- (a) The work of audit under the system is performed by professional Cost accountants who are not employees of the company whereas, the work of audit under the system is done by Internal audit who are employees of the company. (b) Cost audit is an attest function whereas, Internal audit is an advisory function.Nov 8, 2022
Can a cost accountant be an internal auditor?
Section 138(1) of the Companies Act, 2013 empowers the Cost Accountants/Firms of Cost Accountant to conduct the Internal Audit of the Class of Companies..
Can a cost accountant be the auditor of a company?
companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a Chartered Accountant or Cost Accountant or such other professional as may be decided by the Board..
Can an accountant be an internal auditor?
Most employers require internal auditors to earn at least a bachelor's degree.
The degree focus can be in accounting, finance or a related field.
Some employers prefer to hire candidates with a master's degree in accounting or business administration with a concentration in accounting..
Is cost auditor an internal auditor?
(a) The work of audit under the system is performed by professional Cost accountants who are not employees of the company whereas, the work of audit under the system is done by Internal audit who are employees of the company. (b) Cost audit is an attest function whereas, Internal audit is an advisory function.Nov 8, 2022.
What is the role of an accountant in the Internal Audit?
Role of an accountant is doing functions related to the collection, accuracy, recording, analysis, and presentation of a business, company or organization's financial operations.
He also holds a number of administrative functions in the company..
- companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a Chartered Accountant or Cost Accountant or such other professional as may be decided by the Board.
