What is the difference between internal and external auditors?

Can you explain the difference between internal and external auditors?

Sure! Internal auditors are employees of the organization who evaluate its operations and controls, while external auditors are independent professionals who assess the financial statements for accuracy.

What are the main responsibilities of internal auditors?

Internal auditors focus on risk management, compliance, and improving internal processes to enhance efficiency and effectiveness.

How do external auditors ensure objectivity?

External auditors maintain objectivity by being independent from the organization they audit, following strict ethical guidelines and standards.

Can both types of auditors work together?

Yes, internal and external auditors can collaborate to improve the overall audit process and share insights on risk management.