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Can we appoint internal auditor for annual audit?

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Question added by shahzaib aslam , Finance , javed and co pvt LTD
Date Posted: 2014/12/28
Muhammad Javed
by Muhammad Javed , Manager Finance , EuroMoto

No.  I think detail mentioned by Mr. Didarul Islam is sufficient. to this reply.

Deleted user
by Deleted user

No; for annual audit independent External Auditor appointment is required. Internal Audit serves the objectives as intended by the management and in most cases they have to carry out prescribed activities. On the other hand External auditor is completely independent of the entity management. Separate auditor is required in order to remove the conflict of interest. 

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