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Internal Audit - Chapter 9 of Finance Code - Differences with Internal check and Differences with External Audit
Internal Audit - Chapter 9 - Finance Code Para 929. Internal Audit- Focus -Traditionally, the focus of internal audit has been on compliance of rules, regulations, policies and procedures. As is evident from the role assigned to the Internal Audit Wings in the “Redefined Charter for Financial Advisors” issued by Ministry of Finance on June 1, 2006, the remit of Internal Audit has been enlarged. While Compliance Audit remains important, internal auditors are now expected to focus on evaluation of controls with reference to the risks and to provide an assurance to the Management that the controls are functioning in the intended manner and hence there is a reasonable assurance that the goals and objectives of Ministry/Department will be achieved. Through this, Internal Audit contributes to the efforts to strengthen governance processes in Ministries/Departments. Para 930. Internal Audit Process: The internal audit process comprises of five action phases. 1. Planning the audit engag...
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