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What is the difference between an internal audit and the annual external audit?

  
Total Answers and Comments: 2 Last Update: June 25, 2008     Asked by: nancyphilips 
  
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 Best Rated Answer
Submitted by: venkat
 
Internal audit is conducted by company or firm selected staff or auditors only. It is not mandatory. It's depending on their own policies. But Statutary aduit is different. It is conducted by authorised Chartered Accountant only. It is mandatory for every limited or not limited companies.


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jite ometan
June 04, 2007 23:43:42   #1  
venkat        

RE: What is the difference between an internal audit a...
Internal audit is conducted by company or firm selected staff or auditors only. It is not mandatory. It's depending on their own policies. But Statutary aduit is different. It is conducted by authorised Chartered Accountant only. It is mandatory for every limited or not limited companies.

 
Is this answer useful? Yes | NoAnswer is useful 1   Answer is not useful 0Overall Rating: +1    
June 25, 2008 13:23:32   #2  
jite ometan Member Since: June 2008   Contribution: 4    

RE: What is the difference between an internal audit and the annual external audit?
an internal audit deals with compliance testing of established policies and is carried out in house for the firm to assist in highlighting weaknesses of controls while the external audit deals mainly with the examination of the books and financial records of a client firm and reports to the shareholders /board of directors (protecting their interests
 
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