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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.
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod
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what is the effect of fraud and error on the financial statement.please I want simple answer
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