this indicates that the audit will be conducted in accordance with the international auditing standards.
What is the nature external audit?
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 process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
Do you mean "scope of the audit"?? If so, the scope of the audit is the objective...what are you trying to verify? It could be a restricted scope in that you are looking at only a few specific items or full scope where you look at everything from cradle to grave, including all incomes and expenses.
An internal audit is done by the company itself. An external audit is done by auditors not under the influence of the company being audited.
What is the nature external audit?
An advantage to having an external audit is the fact that the audit will not be biased. A disadvantage to external audits is the process. It can be long and invasive.
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 process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
Do you mean "scope of the audit"?? If so, the scope of the audit is the objective...what are you trying to verify? It could be a restricted scope in that you are looking at only a few specific items or full scope where you look at everything from cradle to grave, including all incomes and expenses.
this indicates that the audit will be conducted in accordance with the international auditing standards.
An internal audit is done by the company itself. An external audit is done by auditors not under the influence of the company being audited.
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
It is established by determining the boundaries for the engagement and should reflect the audit objectives
An external audit helps businesses improve their processes. Recommendations made by external auditors are generally unbiased, which will allow managers to take them seriously.
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
An internal audit is when someone within your company checks over your books. An external audit is when someone outside of your company checks your books; like the IRS.