External audit: Provision of opinion on financial statements., Legal requirement, Purpose is to form an opinion, Independent and appointed by shareholders., Reports to shareholders or members on truth and fairness of financial statements, Reports are public, Internal audit: Add value and improve operations, Not a legal requirement, Purpose is to advise and make recommendations on internal control and corporate governance., Employees although sometimes the function is outsourced., Report to Board of Directors or others e.g. Audit Committee., Reports are private,

External and internal audit

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