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Difference between Internal and External Audit

Difference between Internal and External Audit

Although some of the work carried out by internal auditors is similar to that performed by external auditors, particularly in areas dealing with the internal controls assessment, there are a range of important distinctions:

  • Internal auditors report to the directors or the audit committee, while external auditors report to the shareholders.
  • The objective of the internal audit department is to add value to the company by improving the company’s operations and internal controls, while the aim of the external audit is to provide independent opinion on the financial statements of the company.
  • In relation to the company, internal auditors are usually employees (or the function is outsourced), whereas external auditors are independent of the company.
  • In contrast to external auditors, there are no legal requirements regarding qualification of the internal audit specialists.
  • Regarding publicity, reports produced by internal auditors are private, whereas those of external auditors are publicly available.

 Difference between Internal and External Audit

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