Internal Audit: Monitor and examine the efficiency of internal control systems, Ensure policies and procedures are being followed within the business, Internal users such as Directors and managers use the audit report, This type of audit monitors and reviews policies, procedures and systems, This type of audit can detect theft of assets, poor accounts receivable collection, ineffective procedures, The role of this audit report is to confirm that the company is prepared for an external audit, This type of audit report can report any fraud, theft or inconsistencies, This type of audit report can raise any issues relating to policies not being followed by staff, External Audit: The users of this type of report are external stakeholders such as investors, creditors, Government agencies, The purpose of this auditor is to independently audit financial reports on behalf of external stakeholders, This type of audit monitors and reviews a company's financial records., This type of audit ensures a company's financial records are an accurate representation of company performance and position for the audit period, This type of audit report declares financial reports are an accurate assessment of the company finances and recommends reviews or corrections, This type of audit prepares an independent auditor's report for the board of directors. This is attached to the annual report for external users., Gives confidence to users external to the business in order for them to make financial decisions in Australian capital markets, This type of audit detects inaccurate information in financial reports, as well as any regulations and accounting standards not being followed,

Internal Vs External Audit

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