With effect from January 01, 2022 mismatches between GSTR 1 and GSTR 3B can have an impact on your working capital. GST officers can initiate various measures such as withholding your GST refunds, reaching out to your debtors to pay them instead of paying you, etc.
FAQs on Internal Audit
The role of an internal audit varies with the scope and is extensive. However, the major aim of internal audit is assuring that various internal processes, rules, regulations, policies, compliances, corporate governance, and risk management are intact and followed properly.
Internal audit is not confined only to financial transactions but also is extended to the task of reviewing the efficiency and economy of resource utilization.
For example – a management audit that is check and review of plans, objectives, decisions, and policies of the top management
The main objective of the internal audit is to have a check that all processes are implemented properly and are giving desired reults to the organisation
Internal auditors focus on the organization’s risk assessment, monitoring plans, and policies to mitigate and communicate the risks appropriately. The core aim is evaluating the risk and finding measures to sustain the same