Question { CTS, 10815 }

what is internal audit?

Answer

In my opnion internal audit nay be the activity through
which you assess the intenal control of your system
devloped by you in order to improve your system weakness if
any.This can be performed by an chartred accountant firm or
management can set his own indepdent Team reportable to
managemnt only.

Question { Capital IQ, 23224 }

what is the BRS

Answer

Brs is acyually the recocliation procees performed by the
a/c holder of a bank in order to telly his closing balance
of ledger maintained by him, and the closing balnce shown
as per statement of the bank for the sake of judgement that
weather any transaction left uncredited by bank or a/c
holder and any transaction left debited by bank or a/c
holder.