04-03-2005, 08:40 AM
Well, noman just to correct there,, CA firms do not put a seal of approval on whatever gose wrong in a company, there are some black sheeps in every profession.
As regards to Internal audit and incidence of interest, there might be times when the internal audit function has to audit ''finance'' of the company and thereby also check on the function of interest. Internal audit function now offer services on the lines of assurance, which ofcourse also may include how best to put in use the resources of a company. You know things on the lines of treasuery etc. So as an internal auditor you may have to advise on proper allocation of funds which could mean better overdraft / loan facilities, investment of funds etc.
I'd say one would be as involved in interest as one would as an external auditor. You may not be directly involved in the recording of interest or helping the company earn it, but yes on checking and ensuring that it is properly being administered.
That's what I believe.
As regards to Internal audit and incidence of interest, there might be times when the internal audit function has to audit ''finance'' of the company and thereby also check on the function of interest. Internal audit function now offer services on the lines of assurance, which ofcourse also may include how best to put in use the resources of a company. You know things on the lines of treasuery etc. So as an internal auditor you may have to advise on proper allocation of funds which could mean better overdraft / loan facilities, investment of funds etc.
I'd say one would be as involved in interest as one would as an external auditor. You may not be directly involved in the recording of interest or helping the company earn it, but yes on checking and ensuring that it is properly being administered.
That's what I believe.
