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Differentiate between internal external and final auditing.
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- Internal auditors are company employees, while external auditors work for an outside audit firm. ... Internal auditors will examine issues related to company business practices and risks,
- while external auditors examine the financial records and issue an opinion regarding the financial statements of the company.
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While the internal and external audit functions are complementary and may need to work closely together, their purposes and areas of focus differ. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance.
Internal auditors take a holistic view of their organization’s governance, risk, and control systems (in other words, primarily non-financial information), while external auditors are either concerned with the accuracy of business accounts and the organization’s financial condition or, in some industries, the organization’s compliance with laws and regulations.
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While the internal and external audit functions are complementary and may need to work closely together, their purposes and areas of focus differ. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance.
Internal auditors take a holistic view of their organization’s governance, risk, and control systems (in other words, primarily non-financial information), while external auditors are either concerned with the accuracy of business accounts and the organization’s financial condition or, in some industries, the organization’s compliance with laws and regulations.
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