Benefits of Internal Audit are following:

It is in-expensive.

No charted accounted is needed to audit internally.

Faults will be removed before preparing financial statements.

There will not be any type of embarrassment in the society due to errors have been removed.

Accounting staff will remain in pressure so record will remain update every time in the company.

Drawbacks:

Internal audit is not acceptable by the shareholder.

There can be errors in internal audit because he is not an auditor and there are some more.

 

Posted Date: 3/30/2013 6:43:57 AM | Location : United States

Ask an Expert

Related Discussions:- Advantages and disadvantages of internal audit?, Assignment Help, Ask Question on Advantages and disadvantages of internal audit?, Get Answer, Expert's Help, Advantages and disadvantages of internal audit? Discussions

Write discussion on Advantages and disadvantages of internal audit?
Your posts are moderated

Write your message here..

Related Questions

What is an integrated audit, The modern integrated audit approach combines ... The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.

Statutory Auditing - Newspaper agencies, Provide the data regarding all abo... Provide the data regarding all about auditing of Newspaper agencies

IDEA auditing software edition 8, The first work you do in IDEA IS SECTION ... The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.

Design and operation, what is design and operation what is design and operation

Limitation of audit evidence, Limitation of Audit Evidence The quantit... Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert

Audit procedures, audit procedure for shares or common stock audit procedure for shares or common stock

Key audit areas, Key Audit Areas Key audit areas in detail (a) Asc... Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors:   Insurance companies do not keep their personal ledgers in such a way as to prod

Assignments, Describe the factors which decide the broad area of Scientific... Describe the factors which decide the broad area of Scientific activity?

Ias 36 impairment of assets, IAS 36 Impairment of Assets It is very ne... IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments.  Corresponding IAS 36, 'impai

Show the audit work of the given capital project, In planning the audit wor... In planning the audit work of the Ministry, the audit staff member collected these details relating to the construction of an office complex. 1. In September 1994, the Ministry