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?

Existence - plant and machinery, Existence - Plant and Machinery Howev...

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

Internal control - investment, Internal Control - Investment Whether a...

Internal Control - Investment Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those i

Valuation of debtors, Valuation of Debtors Debtors are valued simple l...

Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the

Insurance companies, Insurance Companies Authoritative documents invol...

Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu

Who is wal-mart''s external auditor?, Wal-Mart Locate the 2009 Form 10-K fo...

Wal-Mart Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions: 1. With respect to the report of the external auditors to "the Board of Directo

Contents of working papers - audit, Contents of Working Papers - Audit ...

Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w

Audit sampling, write short note on the following; audit sampling populati...

write short note on the following; audit sampling population sample size sample unit stratification extrapulation

What ethical and economic issues did the auditors consider, Blowing the Whi...

Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a

Auditors independence, Identify and explain FIVE risks to independence aris...

Identify and explain FIVE risks to independence arising in carrying out your audit

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