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What is the relationship between Statutory Auditor and Internal Auditor? Please explain in brief.
What is the relationship between Statutory Auditor and Internal Auditor? Please explain in brief.
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What is the relationship between Statutory Auditor and Internal Auditor? Please explain in brief.
What is the relationship between Statutory Auditor and Internal Auditor? Please explain in brief.
Relationship Between Statutory Auditor and Internal Auditor:
The function of an internal auditor is an integral part of the system of internal control. It is statutory requirement too as per section 138 of the Companies Act, 2013 where the Audit Committee of the company or the Board shall, in consultation with the Internal Auditor, formulate the scope, functioning, periodicity and methodology for conducting the internal audit.
However, it is obligatory for a statutory auditor to examine the scope and effectiveness of the work carried out by the internal auditor.
Though the roles and primary objectives of internal and statutory audit differs, some of their means of achieving their respective objectives are similar. Thus, much of the work of the internal auditor may be useful to the statutory auditor in determining the nature, timing and extent of his audit procedures. Depending upon such evaluation, the statutory auditor may be able to adopt less extensive procedures.
If the statutory auditor is satisfied on an examination of the work of the internal auditor, that the internal audit has been efficient and effective, he may accept the checking/evaluation carried out by the internal auditor in the area of internal control, verification of assets and liabilities etc.
It must however be mentioned that the area of co-operation between the statutory and internal auditor is limited by the fact that both owe their allegiance to separate authorities, the shareholders in the case of statutory auditor and the management in the case of internal auditor.
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