Why do you want to join internal audit?
Why do you want to join internal audit?
A huge advantage to working in internal audit is that every day is different. You gain exposure to so many different areas and processes that you are forced to keep learning new things. This will make you a better learner in general. Audit forces people to acquire all the sets of skills and abilities they need.
What is the difference between statutory audit and internal audit?
The most obvious difference lies in the appointment of the auditor. While internal auditors are appointed by the management of the company, statutory auditors are appointed by the shareholders of the company. Internal audit also tries to detect any anomalies and errors that may have crept in the financial statements.
Can a CA be an internal auditor?
Hence the career of competent CA’s in the field of Internal Audit and Assurance is looking quite bright and exciting.
Can CA be statutory auditor?
And while reckoning the experience as statutory auditor, the cost audit conducted under section 148 of CA, 2013 is not considered as statutory audit….Statutory Audit & eligibility for appointment as Internal Auditors in Public Companies.
| TYPE OF OTHER AUDITS | AUDIT BY WHOM |
|---|---|
| Regulatory Audit | Regulatory Authorities |
What makes a good internal auditor?
Integrity: Internal auditors must always be honest and fair and exhibit trust, independence and objectivity in all work that they do. They must be tough and have the ability to push through difficult situations and then work with people in a constructive manner. And they must be flexible.
Why is statutory audit necessary?
The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
Can a non ca be an Internal Auditor?
For the purpose of internal auditing, a CA need not be a PCA (Practicing Chartered Accountant). Thus, even a CA who is in service / employment can hereafter be appointed as the Internal Auditor of the company.
What is the difference between CA and auditor?
An auditor is a person that focuses on the area of bookkeeping. Chartered accountants are accountants for hire. Auditors require to ensure that all transactions comply with the guidelines stated in the regional and government law. Chartered accountants require to supply trustworthy info about monetary records.
Can statutory auditor rely on Internal Auditor?
The role of the internal audit function within an entity is determined management and its prime objective differs from that of the external auditor who is appointed to report independently on financial information.