https://www.taxtmi.com/article/detailed?id=16437 Internal Audit functions as a continuous, risk-based internal assurance mechanism directed at evaluating and improving risk management, internal controls, governance processes, compliance frameworks, and operational efficiency. It identifies control deficiencies, policy deviations, fraud indicators, regulatory vulnerabilities, and operational weaknesses at an early stage through proactive monitoring and preventive governance. Statutory Audit provides legally mandated external assurance on financial reporting, disclosure adequacy, and material misstatements, but its periodic and retrospective nature limits its role as an immediate risk-detection mechanism. en-us Mon, 18 May 2026 08:44:47 +0530 Mon, 18 May 2026 08:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16437 Internal Audit functions as a continuous, risk-based internal assurance mechanism directed at evaluating and improving risk management, internal controls, governance processes, compliance frameworks, and operational efficiency. It identifies control deficiencies, policy deviations, fraud indicators, regulatory vulnerabilities, and operational weaknesses at an early stage through proactive monitoring and preventive governance. Statutory Audit provides legally mandated external assurance on financial reporting, disclosure adequacy, and material misstatements, but its periodic and retrospective nature limits its role as an immediate risk-detection mechanism. Articles Accounting - Auditing Mon, 18 May 2026 08:44:47 +0530 https://www.taxtmi.com/article/detailed?id=16437