Internal audit in its traditional way defined itself as assessment of existence of Internal control within organization and to comment on the effective implementation and sufficiency of existing Control system defined within a organization. it used to be audit of accounts and books including subsidiary records of the company. However, with the change of time, the scope of internal audit has also increases. Internal Audit at present not only relates to audit of control related to operations but also to comment on overall growth of company, decisions taken by management, discharge of responsibilities, comparing performance of a organization with that of industry and many more. The expectations from internal auditor are now at next height.

The audit programme should be designed to assess the reliability and sufficiency of the information provided during the audit. An auditor has to carry out the audit programmes and such a audit techniques to determines whether an organization’s documented operating policies and procedures are easily and clearly understood; whether they are sufficient; whether they are used effectively and consistently; whether the organization’s management effectively identifies and minimizes risks; whether staff consistently adhere to written external regulations, internal policies & procedures and adherence with other statutory provisions and regulatory acts and rules; whether there exist any gaps in internal controls or policies and procedures; and whether resources are used efficiently and to the benefit of the organization. Furthermore, an auditor’s function is to be directly and actively concerned with detecting and preventing activities indicating frauds or forgeries. Audit of an organization is ultimately geared toward assisting all members of an organization to fully understand and effectively perform their duties, and toward the achievement of the organization’s overall objectives.

The modern definition of Internal Audit has shifted towards Risk Assessment,Management of Risk, identifying Risk Appetite of organizations and so on. The requirements are changing, expectations are increasing and every hour new threats are attacking the corporate world. In such situation, the role of a Internal Auditor is of saver and not of observer. To find out the possible risk before they occur is the most challenging work for a internal auditor. However, the sad part is that the expertisations with in fraternity of of we Internal Auditors are not improving with the speed of world resulting in huge gap between the expectations from us and that we deliver them.

So, this site is being operated with a purpose to reduce the technical gap in new generations and help and promote the new auditors joining the fraternity of Internal Auditor.


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