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General Accounting Discussions: Is Internal Control and Internal Audit are one and same, please clarify

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    From the discussion - searching for Intarnal audit no results were found. So I feel they are same.
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    No sreeni Internal control is system of controls in your office to check the accuracy. for examlpe one document is prepared by Junior accountant it should be checked by the senior Accountant than it goes to manager and than further it will go to Cheif means wok of one person is checked by another to avoid the errors or mkistakes. While internal audit is a kind of audit conducted with in the organization to check finacial statements are prepared according to the principles of accounting which ever is applicable to your country.
    • CommentAuthorrehema
    • CommentTimeJun 23rd 2008
     
    Internal control is the system of internal check by which the source documents such as payment vouchers, journal vouchers, labour time sheets, stores issue vouchers etc. are scrutinized to see if they comply to the General Accepted Accounting Principles. Internal audit, on the other hand involves the process of checking if the internal control comply to auditing standards set by IAS (International Auditing Standards) and bodies in your country.

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