Internal audit is not new in Nepal. But its time that internal audit should be either enriched or made productive or either scrapped. Internal audit in Nepal is mostly done by banks and financial institutions. And in most of cases internal audit is so undermined that it is done side by side with statutory audit. Actually if we go and ask any CEO the importance of internal audit, few will say something. But whatever they say in heart they must be confused themselves and think what does it actually do?..
Well let me tell you the answer it just an expenditure of bank or financial institutions which get him some points on compliance of Nepal Rastra Bank. There is no case till now that on the basis of internal audit report, Company's cost is reduced or some effective control is achieved. Almost most of control mechanism is brought in by experienced bankers or by imitating each other either by understanding or not.
So its time in Nepal too to create some concrete standard for internal auditing like other countries. Common we can't always look at indian institute and imitate them. Everyone has brain, so do we.
Otherwise soon there will be a day when internal auditor will be considered a shameless person who does only a repetitive crap thing which disturbs employee and irritate the managers.