An audit also serves to give affirmation of compliance with approved procedures and regulatory requirements. Internal and external audit functions complement each other but differs with both having its own importance and expertise. While internal audit can be deemed an internal control approach set up by Management of an organisation meeting the latter purpose of an audit stated above, external audit is an external control methodology imposed by Stakeholders/Owners which meets the former purpose of
An audit also serves to give affirmation of compliance with approved procedures and regulatory requirements. Internal and external audit functions complement each other but differs with both having its own importance and expertise. While internal audit can be deemed an internal control approach set up by Management of an organisation meeting the latter purpose of an audit stated above, external audit is an external control methodology imposed by Stakeholders/Owners which meets the former purpose of