Author: Laurel Slezak

Difference between Internal and External Auditors

Internal Audit	External Audit
Typically employed by the organization though independent of the activities they audit.	Hired by the organization to provide a specific service.
Broad Focus: / Risk management / Corporate governance / Organizational objectives / Operational efficiencies & effectiveness / Compliance with laws & policies / Accurate financial statements	More Specific Focus: / Accurate financial statements
Diverse background and skill set.	Primarily accounting background and skills.

Resources
To learn more about internal audit, visit these resources:
ACUA
(Association of College and University Auditors)
https://acua.org
The IIA
(The Institute of Internal Auditors)
https://na.theiia.org
ACFE
(Association of Certificated Fraud Examiners)
http://www.acfe.com
ISACA
(Information Systems Audit & Control Association)
http://www.isaca.org
SCCE
(Society of Corporate Compliance & Ethics)
http://www.corporatecompliance.org
ALGA
(Association of Local Government Auditors)
https://algaonline.org

Internal Audit is key for value added consulting and assurance services consistent with your high expectations.

Internal Audit

A Key Resource for the Organization

What is Internal Audit?

The Institute of Internal Auditors defines internal auditing as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Expectations from
Internal Audit
From your Internal Audit team, you can expect:
Courtesy
Communication
Credibility,
Consistency,
Competency,
Comprehension
Clarity
Certified professionalism
What are the benefits of an internal audit?
Internal Audit team member(s) provide an independent objective review of the organization’s operations. Reviews offer the opportunity to internally identify and improve operations before weaknesses are identified by external auditors.
Internal Auditors can make recommendations for improving controls, processes and procedures, performance, and risk management. They may also suggest methods to reduce costs, enhance revenues, and improve profits.
Responsibilities of
Internal Audit
Depending on the structure, maturity & resources of the function, internal auditors may perform some or all of the following tasks.
Offer insight & advise
Evaluate risks
Assess controls
Ensure accuracy
Improve operations
Promote ethics
Review processes & procedures
Monitor compliance
Assure safeguards
Investigate fraud
Communicate results

Internal Audit team member(s) can provide an objective assessment of your operations and share ideas to improve your processes.
Internal Audit staff can perform management-requested consulting engagements and/or assurance services.