Internal or Management audits are carried out to audit internal control procedures adopted by an organization in carrying out its transactions. It helps to improve effectiveness of risk management, control and governance. The scope of internal audit generally includes the following
- Efficacy of operations
- Cost Control
- Compliance with statues
- Prevention of Fraud
- Safe Guards of assets
- Effectiveness of system of internal control
- Financial reporting procedures
- Ensuring the reliability of financial statements.