Answer / vijaya kumar

External Audit means an examination of a company's records
and reports by an outside party.

Internal audit the process of reviewing business activities
in-house to identify inefficiencies, reduce costs, and
otherwise achieve organizational objectives.

Vijaya Kumar MBA, M.Com

Answer / h.r. sreepada bhagi

External Audit is conducted by qualified Accountants under
the relevant statute in a country, like Chartered
Accountants (CA in India),CPA,etc. They conduct audit of the
books of accounts to fulfill the statutory requirements in a
country and the audited statement is filed with the
concerned government, published for the use by the public,
submitted to banks & financial institutions, besides used by
the company's management.
Where as Internal audit is conducted at the behest of the
company's management to ensure veracity of all the
transactions and to get inputs/advice from the auditors for
improving control mechanism, change systems and procedures
for better operations and the management. A company can hire
an external audit firm or have an internal audit
department/section. The internal auditors submit the report
to the Company's management with their, observations,
comments, suggestions.
Internal audit is more comprehensive compared to the
external audit. Generally internal audit will be continuous
month-on-month but statutory audit will be annual.

Answer / rahat awan

Internal audit covers all the operations of an organization
and risk associated with them, however External Audit
Financial Statements risk only.

Answer / rasiya

internal audit means the checking of books of accounts on
accounts base and it includes all the minute exp.s and
incomes and controlling them inorder to avoid
inefficencies . external audit means the auditing of the
firm with particular expense account and financial
statements.internal auditing can be done by every
concerned perso in the organisation,but external auditing
can be done by the charted professionals.external audit is
doing periodically, while internal auditing is done time to
time.

Answer / vishal sadanande

INTERNAL AUDIT MEANS CHEACK EACH AND EVERY RECORDS FIND OUT
THE MISTAKE & SUGGEST TO CURRECT IT GIVE SUGGISATION TO
MANAGMENT IN DAYA TO DAY BASICS. EXTRNAL AUDITOR DO THE
SAME BUT IN POINT OF VIEW BALANCESHEET

what do we carry audit

2 Answers  

---

a can do how many company audits

2 Answers  

---

Every firms has audit firms to audit their accounts but who will audit an auditing firm?

4 Answers   Ernst Young,

---

how will u check the account receivables and cash balances while doing audit

3 Answers   Price Waterhouse Coopers,

---

What is the difference between amalgamation, absorption, liquidation ? Why realisation account is being prepared ?

1 Answers  

---

i am working in a company as wholesale in saudi arabia.i am one of the new.we are supplying to some hyper market. they will issue the money as cheque and they will send the cheque amount and invoice details also.then how can i reconcile our statement with use of that cheque details

1 Answers  

---

Explain about cross functional audits?

1 Answers   Ernst Young, Thomson Reuters,

---

audit papers

2 Answers  

---

What is statutory audit?

1 Answers  

---

HOW TO ADJUST THE STOCK IN TALLY

1 Answers  

---

What is the Difference between Current Assets and Fixed Assets and how would you classified it

19 Answers   GET Engineering Construction,

---

internal audit

5 Answers  

---