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The term audit is derived from the Latin term audire which means to hear. In early days an auditor used to listen to the accounts read over by an accountant in order to check them.
EXPOSURE DRAFT – PROPOSED REVISED DEFINITION OF INTERNAL AUDIT (Last date for comments -November 25, 2017) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revised definition of internal audit. An explanation has also been included as part of the revised definition to provide additional clarity […]
Traditionally, the internal audit function focused on providing core assurance around business process risk and controls. But, with increasing market volatility and complexity, internal audit is being asked to deliver deeper insights and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and increasing the use of analytics.
In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense).
An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’.
Appointment of internal auditor under Gujarat Horticulture Mission Download Full Text
Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations.
Current Internal Audit across mid-sized and smaller organisation involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results or outcome more likely to reveal inefficiencies in the process, authorisation and non adherence to documented policies.
Internal auditor should try to draft a high quality report presenting his audit findings and recommendations in the best presentable form, so that timely and relevant information is delivered to key stakeholders.
The evolution of auditing is a complicated history that has always changed through historical events. Since the beginning of human civilization, auditing has been around.It has its genesis in the era of Maurya dynasty where Kautilya, a 4th century B.C.E. economist, recognized the importance of accounting methods in economic enterprises
