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Establishing an Internal Audit Department Discussion

This is a discussion about the establishment of internal audit departments in some organizations.

How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?

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I think that both the internal and external audit are beneficial, but in different ways. The organization can really capitalize on the benefits from an internal audit. The main objective of each audit is completely different. In an external audit, the auditor is verifying that all relevant financial data that has a material effect on the company is presented in the company's financial statement. It is the auditor's job to ensure that he or she remains unbiased and objective, and to perform substantial analytical procedures in order to meet the audit assertions in each audit. In an external audit, the auditor or auditing team is working for the client, with the end-user of the public at the forefront.

The internal auditor's goal in an internal audit is also to verify information, but from an internal perspective. The end-user of the external auditor's information will ...

Solution Summary

This is a discussion about the establishment of internal audit departments in some organizations in 554 words.

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