CBDT issues revised SOP for handling internal audit objections; discontinues raising audit observations
Editorial Note : The CBDT has issued revised instructions regarding the Standard Operating Procedure for handling Internal Audit Objections. The audit scope extends to all matters that should have been correctly carried out in accordance with applicable legal provisions, instructions, circulars, prescribed procedures and guidelines. The aim is to identify errors or omissions and raise an ‘objection’ through Audit Memo. The practice of raising an ‘Audit Observation’ has been discontinued.