Objectives of Internal Audit

Question

Write down the main Objectives of Internal Audit?

Answer 1

The reason of internal audit is to maintain appropriate control on business activities. When there is appropriate control there is maximum effectiveness. The internal auditor resolves the degrees of control over work. The reason of internal audit is to appraise the accounting system. It is concerned with checking appropriate authority for transactions such as retirement, purchase and disposal of fixed assets. The vouchers can be contrasted with entries in order to resolve that figures are facts.

The reason of internal audit is to aid the management. Internal auditor can identify the weakness. The internal audit can be employed as an instrument to correct the situation. The management functions can be performed appropriately. The reason of internal audit is to appraisal the working of business. The working of current tear can be reviewed in detail just to note the successful region of working. There is a need to place the drawbacks. The counteractive measures can be taken for appropriate working.