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What is the diffrentm between internal & external audit?
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Answer / vijaya kumar
External Audit means an examination of a company's records
and reports by an outside party.
Internal audit the process of reviewing business activities
in-house to identify inefficiencies, reduce costs, and
otherwise achieve organizational objectives.
Vijaya Kumar MBA, M.Com
| Is This Answer Correct ? | 28 Yes | 2 No |
Answer / h.r. sreepada bhagi
External Audit is conducted by qualified Accountants under
the relevant statute in a country, like Chartered
Accountants (CA in India),CPA,etc. They conduct audit of the
books of accounts to fulfill the statutory requirements in a
country and the audited statement is filed with the
concerned government, published for the use by the public,
submitted to banks & financial institutions, besides used by
the company's management.
Where as Internal audit is conducted at the behest of the
company's management to ensure veracity of all the
transactions and to get inputs/advice from the auditors for
improving control mechanism, change systems and procedures
for better operations and the management. A company can hire
an external audit firm or have an internal audit
department/section. The internal auditors submit the report
to the Company's management with their, observations,
comments, suggestions.
Internal audit is more comprehensive compared to the
external audit. Generally internal audit will be continuous
month-on-month but statutory audit will be annual.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / rahat awan
Internal audit covers all the operations of an organization
and risk associated with them, however External Audit
Financial Statements risk only.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / rasiya
internal audit means the checking of books of accounts on
accounts base and it includes all the minute exp.s and
incomes and controlling them inorder to avoid
inefficencies . external audit means the auditing of the
firm with particular expense account and financial
statements.internal auditing can be done by every
concerned perso in the organisation,but external auditing
can be done by the charted professionals.external audit is
doing periodically, while internal auditing is done time to
time.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vishal sadanande
INTERNAL AUDIT MEANS CHEACK EACH AND EVERY RECORDS FIND OUT
THE MISTAKE & SUGGEST TO CURRECT IT GIVE SUGGISATION TO
MANAGMENT IN DAYA TO DAY BASICS. EXTRNAL AUDITOR DO THE
SAME BUT IN POINT OF VIEW BALANCESHEET
| Is This Answer Correct ? | 0 Yes | 0 No |
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EBIDTA
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
Audit 
