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CHAPTER 19 Internal Audit, Management and Operational Audit Question 1 Internal Audit said to be an "Independent appraisal activity within an organisation for review of accounting, financial and other operations as a basis of service to the organisation, it is a managerial control which functions by measuring and evaluating the effectiveness of other controls". Explain briefly. Answer Traditionally, the expression, 'internal audit' refers to an audit conducted on behalf of the management to ensure that the existing internal cont