Internal audit is done ____
a) Before the external audit
b) After the external audit
c) Parallel to external audit
d) Vertical to external audit
Answer: c) Internal audit is done parallel to external audit. Internal auditors have complete freedom to check whether the company’s financial statements are presented in a fair and correct manner. They also check whether the company has followed all the legal procedures and regulations. In addition, internal auditors examine various controls, processes, and systems which are put in place to ensure proper governance of the company.
Categories: Audit
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