What is Auditing?
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Auditing is a procedure that comprises independent examination of various organisation components. The auditing procedure checks that the organisation follows all the regulations as per the law. An auditing report is created at the end of the auditing process. Students who aim to become professional auditors seek Assignment Help in Sydney for auditing related assignment projects.
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Auditing is a very important part of a company\'s on going success. Companies utilize both
internal and external auditors for different reasons all together. Both processes are very important
to a company\'s success. This being said, what are the differences between internal and external
auditors, and when should they be used? Internal auditors work within an organisation and report
to its audit committee and/or directors. They help to design the company’s organising systems
and help develop specific risk management policies. They also ensure that all policies
implemented for risk management are operating effectively. The work of the internal auditor
tends to be continuous and based on the internal control systems of a business of any size.
External auditors are independent of the organisation they are auditing. They report to the
company’s shareholders. They provide their experienced opinion on the truthfulness of the
company’s financial statements and perform work on a test basis to monitor systems in place.
There are three key differences in the activities of internal and external auditors. Each is
discussed in depth below:
Appointment
External auditors are appointed by the shareholders of a company, although this usually comes
through discussion with directors. External auditors must be appointed from a different company
independent of their own whilst internal auditors are usually employees of the organisation.
Keeping clients happy as an external auditor is often more difficult than internally as you already
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External auditors are responsible to the owners of the company which could be anybody from its
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departments. Both financial and non-financial elements are usually included and the company’s
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and help develop specific risk management policies. They also ensure that all policies
implemented for risk management are operating effectively. The work of the internal auditor
tends to be continuous and based on the internal control systems of a business of any size.
External auditors are independent of the organisation they are auditing. They report to the
company’s shareholders. They provide their experienced opinion on the truthfulness of the
company’s financial statements and perform work on a test basis to monitor systems in place.
There are three key differences in the activities of internal and external auditors. Each is
discussed in depth below:
Appointment
External auditors are appointed by the shareholders of a company, although this usually comes
through discussion with directors. External auditors must be appointed from a different company
independent of their own whilst internal auditors are usually employees of the organisation.
Keeping clients happy as an external auditor is often more difficult than internally as you already
know those around you in the second instance.
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The objectives for an external auditor are usually defined by statute whilst management will set
the objectives for internal audits. External auditors generally have free reign to examine and
assess every aspect of the system whilst management can pinpoint and highlight certain areas
they want internal auditors to focus on. There are various types of internal audit.
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solely to the company’s senior management.
An internal audit is designed to look at the key risks facing the business and how the business is
managing those risks effectively. It usually results in recommendations for improvement across
departments. Both financial and non-financial elements are usually included and the company’s
reputation may be a factor which is assessed.
An external audit focuses on finance and the key risks associated with the business’ financial
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audit of the financial accounts. This audit is designed to show whether the accounts are a true
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The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
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- 2. Auditing is a procedure that comprises independent examination of various organisation components. The auditing procedure checks that the organisation follows all the regulations as per the law. An auditing report is created at the end of the auditing process. Students who aim to become professional auditors seek Assignment Help in Sydney for auditing related assignment projects.
- 3. External vs. Internal Audits The procedure of audit can be concluded from the following sources: External Audits: This type of audit procedure is followed by external sources. External agencies do this auditing to find any errors, followed by the company's internal audit agencies. Depending on the reason behind the audit, they can either be employed by the company themselves, or investigative agencies can audit to find out any irregularities in the financial books of these companies. Internal Audit: This type of audit is performed by the company's internal auditors. It is an intermittent process that the company must follow every fiscal year. The internal audit professionals are responsible for improving the company's overall performance.
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