Advantages and disadvantages of internal audit?, Auditing

Assignment Help:

Benefits of Internal Audit are following:

It is in-expensive.

No charted accounted is needed to audit internally.

Faults will be removed before preparing financial statements.

There will not be any type of embarrassment in the society due to errors have been removed.

Accounting staff will remain in pressure so record will remain update every time in the company.

Drawbacks:

Internal audit is not acceptable by the shareholder.

There can be errors in internal audit because he is not an auditor and there are some more.

 


Related Discussions:- Advantages and disadvantages of internal audit?

Audit procedures, audit procedure for shares or common stock

audit procedure for shares or common stock

Objectivity - external auditor report, Objectivity - External Auditor Repor...

Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment.  Many more business transactions have financ

Discuss the value of external audit, The management of a newly incorporate...

The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir

Companies modes of operation, Companies Modes of Operation Some compani...

Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market

Financial instruments - ias 32 and ias 39, Financial Instruments - IAS 32 a...

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Share capital - audit process, Share Capital - Audit Process Share cap...

Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm

Reporting to the members-fraud suspection, Reporting to the members Exc...

Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h

Co-operative societies, Co-operative Societies An audit in this case is...

Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth

Requirements of the companies act, Requirements of the Companies Act H...

Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd