Advantages and disadvantages of internal audit?, Auditing

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







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
Related Questions
Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e

Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares

Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee

main areas contained in a private audit

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

Why is studying Auditing different from studying other accounting topics?

Provide the data regarding all about auditing of Newspaper agencies

Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits