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All about of internal audit by ca. sharad b. bhararia at ica

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All about of Internal Audit by CA. Sharad B. Bhararia at ICA

All about of Internal Audit by CA. Sharad B. Bhararia at ICA

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  • 1. Lecture Meeting All About “Internal Audits” Thursday, 12th July, 2012 VenueInstitute of Computer Accountants (ICA) Borivali, Mumbai
  • 2. Introduction Introduction CA. Sharad B. Bhararia CA. Sharad B. Bhararia B.Com., C.S., A.C.A. B.Com., C.S., A.C.A. PRACTICING CHARTERED ACCOUNTANT PRACTICING CHARTERED ACCOUNTANT Bhararia & Associates Bhararia & Associates Chartered Accountants Chartered Accountants Cell: 81490 80427 | | Email: casharad27@yahoo.com | | casharad@icai.org Cell: 81490 80427 Email: casharad27@yahoo.com casharad@icai.orgAll about "Internal Audits" byby CA. Sharad B. Bhararia, ICA, Borivali onon 12th July, 2012 All about "Internal Audits" CA. Sharad B. Bhararia, at at ICA, Borivali 12th July, 2012
  • 3. Sr. No Topic Slide No A What is Audit 4–5 B Who is an Auditor 6 C Types of Audits 7 – 13 D What is Internal Audit 14– 16 E Evolution of Internal Audit 17 – 18 F Need for Internal Audit 19 – 21 G When is Internal Audit Initiated 22 H Internal Audit - Indian Scenario 23 – 28 I Internal Audit Standard Board (IASB) 29 – 31 How is Internal Audit Done  Internal Audit Program J  Pre Audit 32 - 42  At the Time of Audit  Post Audit K Internal Audit – “The Dark Side” 43 L Internal Audit – “The Good Side” 44 -45 M Interview and other related topics 47 - 50 N Questions and Answers 51
  • 4. What Is Audit????All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 4
  • 5. Dictionary definition of Audit Audit (noun) “An examination of accounts by one or more duly authorised persons.” Audit (verb) “To examine by reference to vendors.” Definition of quality audits “A systematic and independent examination to determine whether quality activities comply with planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve objectives.”All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 5
  • 6. Who is an Auditor ??? “An auditor is a person who makes an independent report to a companys stakeholders, as to whether its financial statements have been properly prepared in accordance with the Laws of Land. The report must also say if a companys accounts give a true and fair view of its state of affairs.”All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 6
  • 7. Types of Audit Audits may be described using a number of different terms  Internal Versus External  1st Party  2nd Party  3rd Party Since we come across these terms frequently, when discussing different types of audits, it is important to understand how they are used.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 7
  • 8. Internal Audit  An audit that is performed for an organization by or on behalf of itself is commonly called an internal audit.  The actual auditors may be internal employees, or may be contracted auditors to perform the auditing services.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 8
  • 9. External Audit  An audit that is performed for an organization by or on behalf of a separate organization is commonly referred to as an external audit.  There may be several different kinds of external audits, depending on the nature of the client and the purpose of the audit.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 9
  • 10. 1st Party Audit  A 1st party audit is another term used for „internal audits‟. Where an organization commissions an audit of itself, for its own internal purposes.  May be performed by external auditors or internal auditors, but never by 2nd or 3rd party auditors.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 10
  • 11. 2nd Party Audit  A 2nd Party Audit is one type of external audit, where an organization is audited by an outside, external organization for the purposes of the outside organization.  Common examples would include a supplier audit (an audit by a potential customer performed on a potential supplier), an audit of a potential financial partner (joint venture or purchase etc.)All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 11
  • 12. 3rd Party Audit  A 3rd party audit is a specific type of external audit that is done for the purpose of objectively verifying the auditee‟s circumstances.  An ISO 14001 certification audit is the most common example of a 3rd party verification audit.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 12
  • 13. AUDIT CLIENT AUDITOR AUDITEE Internal or 1st Party Audit Internal Internal External 2nd Party Audit External External Internal 3rd Party Audit Internal External InternalAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 13
  • 14. What Is An Internal Audit ?? First Thoughts !!!All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 14
  • 15. Common Replies are…  “NCAA” (No Clue At All)  “Accounting Practice”  “Boring”  “Reviewing Accounting Records”  “Bean Counting”All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 15
  • 16. The Institute of Chartered Accountants of India (ICAI) defines Internal Audit as follows - “Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entitys strategic risk management and internal control system.”All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 16
  • 17. EVOLUTION OF INTERNAL AUDITS K. H. Spencer Pickett , a noted author in the field of internal audit, has identified following stages in the evolution of modern internal audit: As a Sibling of External Audit In the initial stages, internal audit began as an extended arm of an external/statutory audit of financial statements. The main, but rather restricted, function of the internal audit at this stage was verifying the reliability of the financial information included in the financial statements. The internal audit function in this stage of evolution could not understandably add much value to functioning of the entity. As a Cross Check In this stage of its evolution, internal audit was also required to test non financial information and transactions in terms of their correctness and compliance with the laid down policies and procedures.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 17
  • 18. As a Probity Police At this stage of its evolution, the internal audit came to be more concerned about the probity aspects of the transactions especially those involving liquid and highly movable assets such as cash, stocks, etc. As a Non Financial Systems Police As the global economy surged forward full steam, the need for having a full fledged, strategically directed internal audit emerged as an inevitable service that could assist management in decision making, moving away from being merely a police on financial transactions. Thus, emerged the modern internal audit where the latter was established as a separate function, in house or outsourced, with clearly laid down missions and objectives to be achieved. As of today, internal audit undeniably is the backbone of a sound corporate governance system.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 18
  • 19. Need for Internal Audit ? Increased size and complexity of businesses Increased size and business spread dilutes direct management oversight on various functions, necessitating the need for a full time, independent and dedicated team to review and appraise operations. Enhanced compliance requirements Increase in the geographical spread of the businesses has also led to crossing of political frontiers by businesses in a bid to tap global capital. This has thrown up compliance with the laws of the home country as well as the laws of that land as a critical factor for existence of businesses abroad. Focus on risk management and internal controls to manage them Internal auditors can carry out their job in a more focused manner by directing their efforts in the areas where there is a greater risk, thereby enhancing the overall efficiency of the process and adding greater value with the same set of resources.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 19
  • 20. Unconventional business models Businesses today use unconventional models and practices, for example, outsourcing of non-core areas, such as accounting. Intensive use of Information Technology Information technology (IT) is invariably embedded in all spheres of activities of a modern business enterprise today, from data processing to resource planning to online sales and ecommerce. Use of IT has, however, increased the threat of data thefts or losses on account of systems failure or hacking, as well as the need to comply with the cyber laws, etc. Stringent norms mandated by regulators to protect investors The regulators are coming up in a big way to protect the interests of the investors. The focus of the latest regulations being ethical conduct of business, and enhanced corporate governance and financial reporting requirements, etc.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 20
  • 21. Others Check Administrative Efficiency of Polices and Procedures (P&P‟s) Ascertain the Extent to which Company Assets are Accounted Safeguard from Losses of All Kinds Determine the Reliability of Management Data developed within the Organization To determine conformity or non-conformity of the System with specified requirements To determine the effectiveness of the implemented quality system in meeting specified quality objectives. To afford an opportunity to improve the quality system. To provide managers with information. Determine the Extent of Actual Compliance Appraise P&P‟s for Possible Improvement Increase Efficiency by identifying any other means by which the activity/function can be made More Effective 21
  • 22. When is Internal Audit initiated ? a. As a Routine / Regular Task b. As a consequence of particular Event a. Variation in the product quality (Cadbury Eg.) b. Organizational Modifications c. Fraud findings d. Follow up corrective actions from a previous audit. c. For evaluation of the organizations quality system against quality systems standards. d. For Compliance of Regulatory / Legal requirements.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 22
  • 23. Internal Audit - Indian Scenario Clause 49 of Listing Agreement The Securities and Exchange Board of India (SEBI) has introduced certain mandatory as well as certain recommendatory corporate governance provisions in Clause 49 of the Listing Agreement applicable to listed entities. Some of the important requirements of Clause 49 pertaining to internal audit are as follows - 8 The Audit Committee is required to review: The adequacy of the internal audit function, if any, including the structure of Internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit, including appointment, removal and terms of remuneration of the chief internal auditor.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 23
  • 24. 8 The Audit Committee is required to review….. - Internal audit reports relating to Internal Control weaknesses. - The findings of any internal investigations by the internal auditors into matters where there is a suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 24
  • 25. 8 The CEO and the CFO is required to CERTIFY that - They accept responsibility for effectiveness of internal controls and that they have disclosed to the auditors and the Audit Committee deficiencies in the design and operation of the internal controls and steps taken for rectification of the same. They have indicated to the Audit Committee and the Internal as well as External auditors as to the following aspects:  Any significant changes in internal controls.  Any significant changes in the accounting policies and instance of significant fraud, if any, and that the same have been disclosed in the notes to the financial statements.  Instances of any significant fraud and involvement, therein of the management or any employee having a significant role in the internal control systems of the company.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 25
  • 26. Thus, it is amply evident from the above that the management, especially the functional management as well as the Audit Committee needs extensive support from the Internal Audit Function to give it the primary assurance about controls and compliances before giving the required reports/ certificates or to appropriately review the necessary aspects and make informed decisions. Section 292A of the Companies Act, 1956 In addition, Section 292A of the Companies Act, 1956, requires public companies having paid up capital of Rs. 5 crores or more to constitute a committee of the Board, i.e., the Audit Committee. In terms of sub section 5 of the said Section, the internal auditor is required to attend and participate at the meetings of such Audit Committees.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 26
  • 27. Companies (Auditors Report) Order, 2003 The Central Government, in terms of the power vested under Section 227(4A) of the Companies Act, 1956 had notified the Companies (Auditors Report) Order, 2003. Clause (vii) of the said 2003 order requires the auditor to report as follows: “whether in case of listed companies and / or other companies having paid-up capital and reserves exceeding Rs. 50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, whether the company has an internal audit system commensurate with its size and nature of its business.” Though the clause does not by itself mandate internal audit in the subjected companies, yet a company to which the same is applicable, would incur a negative remark from the auditor if it does not have an internal audit system.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 27
  • 28. Others  Section 581ZF of the Companies Act, 1956 requires that every Producer Company shall have Internal Audit of its accounts carried out by a Chartered Accountant, at such interval and in such manner as may be specified in articles.  The Securities and Exchange Board of India (SEBI) has mandated complete internal audit on a half-yearly basis for stock brokers / trading members / clearing members.  IRDA (Investment) (Fourth Amendment) Regulations, 2008 has introduced requirements of quarterly Internal Audit for Insurers.  Companies going in for tapping the international capital market, especially, those seeking listing in US stock exchanges, NASDAQ, NYSE, etc., also need a strong Internal Audit function to meet the stringent corporate governance and internal control requirements of those stock exchanges. In this context, the US companies, having US public as investor also needs to comply with the requirements of Sections 302 and 404 of the Sarbanes Oxley Act of 2002.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 28
  • 29. Internal Audit Standards Board (IASB) The Internal Audit Standards Board (IASB) is constituted as the Committee on Internal Audit, with the mission of reinforcing the primacy of the Institute of Chartered Accountants of India (ICAI) as a promoter, and source of knowledge relating to internal audit to enable its members to provide more effective and efficient value added services related to this field to the Industry and others and help them to strengthen their governance process, their control and risk management process. Standards on Internal Audit (SIAs) The SIAs aim to codify the best practices in the area of internal audit and also serve to provide a benchmark of the performance of the internal audit services. The Board has till date issued 17 SIAs.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 29
  • 30. SIA 1 Planning an Internal Audit SIA 2 Basic Principles Governing Internal Audit SIA 3 Documentation SIA 4 Reporting SIA 5 Sampling SIA 6 Analytical Procedure SIA 7 Quality Assurance in Internal Audit SIA 8 Terms of Internal Audit Engagement SIA 9 Communication with Management SIA 10 Internal Audit Evidence SIA 11 Consideration of Fraud in Internal Audit SIA 12 Internal Control Evaluation SIA 13 Enterprise Risk Management SIA 14 Internal Audit in an Information Technology Environment SIA 15 Knowledge of the Entity and its Environment SIA 16 Using the Work of an Expert SIA 17 Consideration of Laws and Regulations in an Internal AuditAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 30
  • 31. Technical / Generic Guides The IASB also brings out various technical publications for the benefit of the members i. Technical Guide on Internal Audit of Retail Industry ii. Technical Guide on Internal Audit of Life Insurance Business iii. Compendium of Technical Guides on Internal Audit iv. Handbook on Professional Opportunities in Internal Audit v. Technical Guide on Internal Audit of Mutual Fund vi. Guide on Environnemental Audit vii. Technical Guide on Stock and Receivables Audit …..and many moreAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 31
  • 32. How is Internal Audit done ?All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 32
  • 33. We‟re Here to Help! • Identify Risks • Find Better Ways and Best Practices • Partner With You to Find Solutions • Prevent ProblemsAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 33
  • 34. Internal Audit Program  Risk Assessments (Risk Based Internal Audit) Size, Amount of Change, Previous Reports  Cycle Approach Based on Risk High Risk First Visit Everyone within 2 to 5 year Cycle  MIS Implications (Security Systems) External Hackers Internal Theft Disgruntled Employees Statistics  Pinpoint problems by Variance Analysis  Decide upon the Risk Acceptance CriteriaAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 34
  • 35. Internal Audit Program…..  Based on risk assessment and available man hours  Includes estimated budget hours and completion date.  Approved by Audit Committee  List of Audits  General Internal Audit  Information Systems (IS) Audit  HR and Payroll Audit  Assets Audit  Treasury Audit  Procurement to Pay (P to P) Audit  Payables Audit  Legal Compliances Audit  Receivables Audit  Purchase Audit, Sales Audit  Process Audit  Expense Audit  Product Audit  Follow Up Audit and many more….All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 35
  • 36. PRE - AUDIT  What type of audit ?  Gather preliminary information.  Develop check lists.  Who will perform audit ?  Arrange time of audit.  Examine previous audit results.  Talk to other departments.  Prepare audit plan.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 36
  • 37. PRE – AUDIT…. AUDIT CHECK LISTS An extremely powerful audit tool, if used correctly CHECK LISTS CAN BE Based on recognized quality standards. Developed around departments operating system. Based on company standards and procedures. Based on product /customer requirements. CHECK LISTS ACT AS A guide. An aide memoire. Provider of continuity. A record of audit coverage.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 37
  • 38. At the time of AUDIT  Identify the major Risk Areas in the Organization  Check the Internal Controls in Place to counter these risk areas  Check whether the Internal Controls are effective, efficient and continuous all the time (Compliance Testing) • Preventive Controls (Eg. Biometrics Locks, Segregation of Duties) • Detective Controls (Eg. Computer Logs) • Corrective Controls (Eg. Backups, BCP & DRP)  Take appropriate Sample to be vouched (Substantive Testing)  Identify the root cause of the Problem  Check Statutory Compliance Requirements  Maintain Confidentiality of Client‟s Data Focus on the Cause, Not on the Symptoms.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 38
  • 39. At the time of AUDIT…  Interview the Right People  Check the Industry Trends vis-à-vis the Organizations statistics  Benchmarking of company‟s data vis-à-vis other and external data.  Record all the Audit Findings  Take sufficient and appropriate Audit Evidences.  Develop the Report simultaneously  Take Management Comments in the Report for every qualifications. Think Out of the Box ! A Bad Auditor is One Who Cultivates One-way Communication !All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 39
  • 40. POST AUDIT Internal Audit Report  The Audit Report is the principal instrument by which audit findings are communicated to management and the Audit Committee.  Internal Audit reports should be accurate, objective, constructive, clear, concise, and timely.  Each audit finding should be classified as a major control weakness, minor control weakness, exception, observation, or a violation of law.  The audit findings summary should be of sufficient detail to identify the control weaknesses, exceptions, observations or violations of law, rule, or regulation, and should include supporting facts to the extent considered necessary.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 40
  • 41. Internal Audit Report Contents  Audit Name and Report Issuance Date  Audit Report Addressee: Identifies the process owners to whom the Audit Report is directed  Report Distribution List: Identifies all parties to whom the Audit Report is distributed  Scope and Objective of the Audit: Identifies the major activities, processes and functions reviewed and identifies the time period the audit is meant to review (dates of sample tested documents and procedures)  Auditor‟s Conclusions and Internal Control Rating: Identifies the auditor‟s opinion regarding the adequacy and effectiveness of internal controls to include an internal control rating.  Narrative overview of the business activity and its associated internal controls  List and detailed explanation of the Major Control Weaknesses, Minor Control Weaknesses, Exceptions, Observations and Violations of Law, Rules and Regulations noted during the audit  Disclaimer Clause.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 41
  • 42.  Internal Auditors Recommendation for corrective action as it applies to each audit finding  Management Response: A section for management to include its written response to the audit finding and state any corrective action taken or planned  Target Completion Date: Identifies the date corrective action will be completed by management  Comment Owner: Identifies the manager responsible for ensuring corrective action is taken as it applies to the audit finding  Appraise Policies &Procedures for Possible Improvement.  Increase Efficiency by identifying other means by which the activity / function can be made more Effective.  Future Oriented and not just fault finder.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 42
  • 43. ☻Internal Audit – „the Dark Side‟ ☻ ☻ Testing Compliances can be Boring ☻ Many people think its Not a good work experience ☻ You Travel a Lot (60% on the Road) ☻ “What Personal Life ?”All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 43
  • 44. ☺ Internal Audit – „the Good Side‟ ☺ ☺ Audit Improves MPNW (My Personal Net Worth) ☺ Broad Exposure to a Business‟s Operations ☺ Interaction & Exposure to Senior Management ☺ Opportunities to Learn How Business really Works in different Markets ☺ Excellent Opportunity for Networking in the Organization ☺ Great way to Learn about other Areas of the business from a career perspectiveAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 44
  • 45. ☺ Internal Audit – „the Good Side‟ ☺ … ☺ Can Scope out Future / Potential Roles ☺ Unusual for Entry Level jobs to have such exposure to Senior Management ☺ Develops Communication Skills - the ability to think on your feet! - the ability to communicate to large amounts of people ☺ Great Travel. ☺ Experience what it‟s like to live all over the world without having to move. ☺ Gives you more career paths as you‟re learning processes and operational capabilities, not just finance.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 45
  • 46. At the time of Interview 1. Be very specific 2. Never lie, accept if you don‟t know some answers. 3. Maintain a pleasant smile 4. Extend a heavy hand shake 5. Memorize the name of everyone you meet 6. Be a good listener, accept other‟s view point. 7. Be open minded and tolerant 8. Say Thank You expressively, not just politely 9. Be Confident, Handle yourself properly, well dressedAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 47
  • 47. Expectation of an Employer… 1. Sincerity, Dedication and Discipline 2. Hard Work is most Important 3. Handle yourself properly, well dressed, etc 4. Time of SpecializationAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 48
  • 48. Attitude required to get and maintain Job 1. Know what you actually want 2. Search top employers of your interested area 3. Resume should be excellent 4. Hard Work is most Important 5. Always be Punctual, loyal and sincere. 6. Be Confident, Handle yourself properly, well dressed, etcAll about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 49
  • 49. Accounts and Taxation - requirements 1. Dynamic Fields 2. Always changing with time- Eg. Revised Sch VI, DTC, IFRS, GST, etc 3. Should be updated on all Taxation matters on macro basis. 4. General Logic is required 5. Reading Business newspapers of can by great help.All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 50
  • 50. Any Questions ???All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 51
  • 51. Thank You !!!All about "Internal Audits" by CA. Sharad B. Bhararia, at ICA, Borivali on 12th July, 2012 52