CLIENTS EXPECTATIONS FROM INTERNAL AUDIT

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CLIENT EXPECTATIONS FROM INTERNAL AUDIT- KANWAL NATH1ƒ¾¾ƒƒWho are the clients?Senior management of the DepartmentThe Secretary, Government of India is the Chief Accounting Authority for his Ministry.The External AuditorComptroller & Auditor General of IndiaDonors / Lenders2¾ƒ¾ƒInternal Audit and Internal ControlInternal control refers to control exercised by Senior Management in ensuring effectiveness and efficiency of operations.Internal Audit is the control of all controlshelps bring out whether the internal controls are working the way they shouldReports to the Chief 3ƒ¾¾¾ƒImportance of Internal Control in GovernanceTo provide reasonable assurance regarding achievements of the organisation’sobjectives by way of Effectiveness and efficiency of operations.Reliability of financial reporting Compliance with applicable laws and regulations. Imperative in view of Union Government expenditure of over Rs. 4 lakh crore and revenue of over Rs.3 lakh crore.4¾¾¾Committee of Sponsoring Organisations (COSO)According to COSO, in USA, Internal Control is a process to provide reasonable assurance regarding achievement of the following objectives of an organisationEconomy and efficiency of operations, including achievement of performance goals and safeguarding of assets against lossReliable financial and operational data and reports; and Compliance with laws and regulations5ƒ¾¾INTOSAI Guidelines for Internal ...

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