--%>
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 : 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 : Importance of internal audit to the

    Write down the importance of internal audit to the organization?

    		•
  • Q : Merits and demerits of internal audit

    Write down the different merits and demerits of internal audit?

    		•
  • Q : Top line revenue versus Bottom line

    What is the difference between Top line revenue and Bottom line revenue.

    		•
  • Q : Audit A term usually referring to a

      A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i

    		•
  • Q : Importance of measuring an internal

    Write down the importance of measuring an internal audit department?

    		•
  • 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 : 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 : 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 : Provision for doubtful debts account

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

    		•