PROJECT REPORT

ON
AUDITINGOFIS TRANSPORT COMPANY WITH
REFERENCES
OF
RAJIV AND KAMAL COMPANY

Naveen Dwivedi
Asst. Professor,
OIMT Rishikesh

Prepared by: Diksha Rawat

BBA 5th Sem.
(O.I.M.T) Rishikesh

TABLE OF CONTENT
1. INTRODUCTION
2.COMPANY PROFILE
3.OBJECTIVE OF THE STUDY
4.RESEARCH METHODOLOGY
5.DATA ANALYSIS & INTERPRETATION
6.SUMMARY OF FINDINGS
7.CONCLUSION

INTRODUCTION
The purpose of the audit report is to provide the institution
with the findings of the audit panel in relation to the audit
criteria as well as the panels assessment of the
effectiveness of the institutions arrangements for quality.
The report consolidates the analysis of the audit portfolio
prepared by the institution, the evidence gathered at
interviews and additional documentary evidence supplied
by the institution. The report is structured according to the
audit criteria. The main focus of the audit report is to show
how the institution gives expression to its mission and
vision, and its understanding of quality in the three core
functions of teaching and learning, research and community
engagement.

COMPANY PROFILE
Name Of Company: I S Transport Co.
Head Office:
1st Floor Vyaapar Sabha
Bhawan Dehradun Road
Rishikesh
( Uttrakhand)
Telephone:
0135-2431068,2433731 (O)

9897007168,889999899
Email ID:
istransport99@gail.com
Branch Office:
Natraj Office Rishikesh
Nature Of business: Infrastructure Development
( Site
Development)

Highway , Railway ,Dam .Bridge

Objective of the Study

1:- To know about the internal audit activities
into the
organization.
2:- To know
about the internal audit function.
3:To know about the how to identify the error by
the internal auditor.
4:- To know about the audit report and how to
prepare
auditor report.
5:- To check the quality of internal audit report.

MEANING OF AUDIT
The word audit is derived from the Latin word
AUDIRE which means to hear. Initially auditor
was a person appointed by the owners to check
account whenever the suspected fraud, he was
to hear explanation given by the person
responsible for financial transactions. Emergence
of joint stock companies changed the approach
of auditing as ownership was pestered from
management. The emphasis now is clearly on
the verification of accounting date with a view
On the reliability of accounting statement.

OBJECTIVE OF INTERNAL AUDIT

To comment of the effectiveness of the internal control

system in force and means of improving it.
To verify correctness accuracy and authenticity of the
records presented to management.
To facilitate early detection of errors and frauds.
To ensure that standard accounting practices are followed.
To ensure that assets are properly acquired, safeguarded
and accounted for.
To investigate in the areas as requested by the
management.
To see that exhibited liabilities are valid.

ADVANTAGES OF INTERNAL AUDIT

Internal Audit makes the system of internal

control more effective and efficient.
It makes the auditors work more simple.
Errors and Frauds are detected early.
It increases the morale of the employees.
Employees will be more careful as their work will
be audited immediately.

DISADVANTAGES OF INTERNAL AUDIT

Small organizations cannot afford to have internal

audit system as its expensive.
The regular work of the organization will be
affected.
Internal auditor acts as a staff manager hence
there are chances of differences of opinion
between the internal auditor and the employees
of the company

RESEARCH METHODOLOGY
The research was conducted over a period of 45 Days based on
the financial parameter. The research methodology adopted for
the proposed study includes the following: Research Design: - In the present study descriptive research
design is adopted, As the purpose of the research is to describe
audit function , audit process in I S COMPANY.
Research area :- IS company.
Sampling Method:- Judgmental Sampling.
Sample Size :- 32
Data Type: - The present study is based on Primary &
Secondary data both.
Data Source :- The date was collected through the IS company
website , Some Books of Audit ,Magazines, Questionnaire.
Data Analysis Tools: - Data is analyzed by using MS- Word,
MS-Excel , Pie chart.

DATA ANALYSIS

Q. How will you judge internal audit activities towards improving the
performance of the organization?
Option

No of respondent

Percentage of
respondent

Good
Average
Poor
No comment
Total

8
21
2
1
32

25%
65.625%
6.25%
3.123%
100

chart 1: performance rating of internal audit activities

6% 3%

Good

25%

Average
Poor
No comment

66%

Interpretation:66% of respondents think that the internal auditing activites towards

improving the performance of the organization are average

Q. Taking into considerations the scope/ objectives/structure and

responsibilities of the internal audit function to what extent do you
feel that
internal Audit
meets expectations?
Option
No of respondent
Percentage of
Meet expectations
Does not meet

23
4

respondent
71.875%
12.5%

expectations
No comment
Total

5
32

15.625%
100%

chart 2: internal audit meets expectations

16%
Meet expectations

13%

Does not meet expectations

No comment

72%

Interpretation:72% respondent said that IA meets expectations.

Only 12% said that IA does not meet expectation.
The rest of 16% no comment anything.

Q. How conflict are you relying on the conclusion reached or

recommendations made by the internal audit function?
Option

No of respondent

Percentage of

Completely confident 0

respondent
0%

Somewhat confident

31

96.875%

Not at all confident

0%

No comment

3.125%

Total

32

100%

chart 3:recommendations made by the internal audit function

3%
Completely confident
Somewhat confident
Not at all confident
No comment

97%

Interpretation:97% respondent were somewhat confident.

Rest 3% respond did not comment anything.

Q. To what extent do you believe that the work of internal audit improves the
overall control of the internal organisation?
Option

No of respondent

Percentage of

Greatly improves
Somewhat

0
21

respondent
0
65.625%

improves
Does not improve
Dont know/ not

2
9

6.25%
28.125%

sure
Total

32

100%

chart 4:the work of internal audit improves the overall control of the internal organisation

22%

20%

Greatly improves
Somewhat improves
Does not improve

5%

Dont know/ not sure

52%

Interpretation:No one comment as greatly improved on above statement.

66% respondent comment as somewhat improves.
Only 6% of them comment as does not improve.
The rest 28% respondents have no ides or not sure.

Q. Do you believe that the work of internal audit helps in identifying

and improving the overall risk of the organization?
Option

No of respondent

Percentage of
respondent

Agree
Neutral
Disagree
Total

11
14
7
32

34.375%
43.75%
21.875%
100%

chart 5: identifying and improving the overall risk of the organisation

22%
34%

Agree
Neutral
Disagree

44%

Interpretation:34% respondents agree with the above statement.

44% respondents remain neutral
22% remain disagreed.

Q. Do you appreciate that the internal audit team is proactive?

Option

No of respondent

Percentage of
respondent

Agree
Neutral
Disagree
Does not respond
Total

1
25
4
2
32

3.125%
78.125%
12.5%
6.25%
100%

chart 6: the internal audit team is proactive

13%

6%3%
Agree
Neutral
Disagree
Do not respond

78%

Interpretation:Only 3% respondent agree with the statement.

78% respondent remain neutral .
13% respondent disagreed.
Rest 6% did not comment anything.

Q. Do you feel that the audit report issued by the

Internal audit department help the department to
Option
of respondent
Percentage of
inprove
the workNoof
department?
respondent
Agree
Neutral
Disagree
Not respond
Total

6
17
8
1
32

21.875%
53.125%
25%
3.125%
100%

chart 7: the Internal audit department help the department to inprove the work of department

3%

19%

25%

Agree
Neutral
Disagree
not respond

53%

Interpretation:Only 22% respondent agreed the statement

53% respondents renain neutral.
25% responds disagreed.
3% responds did not comment anything.

Q. How do you rate the quality of internal audit report issued by internal
audit department?
Option

No of respondent

Percentage of

Excellent

respondent
0%

Good

10

31.25%

Average

20

62.5%

Poor

6.25%

Very poor

0%

Total

32

100%

chart 8:rate the quality of internal audit report

6%

Excellent

31%

Good
Average
Poor

63%

Interpretation:

No one comment as excellent.

31% responds comment as good.

63% responds said average.

the rest 6% responds said poor.

Very poor

Q.Do you think that the internal audit have the right
Option
No of respondent
Percentage of
reporting structure?
Agree

respondent
15.625%

Neutral

21

65.625%

Disagree

15.625%

Not respond

3.125%

Total

32

100%

chart 9:the internal audit have the right reporting structure

16%

4% 16%

Agree
Neutral
Disagree
Not respond

65%

Interpretation:

16% respondents agreed

65% respondent renain neutral.

16% responds disagreed.

Rest 3% did not comment anything.

Q.Do you appreciate that the audit work was efficiently

performed according to planning period?
Option

No of respondent

Percentage of
respondent

Agree
Neutral
Disagree
Not respond
Total

3
23
5
1
32

9.375%
71.875%
15.625%
3.125%
100%

chart :10the audit work was efficiently performed according to planning period
Agree

3% 9%
16%

Neutral
Disagree
Not respond

72%

Interpretation:

Only 9% agreed.

72% respondent remain neutral.

16% respondents disagreed.

Remaining 3% did not comment anything.

Q.Do you consider that internal audit report was issued at a

useful time?
Option

No of respondent

Percentage of
respondent

Neutral
Disagree
Not respond
Total

20
10
2
32

62.5%
31.25%
6.25%
100%

chart 11: internal audit report was issued at a useful time

Netural

6%

Disagre

31%

Not respond

63%

Interpretation:

63% responds remain neutral.

31% respond disagreed.

6% did not comment anything.

FINDINGS
From the following 90% responder says internal audit
activities towards improving the performance of the
organization I observe that internal auditing of I S
company help in improving the performance.
72% of responder says that the scope/
objectives/structure and responsibilities of the internal
audit function meets expectations I observe that
internal auditing help in meeting he expectation of the I
S Company objectives.
97% of responder are some what confident that on
the conclusion reached or recommrndations made by
the internal audit function are relying I observe that
internal auditing of I S Company fuction are relying by
there employers.
66% of responder somewhat believe that the work of

 34 % of responder agree with the statement believe

that the work of internal audit helps in identifying and
improving the overall risk of the organisation I observe
that internal auditing help in identifying and improving
overall risk of I S Company.
22 % of responder agree with the statement that the
audit report issued by the Internal audit department
help the department to inprove the work of
department I observe that the internal auditing help in
improving the department of work .
Average 94 % responder comment good rateing
quality of internal audit report issued by internal audit
department I observe auditing department give good
report which is benefit for the I S Company
16 % of responder agree with the statement that the
internal audit have the right reporting structure
Only 9 % of responder agree that the audit work was
efficiently performed according to planning period

CONCLUSION

After studying all the point of the report

it can be concluded that in IS company
an audit is the work of internal audit
helps in identifying and improving the
overall risk of the company .we use
audit for rectify error in any records
.Internal control and performance of the
company.

THANK YOU!