Internal audit ppt

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Internal Audit is a tool of control to measure and evaluate the effectiveness of the working of an organization primarily with accounting, financial and operational matters.
Internal Audit plays a constructive role by rendering service to the management with objective appraisal of systems, procedures, practices, compliance with policies.
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Internal audit ppt

  1. 1. Internal Audit How does it help and why is it important
  2. 2. www.letzconsult.com What is Internal Audit? Internal audit is: • Tool of control to measure and evaluate the effectiveness of the working of an organization • To ensure that all the laws, rules and regulations governing the operations of the organization are adhered to • An independent appraisal activity within an organization for the review of systems, procedures, practices, compliance with policies for accounting, financial and other operations as a basis for service to management. • Internal Audit plays a pivotal role in ensuring that efficient controls are operating in all the activities, be it is liabilities or assets of an Organization. • It is a tool to identify risks and also suggests remedial measures, thereby acting as a catalyst for change and action.
  3. 3. www.letzconsult.com What is the purpose of Internal Audit? IA Detection Forewarning the Management about errors, frauds and misappropriations. Brings the deficiencies to Management’s notice in advance Identifies the good, bad and ugly in financial, operational and future plans of organisation
  4. 4. www.letzconsult.com Who all need Internal Audit? As per Companies (Auditor’s Report) Order, 2003, by the Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, it is mandatory for all Companies to appoint internal auditor, if CARO 2003 is applicable. All Companies & Trust (Listed or Unlisted) Companies where CARO, 2003 is applicable Paid up capital and reserves > INR 50 Lakh at the commencement of financial year Average Annual Turnover exceeding INR 5 Cr for a period of three consecutive financial years, immediately preceding the financial concerned
  5. 5. www.letzconsult.com Choose your Internal Audit Consultants on LetzConsult

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