Introduction  of Internal Audit :

There are various forms of auditing exercise. In many cases, audit is prescribed by relevant statutes i.e.Companies Act, 2013, Income Tax Act, 1961, otherwise, audit can be carried out at the discretion of management. Here we would be discussing mainly Internal Audit, its features, its role. Other than this first let us discuss Propriety Audit, Compliance Audit and Efficiency Audit.