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 operations are effective, efficient, and compliant. Internal auditors are typically employed by the organization and work closely with management to identify areas for improvement and make recommendations for enhancing the organization’s operations and controls.
For more information visit: https://www.incometax.gov.in
The scope of it can vary depending on the organization’s size, industry, and complexity, but it generally covers all aspects of the organization’s operations.
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