B Com Exam > B Com Questions > The links that are there between internal aud...
Start Learning for Free
The links that are there between internal audit, external audit and internal control?
Verified Answer
The links that are there between internal audit, external audit and in...
There are multiple differences between the internal audit and external audit functions, which are as follows:
- 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 shareholder 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 shareholders.
- 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.
- 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.
- Internal audits are conducted throughout the year, while external auditors conduct a single annual audit. If a client is publicly-held, external auditors will also provide review services three times per year.
This question is part of UPSC exam. View all B Com courses
|
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
The links that are there between internal audit, external audit and internal control?
Question Description
The links that are there between internal audit, external audit and internal control? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The links that are there between internal audit, external audit and internal control? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The links that are there between internal audit, external audit and internal control?.
The links that are there between internal audit, external audit and internal control? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The links that are there between internal audit, external audit and internal control? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The links that are there between internal audit, external audit and internal control?.
Solutions for The links that are there between internal audit, external audit and internal control? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of The links that are there between internal audit, external audit and internal control? defined & explained in the simplest way possible. Besides giving the explanation of
The links that are there between internal audit, external audit and internal control?, a detailed solution for The links that are there between internal audit, external audit and internal control? has been provided alongside types of The links that are there between internal audit, external audit and internal control? theory, EduRev gives you an
ample number of questions to practice The links that are there between internal audit, external audit and internal control? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup