Shrikrishna on Internal Audit

13.11.18 06:48 PM By CA Jayant Kadge

Internal Audit is Essential

After hard day at Arjuna's office, Shrikrishna and Arjuna decided to go out for dinner. On the way to Bandra, Shrikrishna was checking his calendar and he told Arjuna, "Arjuna I will have to take half day on coming Friday", Arjuna Asked, :Why what happened, you are tired?, Shrikrishna said, "I have my health checkup scheduled", Arjuna was surprised  he asked, "You look so vibrant, so fit from outside, are you not feeling well, why visit to doctor", Shrikrishna smiled and said, "its a routine check checkup he does every quarter and even Arjuna should get it done." Arjuna asked why. Shrikrishna said, "Why you get your internal audit done in business?", Arjuna said he doesn't get it done. Shrikrishna said Internal Audit and routine check ups are both necessary. As even if business look healthy from outside, there may be some issues which are at nascent stage and if not found out at early stage can be pose big problems later. 


Prevention is always better than cure. Like doctors, internal auditors are experts to know study the present stat and foresee if any problems which business may face. Internal auditors can suggest ways to improve systems, reduce costs and minimise risks in business. Since they are specialist and work with many firms they are updated with latest happenings in other industries, companies. 


Internal auditors ask you pertinent questions, which extracts right answers and leads to improvements in business.


Business environment is constantly changing and its changing fast. Management is focused more on operational isseus and they tend to overlook certain risks which internal auditos will hekp toi catch. Internal auditors provide independent, unbiased assessment of the systems, policies, operations of the company. 

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