external auditor

The government may ask third party administrators (TPA) that provide cashless medical insurance service to undergo external audit following complaints of delays in settling claims. “We have received number of complaints over delayed settlement of claims. There is also an issue of one TPA working for more than one insurance firm, leading to delay in processing,” said an official who did not wish to be named. Full Article

Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation's system of internal control and its scope includes ALL aspects of internal control, not just financial control.. The scope of internal audit is much wider than statutory/external audit. It should ideally cover all the organisation’s activities. They include: Full Article

Appointment of external auditors for bank audits continue to be mired in controversy. After the auditing profession regulator, the Institute of Chartered Accountants of India (ICAI), it is now the turn of the bank employees to oppose the freedom given to public sector bank boards to choose the statutory auditor. The All-India Bank Employees Association [...] Full Article