Merits and demerits of internal audit
Write down the different merits and demerits of internal audit?
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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.
Elucidate how to do an internal audit successful?
how long will it take and how much will u charge
How can scope of internal audit aid you?
Write down the main Objectives of Internal 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
Elucidate the differentiation between External Audit and Internal Audit?
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Write down the importance of measuring an internal audit department?
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