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What is the difference between internal audit,internal check and internal control?

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Question ajoutée par Sara Naeem , Trainee Finance officer , Wah Brass Mill
Date de publication: 2014/08/22
ali asgher
par ali asgher , Accounts Officer , Crete N Crete (Pvt) Ltd

Internal Audit :

An ongoing appraisal of the financial health of a company's operations by its own employeesEmployees who carry out this function are called internal auditors. During an internal audit, internal auditors will evaluate and monitor a company's risk management, reporting, and control practices and make suggestions for improvement. Internal auditing covers not only anorganization's finance function, but all the operations and systems in a firm. While internal auditors are typically accountants, this activity can also be carried out by other professionals who are well-versed with a company's functions and the relevant regulatory requirements.Internal Check :

Accounting procedure or physical control to safeguard assets against loss due to fraud or other irregularities. Internal check is an element of internal control.

Internal Control : 

Systematic measures (such as reviewschecks and balancesmethods and procedures) instituted by an organization to (1) conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errorsfraud, and theft, (4) ensure accuracy and completeness of its accounting data, (5) produce reliable and timely financial and management information, and (6) ensure adherence to itspolicies and plans.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Audit: Verifying the Correctness to find out all kind of deviations in the defined format. 

Internal Check: This can be referred as system adopted to exercise check on the work done by subordinates by the immediate superiors onwards to verify and endorse the correctness of policies/transactions/regulations required so that the work should --not-- deviate from its objective.

Internal Control: Represents regulations exercised by the management on the practices and procedures to be followed at the implementation stage on the practices to maintained to restrict violations from rules and a check on the inappropriate activities.

 

 

Internal check and internal audit and internal control

Nadeem Pervez
par Nadeem Pervez , Manager Human Resources & Head of Department , Uch Power - GDF Suez Energy International

Internal audit is the exercise to review critically all areas and suggest improvements. However, internal checks are only review of the procedure where one can see whether the database/entry is according to the procedures in place. Whereas internal control can be improved based upon the internal audit report, if noticed some shortfall in it.

Internal audit is a process of verifying the document and procedures on a regular basis it can be from external auditors or company appointed audir team.Internal chek is a cheking up of all procedural aspect which can be from any one from management.Internal control are the guidelines formed for performing particular operation.