Finance General Faqs

How can scope of internal audit help you?
Internal audit is an independent appraisal function which is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit. ...... More »
Explain how to do an internal audit effectively?
With internal audit we always need to be careful of any manipulations within the company itself.Errors and frauds within the company cannot be denied /overlooked at any cost. ...... More »
Tell me that how I can evaluate the internal control audit?
Compliance procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check...... More »
What are the different advantages and disadvantages of internal audit?
Advantages of Internal Audit are following: It is in-expensive. No charted accounted is required to audit internally. Errors will be removed before preparing financial statements. There will not be any type of embarrassment in the...... More »
Explain the difference between internal audit and statutory audit?
An internal audit is one which is conducted by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company. On the other hand statutory audit is very i...... More »
How does the internal audit differ from an external audit?
Internal audit nothing but the checking the product that you produced. External audit is checking your product by your customer. Here it means you may not find mistakes in your processes but a third man who comes and check the ...... More »
What are the importance of internal audit to the organization?
An audit helps keep track of where the money is going and makes sure the money is going where it is supposed to and not in someone's pocket. An audit can also help a company know if it is losing or making more money. ...... More »
Whats are the importance of evaluating an internal audit department?
Significance of Internal Auditing: Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation. The task of internal auditing is ...... More »
What are the basic principles of an internal audit controlsystem?
The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility...... More »
Tell me about your experience in cost accounting?
Referring any books or questions wont give any experience, here experience, i think means, the level or the grade of Cost A/C works done etc. ...... More »