and timely financial reporting and data collection.
What else can I help you with?
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
What is internal audit audit evidence?
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
What the Difference Between Internal Audit and Interim Audit?
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Is pre audit is a internal audit function?
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
What is Internal audit an external audit?
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
What is the difference between internal audit and interim audit?
Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year.
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
When there is a statutory audit introduction of internal audit is not necessary at all?
false
When there is a Statutory Audit introduction of Internal Audit is not necessary at all.?
false
Difference between internal and external audit?
An internal audit is done by the company itself. An external audit is done by auditors not under the influence of the company being audited.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
