Please enable JavaScript.
Coggle requires JavaScript to display documents.
Internal Auditing VS External Auditing (Auditor (EX (Auditor - from…
Internal Auditing VS External Auditing
Auditor
EX
Auditor - from outside the organization
IN
Auditor - inside the company, outsourced or coutsourced
Independence
EX
Of management and governing body
IN
of activities audited, respond to management and audit committee
Serve
IN
needs of the organization
EX
third parties - shareholders, parliament
Reports to
EX
Board of directors & shareholders
IN
Audit committee and chief execution officer
Objective
IN
varies - accomplishment of organization's goals
EX
true and fair view of financial statements
Focus
IN
Future
EX
Historical event in FS
Coverage
IN
reviews governance, risk management, control processes - risk based-needs
EX
review records support fs, period, annual
Outcome
EX
Opinion on FS
IN
enhance organizational value and reach objectives
reports go to
IN
managements and audit committee
EX
Shareholders, regulators, boards of directors, & audit committee
qualification
IN
not mandatory
EX
Mandatory
Voluntary - certification, quality, validation