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Showing posts with the label internal audit

Importance of Internal Audit.

 Before we start with internal audit we should understand, what is audit ? Audit is a process of examination or revalidation of the work done other than the core owner of the that area or work done by the person. Audit is basically done by external agencies or internal agency. External agencies are customers, government agencies or third party agencies. Customers do Audit to check how well their product is manufactured, and all compliance are followed during production of their product that are mutually agreed in the contract. Customers also do initial audit to check whether company is able to give them as per desired requirement in terms of quality and quality and some other special requirements. Government agencies do Audit to check is company is following legal compliance that are required to run the company. Tax, safety of employees, safety of women, control of environment are some examples of leagal requirements. Third party agencies are hired by the customers, government or even