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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.
As a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Local Corporation (TLC). In addition, the p
Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.
what is the effect of fraud and error on the financial statement.please I want simple answer
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what is internal audit standardizes.
Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measure of evidence o
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