1) Explain what is internal audit?
An independent and objective evaluations or examination of the company’s financial and operational business activities is referred as internal audit.
2) Mention what is the difference between internal and external audit?
External audit’s main focus is on the accuracy of the financial statements and annual report, while the internal audit has a wide prospective and looks into anything that is important for the organization’s success.
3) Explain the steps before an audit processes?
4) Mention what is meant by decommission liability?
De-commission liability is costs that a company expects to levied in the future when the plant is shut-down.
5) Explain what is required to perform an internal audit?
To perform an internal audit all of the financial records shall be given by the treasurer for the audit, including the check-book register, bank statement, deposit slip, cancelled checks, treasurer’s reports, expense vouchers or warrants with bill receipts, the annual treasurer’s report etc.
6) List out the check-list for the internal audit?
Check-list for the internal audit includes
7) Mention what all things have to be taken care for checks and vouchers in internal audit?
Internal audit Checks and Vouchers
8) Explain how you should conduct an internal audit?
To conduct an internal audit you should
9) Explain what is the meaning of plan drawn up in internal audit?
Plan drawn up is the assessment of the risk that is mutually agreed between the internal audit, senior management and audit committee determines the frequency with which particular audits take place.
10) Why internal audit is necessary?
Internal Audit is necessary to
11) Explain what you should do after the internal audit?
After the internal audit,