Internal Audit

Internal Audit

Internal audit is an evaluation and analysis of the business operation conducted by the internal audit staff. (who are employee of the business)It is the part of over all system of internal control established in an organization. “Internal audit is the independent appraisal of activity with in an organization for the review of accouting, financial and other business practices as a protective and constructive arms of management. It is a type of control which functions by measuring and evaluating the effectiveness of other type of controls.” Professor Walter B Meigs define internal audit

Internal auditing consist of a continuous, critical review of financial and operating activities by a staff of auditors functioning a full time salaried employees.