Traditionally, people understand internal audit as an activity of self-imposed internal check and audit which also supposedly involved the activity of going around telling people what they were doing wrong. However even if one sees it in a narrow sense, the contribution of the activity of internal audit is potentially of major importance as an effective internal audit system leads to improved accountability, ethical and professional practices, effective risk management, improves quality of output and supports decision making and performance tracking.

Historically it was always held that internal auditing is confined to merely ensuring that the accounting and allied records have been properly maintained, the assets management system is in place in order to safeguard the assets and to see whether policies and procedures are in place and are duly being complied with. With changing times this concept has undergone a drastic change with regard to its definition and scope of coverage .Participants will exposed modern approach to audit that it is not restricted to financial issues alone but also on issues such as cost benefit analysis, resource utilisation and their deployment, matters of propriety, effectiveness of the management, etc. and much more for getting results.

Learning Objectives

• Define Audit and Internal Audit
• Know the History of Audit
• Know Objectives of Audit
• Describe roles of Management in Audit
• Describe roles of Corporate Culture impact on Audit
• Describe audit that is planned to fail with case study
• Describe audit for getting results with case study
• Explain techniques of Modern Internal Auditor