Question

Tabular difference between internal audit and interim audit​

Answer 1

Explanation:

Internal audit is carried out by the company itself. The internal audit department of the company carries out internal audit activities to ensure effective running of the company. Interim audit is a part of external audit where an auditor commences audit before the year end.

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Answer 2

Hey Mate here is your answer:-

Internal auditors are company employees, while external auditors work for an outside audit firm.

Internal auditors are hired by the company, while external auditors are appointed by a shareholders vote.

Internal auditors do not have to be CPAs, while a CPA must direct the activities of the external auditors.

Internal auditors are responsible to management, while external auditors are responsible to the share .

Internal auditors can issue their findings in any type of report format, while external auditors must use specific formats for their audit opinions and management letters.

Internal audit reports are used by management, while external audit reports are used by stakeholders, such as investors, creditors and lenders.

Internal auditors can be used to provide advice and other consulting assistance to employees, while external auditors are constrained from supporting an audit client too closely.

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