Are you considering a move from external to internal audit?

Well done

External auditors can perform internal auditor's role in most effective manner due to their exposure of different industries and their ability to adapt to different environments.

We can do Internal audit in our capacity as an externtal aiuditor.i.e External auditor can do internal audit as a professional.

The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.

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Every organization has a compulsion to perform auditing of the accounts and financial statements of the company. the auditing is divided into Internal auditing and External auditing. There exist many differences and similarities between them. This article focuses on how they are different from each other and functions of the Internal and External auditing.

According to Institute of Chartered Accountants of India (ICAI), an audit is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.

INTERNAL AUDIT

Internal audit is defined by the as an independent appraisal function established by the management of an organization for the review of the internal control system as a service to the organization. The aim of every internal audit report is to prompt management action to implement recommendations for change leading to improvement in performance and control.

Internal audit is basically an accountant making sure his own companies control measures are sound and performs stress tests to ensure accuracy in reporting.

External audit is where you work for an audit company and you audit other companies as you are hired to provide this assurance service to certify and attest to the soundness of their financial statements for their stakeholders to view and analyze.

INTERNAL AUDIT ROLES INVOLVE SAFEGUARDING OF FINANCIAL AND NON FINANCIAL ASSETS OF AN ORGANIZATION, INVESTIGATE SUSPICIOUS TRANSACTIONS WITH THE HOPE REPORTING HIS FINDINGS TO THE TOP MANAGEMENT.

I am fully agree with above commends and an internal audit we can lean a lot by analysing the each and different scenarios. They should be more patience and perosnalise while intact with each auditees.