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Client benefits of using an internal auditor

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Please help with the following problems regarding auditing and accounting. Give at least 300 words in the solution.

Explain for the client the benefits of using an internal auditor.
Explain how their background benefits the client.

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Solution Summary

This solution helps with auditing problems. It helps explain the benefits of using an internal auditor and a client's background benefits. The explanation is given in 381 words.

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Problems: Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.

Answer:

1. Explain for the client the benefits of using an internal auditor.
I would explain to my client that most firms prefer to hire and then retain an internal auditor as opposed to hiring an external auditor. An internal auditor has several key advantages. They have firsthand knowledge of the company, and their internal reporting practices. The internal auditor knows how transactions are recorded specific to the client's accounting system and practices. The ...

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