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What is the objective of internal audit

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posted Jan 6 by anonymous

4 Answers

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Dear,

Internal audit is an independent appraisal function established by the management of an organisation for the review of the internal control system as a service to the organisation. It objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economic and effective use of resources. Auditor recommendations in an internal audit report are designed to help the organization achieve effective and efficient governance, risk and control processes associated with operations objectives, financial and management reporting objectives; and legal/regulatory compliance objectives

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CA Chitranjan Agarwal

answered Jan 6 by Ca Chitranjan Agarwal
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Objective of internal audit s to:
1. Monitor the internal control.
2. Examination of financial and operating information.
3. Review of operations.
4. Review of compliance with law or regulation.
5. Assessment of governance.
6. Risk management

answered Jan 8 by Sindhu. G
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Hie Sindhu G.

Objectives Of Internal Audit
The objectives of the internal audit can be summarized as follows:

  1. To verify the correctness, accuracy and authenticity of the financial accounting and statistical records presented to the management.

  2. To confirm that the liabilities have been incurred by the organization in respect of its valid and legitimate activities.

  3. To comment on the effectiveness of the internal control system and the internal check system in force and to suggest ways and means to improve these systems.

  4. To facilitate the early detection and prevention of frauds.

  5. To examine the protection afforded to company's assets and use of them for business purpose.

  6. To identify the authorities responsible for purchasing assets and other items as well as disposal of assets.

  7. To ensure that the standard accounting practices which have to be followed by the organization are strictly followed.

  8. To undertake special investigation for the management.

  9. To assist management in achieving the most efficient administration of the operation by establishing procedures by complying with company's operating policies.

answered Jan 10 by Archana Kumawat
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**

INTERNAL AUDIT

**
The objectives of the internal audit can be summarized as follows:

  1. To verify the correctness, accuracy and authenticity of the financial accounting and statistical records presented to the management.

  2. To confirm that the liabilities have been incurred by the organization in respect of its valid and legitimate activities.

  3. To comment on the effectiveness of the internal control system and the internal check system in force and to suggest ways and means to improve these systems.

  4. To facilitate the early detection and prevention of frauds.
    Thanks

answered 1 day ago by Lochan
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