Objectives of the study
* This project aims at the advanced and thorough study of internal audit system in the organization including internal controls /systems & processes.
* To establish the rationale of internal audit.
* To find if the internal audit observations are complied with & corrective actions are taken on timely basis.
* To look into the internal audit process and suggest practical solutions for improving the systems & Controls.
* Studying the risk-profile of the organization & steps taken by the management to mitigate the risks associated.
* Analyzing the external audit reports (Statutory Audit & Audit by the C&AG).
* Co-ordination of Finance & A/c with other Departments of Civil, Equipments & Administration.
* Steps taken by the management by way of formulating policies. Guidelines & procedures for effective control over various departments after review by audit.
* Study of Project Financials along with Published Annual Report of past financial years.
Scope of the study
* Internal audit reports
* Statutory Audit Reports
* CAG Audit Reports
* Financial Statements
* Day to day activities in F & A
* Interface with other dept. etc
INDUSTRY BACKGROUND – AUTOMOTIVE INDUSTRY
Since liberalization, the Indian automotive industry has emerged as a ‘sunrise sector’. The automotive sector has shown a tremendous potential for growth in the past few years. This industry is actually passing through a defining phase. Due to motorization, increase in need of mobility and availability of competitive automotive manufacturing location on the global map, India is emerging as a growing market for passenger cars.
After the process of De-licensing in July 1991 the Indian Automotive Industry has grown at a spectacular rate of 17% in the last few years. The industry has attained a turnover of Rs 1650000 crores and an investment... [continues]
Cite This Essay
(2011, 01). “Study of Internal Audit Function with Financial Analysis of I-Cat”. StudyMode.com. Retrieved 01, 2011, from http://www.studymode.com/essays/Study-Of-Internal-Audit-Function-With-555921.html
"“Study of Internal Audit Function with Financial Analysis of I-Cat”" StudyMode.com. 01 2011. 01 2011 <http://www.studymode.com/essays/Study-Of-Internal-Audit-Function-With-555921.html>.
"“Study of Internal Audit Function with Financial Analysis of I-Cat”." StudyMode.com. 01, 2011. Accessed 01, 2011. http://www.studymode.com/essays/Study-Of-Internal-Audit-Function-With-555921.html.