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No. The word auditor doesn't only mean an internal auditor but also an external auditor. An auditor could be an internal or an external auditor. In most cases simply an auditor means an external auditor.

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Q: Is words auditor means internal auditor?
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What is the role of an internal auditor as it relates to business finance?

An internal auditor is a company employee who independently and objectively evaluates the organization’s operations. The role of an internal auditor is to gather relevant and objective information about the organization. An internal auditor essentially serves as the eyes and ears of the company’s senior leadership and board of directors. Their assigned work may cover any area of an organization; however, their work should be directed by the audit committee. Internal audits have historically been aligned with accounting and financial reporting audits. However, there are other types of audits example, IT auditss, Operation audits and Performance audits.


Whats called a person facing Audit from Auditor?

A person facing an audit is called a pre-clear. This means that they have not been cleared yet by the auditor.


What is meant by business risk and why its important for the auditor to properly assess the risk?

Business risk means the amount of money and reputation that a business stands to lost. It is important for an auditor to assess the risk in order for the business to avoid heavy losses.


What are the differences between substantive test and test of controls?

In the auditing phase, the auditor first carries "test of controls" to verify if the organisation's financial statements are worth relying upon. If the auditor is not satisfied with this, he then carries "substantive test" which is a comprehensive analysis. For example, to test the accuracy of figure of "Sales" in income statement, the auditor will look at your Sales system, i.e. the internal controls. If they work fine, the auditor will be satisfied that this Sales figure cannot be wrong. But if the Sales system is not properly structured, for example, credit checks not performed, sales made without customer on the database, sales still made to bad debts, etc., these all are weaknesses in internal controls, so the auditor will now carry a substantive test in which he assess whether the given figure is accurate or not. For example, by using ratios, analytical procedures, inquiries, confirmation letters from receivables etc.


Is there a difference between internal and external financing?

Internal means it is contained inside something; external means it comes from outside.

Related questions

What is the work experience required to be an internal auditor?

Internal auditor is elected by a voice vote in a general body meeting of any organization. You don't need any qualification for becoming an internal auditor. But if you are already in the line of accounts and audits, you have the brightest chance of being elected in your organization as Internal Auditor.


What does an external auditor do?

An external auditor as opposed to an internal auditor, means the person that is auditing a company is not employed by that company. A business will employ an auditing firm to assess it's business financials and practices, ensuring it is operating in a legal and ethical manner.


What is the job of internal auditor?

doing internal audit and help management


How much does an internal auditor make?

a lot of money


What is the duty of an auditor?

Duties of internal auditor is to overview the internal control system in company to ensure sound internal control systems. Duty of external auditor is to examin the books of accounts and give verdict about true and fair nature of books of accounts.


Difference between internal and external auditor?

An internal auditor is one who is on staff at a company or business. The auditor checks to make sure all monies are accounted for, that the company's books balance and that there are internal controls on spending. An external auditor is one that is not a company employee and usually is an accountant from an outside accounting firm that does almost the same job as internal auditors. The main difference is that as an outside company, it can be more objective on its findings.


Why is it necessary for auditors to assess internal internal control processes?

why is it necessary for the auditor to assess the internal contol processess


What is an auditor a watchdog or a bloodhound?

The company's internal auditor is a watchdog, making sure rules are being followed. An external auditor is a bloodhound looking for rules that have been broken.


Is it possible to take Dictionary within the Internal Auditor Exam Approved?

no


Who is internal auditor of reliance industries?

pwc pwc pwc pwc


What are the qualification for internal auditor under the Companies Act 1956?

Not specifically prescribed in company act 1956 but in company act 2011 it is recommended that internal auditor must be ca/cma or other professional suitable for internal audit in opinion of board.


What is the importance of internal auditor for an organization?

The purpose of an internal auditor is to review the current methods within a company and determine if they are beneficial or not. This may include review wages of employees, profit margins and sales prices.