Distinguish between internal audit and internal control.
Internal audit reveals to management whether internal control procedures are duly followed or not.
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
public sector audit is different from private sector audit
public sector audit is different from private sector audit
Distinguish between internal audit and internal control.
Brenda Porter has written: 'Audit committees in private and public sector corporates in New Zealand'
Internal audit reveals to management whether internal control procedures are duly followed or not.
Clare Huffington has written: 'Internal Consultancy in the Public Sector'
Henry A. Butt has written: 'Value for money in the public sector' -- subject(s): Management audit, Management by objectives, Program budgeting, Public Finance
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
The internal audit of PwC is carried out by auditors of PwC itself, while an external audit will have to be carried out by external auditors. But external audits are only valid for public listed companies.
false