venkat

• Jun 4th, 2007

 

Internal audit is conducted by company or firm selected staff or auditors only. It is not mandatory. It's depending on their own policies. But Statutary aduit is different. It is conducted by authorised Chartered Accountant only. It is mandatory for every limited or not limited companies.

jite ometan

 Profile Answers by jite ometan 

• Jun 25th, 2008

 

an internal audit deals with compliance testing of established policies and is carried out  in house for the firm to assist in highlighting weaknesses of controls while the external audit deals mainly with the examination of the books and financial records of a client firm and reports to the shareholders /board of directors,(protecting their interests

mohamdabdelwhab

 Profile Answers by mohamdabdelwhab 

• Feb 17th, 2010

 

External Audit is defined as an an audit taken on financial statements to state the financial statements are represented fairly or not.
While the Internal Audit is to audit the process and system and evaluate the control over the company