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Internal Audit

Internal audit is the inspection of company's accounts by company's full time employees. A big organisation establishes independent department for auditing. Company pays the salary this department employees for auditing the accounts and financial statements of company. Internal audit officer checks the financial activities in the organisation. He creates good co-ordination with accounting and finance department for rectification of accounting error more fastly.


Benefits of Internal Audit 

Institute of internal auditor of USA gives following benefits of internal audit.

1. Capture Fraud relating to money 

CA audits the company accounts after one year. This is big gap between happening of money fraud and its investigation. Internal auditor can check company accounts any time without any prior notice. So, there is good change to capture fraud and save company's money lose in such future frauds.

2. Fix Accountability 

If internal auditor finds any mistake or error of accounting, he can fix the accountability of any officer or employee for this. In accounting department, there may be many sub-sections like inventory management department, debtor and creditor management department, portfolio department. Internal auditor can fix the responsible of that officer of sub-section who will did mistake originally.

3. Special Research 

Internal audit spends his time to research the tools of more security of company accounts. His research will surely reduce mistakes and company can save from fraud due to lose of security of fund and money. For example, If Internal auditor sees money counting room is very near to guest room and it is chance that someone can rob it. So, internal auditor's research may help to keep money counting room far from guest room.

4. To Check Accounting Standard

Internal auditor will check whether company accounts is following international accounting standards or not. With this checking, company account will become more consistent to international accounting standards.

5. To Check Capital Expenditure

Company's internal audit is helpful to check capital expenditure. Capital expenditure is big amount which is used for buying the fixed assets of company. Internal auditor will see whether responsible officer has bough profitable fixed asset or not. What is its cost? Is it competitive or not? 

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Accounting Education: Internal Audit
Internal Audit
Accounting Education
https://www.svtuition.org/2011/09/internal-audit.html
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http://www.svtuition.org/2011/09/internal-audit.html
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