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What is the difference between an Internal Audit and a Consulting/Advisory Service?

Open uri20170510 32134 ughyv5?1494421703 gunesh asked almost 3 years ago

What is the difference between an Internal Audit and a Consulting/Advisory Service?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

**Consulting Engagement** defined as “Advisory and related client service activities, the nature and scope of which are agreed with the client and which are intended to add value and improve an organization’s governance, risk management, and control processes without the internal auditor assuming management responsibility. **Examples include counsel, advice, facilitation, and training.”** Advisory/Consulting Services are services requested by the client where the nature and scope are agreed to in advance for the benefit of the requesting party. These projects are intended to add value and improve the organization's governance, risk management and control processes without the internal auditor assuming management responsibility over the area reviewed. Consulting/Advisory Services take on many forms, including; -management requested reviews, advisory services, and analysis, -collaboration and advice on campus initiatives, -consultation on risks and controls within campus operations, -input on policy/procedure development, -advice provided through participation on campus committees, and -training in the areas of governance, risk management and controls. **Assurance Engagement** defined as "an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria."

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