Differentiate between the 'Internal check system' and 'Internal audit'.

Difference between Internal Check System and Internal Audit Items Internal check Internal Audit 1. Way of checking: Work of one person is automatically checked by another Work is checked by specially appointed / designated person 2. Cost Involvement No additional cost since work is checked auto-matically by next level Internal auditor are specially appointed and hence additional cost is involved 3. Thrust of system Early detection of errors Detect errors and fraud 4. Time of checking Check is done when work is being done Checking is done after work is done 5. Reporting No report is prepared as it is a routine process corrective action. Report is prepared and submitted to Board or Audit Committee for