--%>
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 : Audit committee A subgroup of the board

      A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the

    		•
  • Q : Explain Marketing Audit Marketing Audit

    Marketing Audit: One of the most fundamental parts of marketing planning process is marketing audit. It is conducted both at the beginning of the process and also in between the series of points during the implementation of plan. Both internal and ext

    		•
  • 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 : Calculate the internal control audit

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

    		•
  • Q : How to do an internal audit successful

    Elucidate how to do an internal audit successful?

    		•
  • Q : Difference between statutory audit and

    Elucidate the difference between statutory audit and internal audit?

    		•
  • Q : Whats come after audit What to do after

    What to do after the audit?

    		•
  • Q : Provision for doubtful debts account

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

    		•
  • 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 : Introduction of the term Internal Audit

    Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?

    		•