Internal Auditing Service In India
As per the standard laid down by The Institute of Chartered Accountants of India (ICAI), Internal Audit is broadly defined as a Risk Management Function independently carried out to assist the Management of an organization. It is carried out internally at the behest of the Management and different from External or Statutory Audit. Internal Audit helps in identifying gaps and loopholes in implementation of policies and procedures laid down by the organization in various day to day functions like Finance, Risk, HR, Statutory compliances etc. It also does critical appraisal of internal controls and helps in implementing the best industry practices to meet corporate objectives.
When is Internal Audit required?
1. Increased size and complexity of business.
2. Compliance of Statutory requirement.
3. Use of Information technology on large scale.
4. Internal controls for risk management.
5. Establish sound corporate governance and use of best industry practices.
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