--%>

Importance of Internal Audit

Write down the importance of Internal Audit?

E

Expert

Verified

Planning is a vital aspect of internal audit. The auditor can plan to verify the accounting system. The plan might relate to accounting functions such as sales, purchase, expenses, income and shares. The planning consists of degrees of risk and extent of audit. It as well describes the nature of audit work. Controlling is a vital aspect of internal audit. Auditor can observe the operations of accounting system. He can manage audit work throughout audit program. The entire audit work is distributed between audit staff.

Recording is a vital aspect of internal audit. The audit can record the figures and facts in order to articulate his views in the business activities. The audit working papers and audit note book are employed to record the detail. Independence is vital facet of internal audit. The work of internal audit is completed by an employee of the company. He should not be influenced by management. He should be free in developing audit program, audit reporting and audit investigation.

   Related Questions in Auditing

  • Q : ACL Bradmark Case Case must be analyzed

    Case must be analyzed and reports run using ACL 9 desktop software (Education Edition). Screenprints of reports should be included and explained. All work must be cited.

  • Q : Importance of Internal Audit Write down

    Write down the importance of Internal Audit?

  • Q : What are Financial Audits Financial

    Financial Audits: It is a financial audit and is the critical analysis of the business's financial records and documentations. This can be completed at any level, from local to governmental. The financial profile or financial audit of the company will

  • Q : Techniques of audit Write down the

    Write down the techniques which are used throughout an audit?

  • Q : Audit committee A subgroup of the board

      A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the

  • Q : How to do an internal audit successful

    Elucidate how to do an internal audit successful?

  • Q : Scope of internal audit How can scope

    How can scope of internal audit aid you?

  • Q : Operating versus Non-Operating Revenue

    Distinguish between Operating versus Non-Operating Revenue?

  • Q : What are Internal Controls Internal

    Internal Controls: Internal control includes the plan of organization and all of the coordinate techniques adopted within a business to defend its assets, ensure the accuracy and consistency of its accounting data, encourage operational efficiency, an

  • Q : Explain Audit Controls Audit Controls :

    Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however a