Definition of Internal audit: This is a process of evaluating and reviewing an organization’s operations. It is including its internal controls, risk management, financial and accounting systems, and compliance with laws and regulations. The primary objective of internal audit is to provide independent and objective assurance to the organization’s management and stakeholders. That the organization’s… Read More »
Audit Planning Audit planning: It is the process of designing and developing a strategy or roadmap for conducting an audit. It involves defining the scope and objectives of the audit, identifying potential areas of risk or concern, determining the resources need to carry out the audit, and creating a timeline for completing the audit.… Read More »
Statutory Audit and Tax Audit Tax audit and Statutory audit are two distinct types of audits conducted for different purposes. Statutory audit Statutory audit aims to verify a company’s financial statements to ensure they present a true and fair view of its financial position. It is a legal requirement under the Companies Act, 2013,… Read More »
