INTERNAL AUDIT 

.....Is done for large corporates and government units engaged in any industry sector..... 


.....Compulsory for Public Companies....

It constitutes  

• Designing internal controls 
  


• Implementing the controls 
  


• Monitoring their operating effectiveness 
  

Internal Audit  covers any area, function, department, division of an organisation and can be in-depth  in scope. 

In case of Indian public companies the auditor has to state in his report, as required by Companies (Auditor’s Report) Order, 2003, whether management has maintained adequate internal control procedures in fixed assets, inventory, and sale of goods and has corrected major weaknesses.

Internal Audit Workflow