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?

What does an internal audit charter contain, This charter defines the missi...

This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i

Audit procedures -research and development , Audit Procedures -Research and...

Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and

Management representations as source of audit evidence, Management Represen...

Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t

Important points about auditor - audit process, Important Points about Audi...

Important Points about Auditor - Audit Process The Points that should be noticed that: i. The auditor must forever date his audit report. This date should be as close as pr

Describe the ethical threats, (a) State the FIVE threats contained within ...

(a) State the FIVE threats contained within Auditor's Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat. (b) You a

Comparison of the negative and positive methods, Comparison of the Negative...

Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag

Meaning of true in auditing, Meaning of True in Auditing Meaning of 't...

Meaning of True in Auditing Meaning of 'true and fair'/present fairly' Truth in accounting is quite different form scientific truth.  Accounting does without a deal along w

Internal Audit., #quInternal Audit checklist for fixed assetsestion..

#quInternal Audit checklist for fixed assetsestion..

Sufficiency - sources of evidence, Sufficiency - Sources of evidence T...

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

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