Internal Audit is very important aspect, when we talk of assurance of true picture of state of affairs of an entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. It helps in ensuring optimum utilization of the resources of the entity, as well as timely identification of liabilities including the ones in contingent nature.
1. Assessing/ preparing Internal Audit Manual for the organisation and study of control objectives.
2. Deciding on degree of control which is adequate depending upon organisation to organisation.
3. Assessment of risks and open points.
4. Measuring deviation at test check levels.
5. Assets at risk and their protection.
6. Checking the controls instituted within the system.
7. Legal and situational internal control advisory.
8. Consideration of Fraud in internal audit.
9. Advising organisational procedures being followed.