Advantages of Internal Audit are following:

☛ It is in-expensive.

☛ No charted accounted is required to audit internally.

☛ Errors will be removed before preparing financial statements.

☛ There will not be any type of embarrassment in the society because errors have been removed.

☛ Accounting staff will remain in pressure so record will remain update every time in the organization.

☛ Disadvantages are following:

☛ Internal audit is not acceptable by the shareholder.

☛ There can be errors in internal audit because he is not an auditor.

☛ And there are some more