Auditors

Question 1

What are internal auditors?

Answer 1

An internal auditor is a company employee who evaluates the organization’s operations and financial activities

Question 2

What are the purposes of an internal auditor

Answer 2

-Assess the company’s internal controls to ensure they are effective in preventing errors and fraud.
-Review financial and operational processes to identify inefficiencies and areas for improvement.
-Ensure compliance with internal policies and external regulations.
-Provide recommendations to management to improve processes and reduce risks.

Question 3

What are external auditors?

Answer 3

External auditors are independent professionals who review an organization’s financial statements and other records to ensure they are accurate and comply with accounting standards and regulations

Question 4

What are the purposes of an external auditor

Answer 4

-Examine a company’s financial statements to ensure they are accurate and fairly presented.
-Assess the company’s internal controls to determine their effectiveness in safeguarding assets and preventing fraud.
-Ensure compliance with accounting standards and regulations.
-Provide an independent opinion on the company’s financial statements.

Question 5

What is the difference between internal and external auditors?

Answer 5

The main difference between internal and external auditors is that internal auditors work for the company, while external auditors are independent third parties