Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / sandhya shetty
An audit is an accounting procedure under which the
financial records of a company or individual are closely
inspected to make sure that they are accurate.
There are two primary types of audit: internal audits and
independent(external)audits .
Regardless as to the type of audit, it should be assumed
that an audit will be performed without bias. In the case
of an internal audit, this can be difficult, because an
internal audit is carried out by the accounting staff of
the company concerned. Generally, an internal audit can
only successfully be carried out by a large accounting
department, because auditors cannot audit records to which
they contributed. Internal audits are usually carried out
on a regular basis by large companies to ensure that their
finances are in order, and if the company is publicly
traded, audit reports are available for inspection by
stockholders.
An independent or external audit is carried out by a
neutral third party, such as a professional accounting firm
which specializes in audits.
Regards,
Sandhya shetty
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
Whether interstate purchase of High speed diesel by mines at concessional rate is allowable ?
Explain the difference between internal audit and statutory audit?
Whether Advance against property to be included in Loans & Advances while referring to section 185 & 186 of Companies Act, 2013?
What is CARO 2003? What do you mean by management audit?
Why does a systems auditor need to use professional judgement when selecting audit procedures?
What are the essential of internal audit?
Tell me that how I can evaluate the internal control audit?
What are the reasons for getting audited?
what is the difference you can make by doing your course in the country of your choice
What is the mean of internal audit?
i have to finalize a mineral water co. for the year 2014-15 and i want to know that what will be rate of excise duty on sale of mineral water.
What is the mean of decommission liability?
i read in andhra bank recruitmentin that i saw english languages marks are eligible what is that eligible mark
Should the duty of creating a purchase order be segregated from the duty of creating a vendor?
what is the reason for controls in an IS environment?
