Differentiation between External and Internal Audit
Elucidate the differentiation between External Audit and Internal Audit?
Expert
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.
Elucidate how to do an internal audit successful?
Elucidate the difference between statutory audit and internal audit?
A signed letter from the auditor of a company, included in the annual report, that state whether or not the finan- cial statements fairly present the results of operations and the financial position of the company. An annual audit is required by the Exchange and Securities Commissi
Briefly explain the term vouching ?
Write down the importance of Internal Audit?
From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures.
Write down the importance of measuring an internal audit department?
What are the difference between Business versus Govt. versus NGO revenue versus Professional revenue?
Audit Management: It is a systematic assessment of processes and policies of an organization's management in the administration and the utilization of resources, tactical & strategic planning, and employee and organizational enhancement.
Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit
18,76,764
1933861 Asked
3,689
Active Tutors
1454427
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!