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hi sir,
can i know the basic difference between internal control and internal audit . In bpp text there is a seperate chap named internal audit but i coudnt find any chap in ot notes .Is this chapter linked to some other chapter ?Chapter 23 describes internal audit.
Chapter 12 describes internal control (see following chapters also)
Isn’t it that internal audit is part of internal control? It is the responsibility of the directors to develop and enforce internal controls. Internal auditors help them achieve to this objective thus part of good corporate governance. One of the benefits of internal audit is that it may ensure discipline of staff knowing that somebody within the entity is available to check their work. This is an internal control itself and can result in reduced risk of fraud within an entity. Maybe my understanding of the area is poor.
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