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Question :
Explain The Difference Between Internal Audit And External Audit?
Category Audit Interview Questions
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Added on 9/11/2014
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Answers:

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The internal audit is conducted to help the management. The weakness of the management is disclosed. The external audit is conducted to help the shareholder. The rights of owners are protected. The appointment of internal audit is made by the management. The appointment in external audit is made by the shareholders. Internal audit is the part of internal control.

External audit is the not the part of internal control.The internal audit can suggest improvement in internal check system. The external audit can not suggest improvement in internal check system. The internal audit can perform his duties under the terms of appointment. The management can limit the scope of work at any time. The external auditor can perform his work to terms of appointment and other prescribed law. The scope is very wide. Internal audit is an employee of the company. He is not an independent person. External auditor is not an employee of the company.
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Source: CoolInterview.com

External audit is an engagement that ensures that the financial statements are fairly stated and are in compliance wth GAAP. Internal audit looks at the internal controls of the company and assist management in the effective management of risk
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