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INTERNAL AUDIT VS EXTERNAL AUDIT (EXTERNAL AUDIT (OUTSIDE ORGANISATION…
INTERNAL AUDIT VS EXTERNAL AUDIT
INTERNAL AUDIT
REVIEW GOVERNANCE ,RISK MANAGEMENT AND CONTROL PROCESS
HELPS ORGANISATION TO ENHANCE AND PROTECT ORGANISATIONAL VALUE AND ACCOMPLISH THEIR OBJECTIVES
MANAGEMENT AND AUDIT COMITTEE
INTERNAL AUDIT STANDARD
VARIES ACCORDING TO THE AUDIT- FOCUSED ON EVALUATING CONTROLS DESIGED TO ASSURE THE ACCOMPLISHMENT OF THE ORGANISATION'S GOALS AND OBJECTIVES
AUDIT COMITTE FUNCTIONALLY FOR OPERATIONS AND CHEIF EXECUTIVES OFFICER FOR ADMINISTRATIONS
FORWARD LOOKING
NOT MANDATORY, BUT MUST HAVE APPROPRIATE CERT
EXTERNAL AUDIT
OUTSIDE ORGANISATION (INDEPENDENTLY)
SERVES THIRD PARTYIES THAT RELIABLE FINANCIAL INFORMATION
BOARD OF DIRECT
BOARD OF DIRECTORS AND ANSWER QUESTIONS FROM SHAREHOLDERS AT AGM
TRUE AND FAIR VIEW
HISTORICAL EVENT AS EXPRESSED IN FINANCIAL STATEMENT
REVIEW RECORDS SUPPORTING THE FINANCIAL STATEMENT
OPINION ON FINANCIAL STATEMENT
EXTERNAL AUDIT STANDARD
MANDATORY