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

Questions by nancyphilips   answers by nancyphilips

Showing Answers 1 - 9 of 9 Answers

venkat

  • Jun 4th, 2007
 

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.

jite ometan

  • Jun 25th, 2008
 

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

  Was this answer useful?  Yes

mohamdabdelwhab

  • Feb 17th, 2010
 

External Audit is defined as an an audit taken on financial statements to state the financial statements are represented fairly or not.
While the Internal Audit is to audit the process and system and evaluate the control over the company

  Was this answer useful?  Yes

Give your answer:

If you think the above answer is not correct, Please select a reason and add your answer below.

 

Related Answered Questions

 

Related Open Questions