distinguish between the roles of an internal and an external auditors

Expert Solution

Differences between the internal audit and external audit

	Internal auditors	External auditors
1	Internal audit refers to the examination of the financial statements of a business by its company employees. Therefore company employees are the internal auditors.	External audit refers to the independent examination of the financial statements of a business by Third Party. External auditors are independent of the organisation they are auditing.
2	Internal auditors are appointed by management	External auditors are appointed by the shareholders.
3	Internal audits are a continuous process and are conducted throughout the year	External auditors are conducted once in a year.
4	Internal auditors will examine the routine operational activities and evaluating the accounting and internal control system. They checks the operational efficiency.	External auditors examine the financial records and issue an opinion regarding the financial statements of the company. Therfore they accuracy and validity of Financial Statement.
5	Internal auditors will examine issues related to company business practices and risks.	External auditors examine the financial records and issue an opinion regarding the financial statements of the company.

ekkarill92 answered 1 month ago

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