--%>
Assignment Help - homework help

Functions of Internal Audit

Elucidate various Functions of Internal Audit?

E

Expert

Verified

The function of internal audit is concerned with analysis of internal check. The internal audit can look in the duties of every employee. All employees are provided jobs on the basis of their capabilities. The auditor can test the efficiency of internal check. The function of internal audit is examining the application of lawful requirements.

The accounts are made under certain legal frame work. Verification of accurateness is a function of internal audit. The accurateness of accounting books and records can be verified with the aid auditing techniques. The audit methods consist of inspection, inquiry, observation, computation, confirmation and appraisal. An auditor can verify the accurateness through these methods.

Confirmation of liability is a function of internal auditor can decide the work done by each person. The negligence or carelessness on the division of worker is noted. The concerned person is given a chance to elucidate his position. If the reason is not justified, the liability is confirmed. The function of internal audit is to inspect the assets protection. The appropriate record is to be maintained. The possession should be in the hands of senior officer. The assets are employed for business only. There are appropriate purchase and disposal of these assets. The internal auditor can verify that assets are protected.

   Related Questions in Auditing

  • 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

    		•
  • Q : Marketing audit for goods and service

    Marketing audit for goods and service industry: This basic concept of marketing audit applies to both material goods and service industry. The marketing audit is a powerful tool with banking industry throughout world. Banking world to

    		•
  • Q : Calculate the internal control audit

    Tell me that how we can calculate the internal control audit?

    		•
  • Q : Portfolio manager uses a T-bond futures

    1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon

    		•
  • Q : Merits and demerits of internal audit

    Write down the different merits and demerits of internal audit?

    		•
  • Q : What are Operational Audits Operational

    Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit

    		•
  • Q : Difference between statutory audit and

    Elucidate the difference between statutory audit and internal audit?

    		•
  • Q : Auditing i juz need answer of question

    i juz need answer of question 13 14 15 16... m uploading assignment having 16 questions i have done until 12... m gona upload solution as well

    		•
  • Q : Functions of Internal Audit Elucidate

    Elucidate various Functions of Internal Audit?

    		•
  • Q : Provision for doubtful debts account

    Write all the Steps for making provision for doubtful debts account?

    		•