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Explain the concept external and internal auditing

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Reference no: EM132567786

There are a huge number of professional organisations in the financial services sector. Most of these will have some form of compliance department that can help with your organisations needs. Some of these will have structures in place to become a member of their organisation and that will include certain compliance requirements.

Question 1: What this can do is take the worry of external compliance problems and legal obligations from you and put it in the hands of your industry or professional body .

Read the paragraph above again. Does this mean we don't have to worry about compliance as long as we are a member of our organising body ie they will look after everything for us.

Question 2: explain this concept, and include the difference between external and internal auditing and the roles of external and internal auditors(compliance personnel)

Reference no: EM132567786

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