Difference between internal audit and external audit, Auditing

Assignment Help:

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.

 


Related Discussions:- Difference between internal audit and external audit

Audit sampling, Audit Sampling ISA 530 Audit Sampling and Other Select...

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10

Key audit areas, Key Audit Areas Key audit areas in detail (a) Asc...

Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors:   Insurance companies do not keep their personal ledgers in such a way as to prod

Company issues, Q. If Kiner Company issues 3,000 shares of $5 par value com...

Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc

Stake holder group, The assignment continues the research process by furthe...

The assignment continues the research process by further exploring and defining the problem statement through the development of research objectives. These objectives will allow yo

ACC/492, An auditor is conducting an audit of the financial statements of a...

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

Calculate net present value, Problem 10.42 An investment of $83 generat...

Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen

Independent auditors'' report, INDEPENDENT AUDITORS' REPORT Board of Dir...

INDEPENDENT AUDITORS' REPORT Board of Directors Los Angeles County Fair Association Pomona, California We have audited the accompanying consolidated statements of financial posi

Stock purchase, an example of evidence that an auditor would use by illustr...

an example of evidence that an auditor would use by illustrating the audit trail of stock purchases

Techniques of obtaining evidence, Techniques of Obtaining Evidence ISA...

Techniques of Obtaining Evidence ISA 500 mentions them as such: Inspection of documents or records, Inspection of tangible assets, Observation, Inq

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd