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Internal Audit

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Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. The professional member of CCN assists you in evaluating your all internal control system and reporting.

 

Internal Audit Objectives

  • To gain an understanding of the accounting system and related internal controls.
  • To study and evaluate the operations of these internal controls upon which we wish to rely in determining the nature, timing & extent of the audit procedures.
  • To formulate entire audit programme only after having satisfactory understanding of the internal control system and its actual operation.
  • To set a financial system of the organization framing system of accounting

 

 

Our role is to enable us to know and report to the management on timely basis,

  • Whether error and frauds are likely to be located in the ordinary course of operations of the business.
  • Whether an adequate internal control system is in use and operating as planned by the management.
  • Whether an effective Accounting department is operating.
  • Whether any administrative work has bear on auditor's work. For example, when there is a weak control over worker recruitment, there is a likelihood of including dummy names in the wages/salary sheets which is relevant to the auditor.
  • Whether the controls adequately safeguard the assets.
  • How far and how adequate is the management in discharging its functions of correct recording of transactions is concerned.
  • How reliable the reports and records to the management can be.
  • The extent and the depth of the examination that we need to carry out in the different areas of accounting.
  • Determining what would be appropriate audit techniques and audit procedures in given circumstances.
  • Determining what are the areas where control is excessive and weak
  • Whether some worthwhile suggestion can be given to improve the control system.

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