Factsheet - Internal Audit vs External Audit

Factsheet

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Author

IIA-Australia

Date

2022 

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

External auditors focus on the accuracy of formal external reports (particularly the financial statements) whereas the internal auditor has a wide reaching brief which considers anything which might be important to an organisation’s success. 

Key Points

1. External auditors and internal auditors use different standards.

2. External auditors and internal auditors have different engagement processes.

3. External auditors and internal auditors report to different entities.

Relevant Industries

All

Level of Assumed Knowledge

Beginner

Aligned to Global Internal Audit Standards

No