0
What else can I help you with?
What exactly constitutes an internal audit in the food industry?
With the implementation of the internal audit program, senior management has proven its dedication to food safety and quality. Financial resources and employee time (for internal auditor training and audit execution) are needed for the planning, execution, and assessment of corrective actions, which include repairing buildings or equipment, increasing hygienic efforts, and enhancing employee training.
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
What is financial Cost of internal Audit?
The financial cost of an internal audit includes expenses such as salaries for audit staff, costs of training and development, and resources for audit tools and software. Additionally, there may be indirect costs related to the time spent by management and employees in preparing for audits and responding to findings. Overall, while these costs can be significant, effective internal audits can lead to improved compliance, risk management, and operational efficiency, potentially saving the organization more in the long run.
