Internal and external audit
This query is : Resolved
Amandeep Singh
(Querist)
21 September 2017
Dear Sir
Could you tell me
What is internal and external Audit
Could you tell me
What is internal and external Audit
Ashiwini Ballodia
(Expert)
21 September 2017
As per me there is no concept of external audit.
Internal Audit refer to audit which is done regularly i.e monthly/weekly audit, or internal audit to audit of day to day record/working of audit. Normally internal audit report is not submitted to any statutory audit but it is used by the management for decision making.
Internal Audit refer to audit which is done regularly i.e monthly/weekly audit, or internal audit to audit of day to day record/working of audit. Normally internal audit report is not submitted to any statutory audit but it is used by the management for decision making.
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Ashiwini Ballodia
(Expert)
21 September 2017
In normal sense external auditor are also called statutory auditor eg. Tax Audit, Companies Audit etc
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