- Getting knowledge about business of client.
- Preparation of organizational chart.
- Understanding of Authority and responsibility of persons in the organization.
- Verification of internal control procedure and correctness of the same or advice on improvement of the same.
- Verification in depth of the financial records maintained by the organization based on evaluation of internal control procedure.
- Verification of compliance of various laws applicable to the organization and report thereon.
- Verification of accounting policies mentioned in the Audit report and checking of the same that whether the organization followed the same or not. Suggestions on improvement or changes therein.
- Verification and compliance of accounting standards and norms prescribed by the Govt. and or CA Institute and advice on how to apply them correctly, if required.
- Suggestions on further maintenance of documents required to be kept by the organization.
Internal Audit
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