Assignment Help - homework help

Differentiation between External and Internal Audit

Elucidate the differentiation between External Audit and Internal Audit?

E

Expert

Verified

The internal audit is conducted to aid the management. The weak point of the management is divulged. The external audit is conducted to aid the shareholder. The rights of owners are protected. The appointment of internal audit is completed by the management. The appointment in external audit is completed by the shareholders. Internal audit is the division of internal control.

External audit is the not the division of internal control. The internal audit can recommend improvement in internal check system. The external audit can’t recommend improvement in internal check system. The internal audit can carry out his duties under the terms of appointment. The management can limit the range of work at any time. The external auditor can carry out his work to terms of appointment and further prescribed law. The range is extremely broad. Internal audit is an employee of the company. He is not a sovereign person. External auditor is not a member of staff of the company.

   Related Questions in Auditing

  • Q : Explain Audit Controls Audit Controls :

    Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however a

    		•
  • Q : Liability of Internal Audit Charter

    What is the liability of Internal Audit Charter?

    		•
  • Q : Audit A term usually referring to a

      A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i

    		•
  • Q : Importance of Internal Audit Write down

    Write down the importance of Internal Audit?

    		•
  • Q : Principles of an internal audit control

    Write down the essential principles of an internal audit control system?

    		•
  • Q : Auditing around the computer Audit

      Audit procedures that ignore the actual computer processing part of business activities. A sample of input is tested and verified through standard audit technique, and the output is checked. Auditing around the computer assumes that if the output rights, then the processing is righ

    		•
  • Q : Audit committee A subgroup of the board

      A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the

    		•
  • Q : Techniques of audit Write down the

    Write down the techniques which are used throughout an audit?

    		•
  • Q : Importance of measuring an internal

    Write down the importance of measuring an internal audit department?

    		•
  • Q : Flowchart find the flowchart to the

    find the flowchart to the bradmark sales order and cash

    		•
Home | Company Overview | Services | Discover Q&A | Sitemap | Contact Us | T & C | Refund Policy | Copyright Policy | Blog | Q&A | Directory

©TutorsGlobe All rights reserved 2022-2023.