Problem:
Question: Which of the following is true about internal vs. external auditing?
A) Internal auditing reports to the external auditors
B) Internal auditing is more focused on financial reporting than external auditing
C) Many of the tool and techniques in auditing are common to both internal and external auditing
D) External auditors cannot rely on any of the work done by internal auditing
E) Both have the same definition of the term "independence."
Note: Be sure to show how you arrived at your answer.