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Home Latest

Difference Between Internal and External Audit

July 27, 2022
in Latest
Reading Time: 2 mins read
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Difference Between Internal and External Audit
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01
of 09
Meaning

Internal Audit : A department or organization is verified by the company’s auditing committee through an internal audit. This committee is a component of an entity.

External Audit : A department or organization is verified by a third party as part of an external audit. This is not a component of the company.

02
of 09
Objective

Internal Audit : To review the financial statement, and regular tasks, and offer recommendations for improvement.

External Audit : To confirm the organization’s financial reports’ accuracy.

03
of 09
Remuneration ( Payment )

Internal Audit :  Employees in this audit receive compensation in the form of salaries.

External Audit : For audits, independent accountants are paid a fee or commission.

04
of 09
Period

Internal Audit : The process of internal auditing never stops.

External Audit : Once a year, an external audit is conducted.

05
of 09
Audit conducted By

Internal Audit : The company’s auditing personnel conduct this audit.

External Audit : A third party or independent accountant performs this.

06
of 09
Obligation to perform

Internal Audit : Internal auditing is not required. Before an external audit, companies conduct this internal audit.

External Audit : According to the 1956 Indian Companies Act, doing an external audit is obligatory.

07
of 09
Users

Internal Audit : Management utilizes internal audit reports.

External Audit : Stakeholders including investors, creditors, the government, and lenders use external audit reports.

08
of 09
Check and Opinion

Internal Audit : On the effectiveness of the organization’s operational activities, a view is offered.

External Audit : On the accuracy and fairness of the company’s financial statements, a statement is made.

09
of 09
Auditor appointed by 

Internal Audit : Since the internal auditor works for the company, the management of the company appoints auditors.

External Audit : An independent auditor is chosen by the shareholder

 

 

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