Difference between internal audit and external audit, Auditing

Explain The Difference Between Internal Audit And External Audit?       

Ans) The internal audit is performed to help the management. The weakness of the management is disclosed. The external audit is performed to help the shareholder. The rights of owners are protected. The meeting of internal audit is made by the management. The meeting in external audit is made by the shareholders. Internal audit is the part of internal control.

External audit is the not the part of internal control. The internal audit can suggest improvement in internal check system. The external audit cannot suggest improvement in internal check system. The internal audit can do his duties under the terms of appointment. The management can limit the scope of work at any time. The external auditor can perform his work to terms of appointment and other prescribed law. The scope is very wide. Internal audit is an employee of the company. He is not an independent person. External auditor is not an employee of the company.

 

Posted Date: 3/30/2013 6:17:54 AM | Location : United States







Related Discussions:- Difference between internal audit and external audit, Assignment Help, Ask Question on Difference between internal audit and external audit, Get Answer, Expert's Help, Difference between internal audit and external audit Discussions

Write discussion on Difference between internal audit and external audit
Your posts are moderated
Related Questions
what is the role of audit trainee in managing the discrete assignment?

Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates

An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke

Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w

The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.


The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a

Valuation and Income - Verification Procedures Valuation Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valua

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

What is an external auditor's responsibility in regard to finding fraud?