Explain the basic principles of an internal audit controlsystem?
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Answer / Swati Kukreti
The Basic Principles of an Internal Audit Control System, as defined by the Institute of Internal Auditors (IIA), are: 1. Integrity – The auditor must maintain a high level of integrity and objectivity in all aspects of the audit. 2. Objectivity – The auditor must avoid any personal interest or relationship that could compromise their objectivity. 3. Confidentiality – The auditor must respect the confidentiality of information obtained during the audit. 4. Proficiency – The auditor must maintain proficiency in their area of specialization and keep up-to-date with professional developments. 5. Due Professional Care – The auditor must perform their duties with due care, competence, and diligence.
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