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Internal Audit of Books of Accounts is a systematic review of a company’s financial and operational activities to ensure compliance with legal requirements, prevent fraud and errors, enhance financial accuracy, and identify inefficiencies for process improvement.
The audit may be conducted by an in-house internal auditor or an external audit firm appointed by the organization. It generally follows these key steps:
1. Planning and Preparation
2. Review and Testing of Financial Records
3. Documentation and Reporting of Findings
4. Follow-up and Monitoring of Corrective Actions
Assesses and strengthens risk management practices, helping the organization proactively address potential threats.
Enables early detection of irregularities or inefficiencies, allowing corrective actions before issues escalate.
Identifies gaps in control systems and suggests improvements to reduce the risk of fraud and mismanagement.
Recommends process enhancements that lead to improved productivity and cost savings.
Enhances the reliability and integrity of financial statements, reinforcing transparency and credibility
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