--%>
Assignment Help - homework help

Merits and demerits of internal audit

Write down the different merits and demerits of internal audit?

E

Expert

Verified

Merits of Internal Audit are illustrated below:

It is in expensive.
No charted accounted is needed to audit internally.
Mistakes will be removed before recording financial statements.
There will not be any kind of discomfiture in the society since mistakes have been removed.
Accounting employees will remain in pressure so record will remain update each time in the organization.

Demerits are illustrated below:

Internal audit is not acceptable through the shareholder.
There can be mistakes in internal audit since he is not an auditor.
As well as there are some more.

   Related Questions in Auditing

  • Q : Auditing around the computer Audit

      Audit procedures that ignore the actual computer processing part of business activities. A sample of input is tested and verified through standard audit technique, and the output is checked. Auditing around the computer assumes that if the output rights, then the processing is righ

    		•
  • Q : Company name: EMPIRE OIL & GAS NL The

    The length of the writing / reportmust not exceed 1000 words. Words in Bibliography or Reference Lists section are not included in the word count. 3 marks will be given for the contents (sources and understanding of industry and able to link audit objectives with findings); 1 mark will be given ba

    		•
  • Q : ACL Bradmark Case Case must be analyzed

    Case must be analyzed and reports run using ACL 9 desktop software (Education Edition). Screenprints of reports should be included and explained. All work must be cited.

    		•
  • Q : Operating versus Non-Operating Revenue

    Distinguish between Operating versus Non-Operating Revenue?

    		•
  • Q : Explain briefly statutory audit Explain

    Explain briefly statutory audit?

    		•
  • Q : Bradmark From the case description and

    From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures.

    		•
  • Q : Business-Government-NGO-Professional

    What are the difference between Business versus Govt. versus NGO revenue versus Professional revenue?

    		•
  • Q : Importance of internal audit to the

    Write down the importance of internal audit to the organization?

    		•
  • 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 : What are Internal Controls Internal

    Internal Controls: Internal control includes the plan of organization and all of the coordinate techniques adopted within a business to defend its assets, ensure the accuracy and consistency of its accounting data, encourage operational efficiency, an

    		•