Banking Exam Question - What are the Similarities & Difference Between Internal Auditing and Final Auditing? Explain in Brief

Introduction - Internal Auditing vs Final Auditing

Internal Audit Examination is not a contingency of the final audit, it is helpful, cooperative. Internal audit is the work of investigating, evaluating, and reporting from the internal side of the management that records of financial transactions and reports are accurate or not. It is continued monthly or quarterly. This works to make financial business law enforceable. Regardless of financial business trials, it can be easily detected, defective, detecting error, removing the business in irregularities increases faith. It does not allow steroids, but it helps to quickly stir up flavors. Overall, it helps to improve the financial discipline by bringing the accuracy in the business. This means that the final audit work should be faster and quality. In this way internal auditing will help the last audit work in a variety of ways. So it is the complementary of the last audit, not a controversy.

Similarities Between Internal Audit and Final Audit:

• The purpose of both is to maintain hygiene in financial business.
• Both of them examine whether the laws of the financial administration have followed the rules, rules.
• Both of the principles and criteria of audit should be adopted.
• Both are extracted.
• After auditing, audit and audit reports report and submit.
• In both audit and auditing work, both accounting auditors are free.