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What is the diffrentm between internal & external audit?
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Answer Posted / 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.
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