Five (5) Differences Between External Audit vs Internal Audit

Five (5) Differences Between External and Internal Audit
Audit is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. (American Accounting Association)
Both external and internal audit possess the characteristics of auditing as defined by the American Accounting Association.
However, despite these similarities, differences exist between external and internal audit:
1. Position/ Relationship of the Auditor to the Organization Under Audit.
2. Governing/ Authoritative Body
3. Applicable Framework and Standards
4. Scope and Objectives
5. Certification Required
#AuditingTheory #ExternalvsInternalAudit #TheCPARecipe

[@jeffersoncarmelotes4498]

2 videos pa lang nawatched ko. Ang galing! I'm already a CPA but this one is very helpful. I learned a lot! Thank you po!

[@jelynjagolino9481]

Thank you for the new tutorial CPA Ron, I learn a lot today.

[@fidelatan7004]

Hi, CPA RON. . thank you for the very informative video on the differences between INTERNAL AND EXTERNAL AUDITS. I am from the Internal Audit Office of the Commission on Audit. COA has adopted the Internal Audit Standards for the Philippine Public Sector. Right now we are conducting an appreciation course on the IASPPS for the auditors of COA. in yesterday's webinar i shared with the participants this video which gave them a comprehensive discussion. thank you very much for sharing.

[@insurancekaalamanph453]

Galing!!!! Dami ko natututunan. Thank you so much for sharing this information and learnings.

[@TheCPARecipe]

Hi! you can check out the latest video. Now available 😊

[@relitacapili8594]

thanks allot sir for sharing un knowledge

[@ma.maricarbabasa6862]

Thank you for sharing your knowledge Mr. CPA . Very helpful po sya lalo na ngayong pandemic dahil onlince class pag walang maintindihan sa prof. nuod na lng ng mga vids nyo po. :) GODBLESS !

[@TheCPARecipe]

Hi! you can check out the latest video. Now available 😊

[@zikhonamfakadolodweza580]

Thank you prof 👌

[@laurenzcelerian741]

Office administration student here. Thank you po dito. Mas naintindihan ko po itong topic na ito kesa sa dicussion namin sa subject naming strat management 😅💗

[@jervinlegaspi3932]

Yun may Matutunan nanaman ako

[@patriceleray910]

Thank you po!!

[@micahellapaderes2790]

More on audit vids po sir pls! Incoming 3rd yr student po ako and auditing yung subjects namin huhuhu thank you for the videos sir!!! pahawa naman pagiging CPA hehe

[@TheCPARecipe]

Hi Micah. New audit vid coming this weekend. Stay tuned.

[@blackn_panther4031]

First!! Yey new vid

[@TheCPARecipe]

Thanks for your support!

[@justablob4530]

Thank you sir dude pare chong!

[@TheCPARecipe]

Hi! you can check out the latest video. Now available 😊

[@rhedremontigue2373]

@@TheCPARecipe hello po my prof ask us, who is the auditor in every bank in the Philippines? Tama po ba na Bsp? Ksi my sumagot n clsssmte n Bsp tas following question ni prof ay whose personnel together with bsp do audit?

[@rommelpablo1381]

Dito sa company namin, ang gara hindi direct report ang Internal Auditor sa CEO hawak ng Accounting Manager ang Audit, kaya nadalas na cocompromise mga proposal ng audit, dahil sa palakasan effect, kaya yun ang disadvantage ng hindi direct sa President ng company or CEO ang reporting ng Internal Auditor, which is the auditor ay walang power to push the proposal yo control the risk

[@TheCPARecipe]

Yes sadly madaming ganyan ang set-up. Nawawalan ng pangil ang Internal Audit.

[@chloeworld8347]

Sir sent me an example of a resolution letter to engage external auditors

[@blackn_panther4031]

Video Suggestion: pwede po ba kayo gumawa ng video about every possible account title and how to identify them?

[@TheCPARecipe]

Hello! We'll look into this possibility. 😊

[@mariaangelacorrea3515]

Hello po. Pwede poba akong magtanong kung pwede niyo po akong mabigyan ng accounting team name na unique po. Thnks

[@niellatabugoc7542]

Hello Sir, I'm a FinMa student po, pwede ka po ba maging internal auditor kahit di ka magttake ng CPA pero CIA? thank you and keep uploading more informative vids po.

[@ceanatienza7886]

hello sir, can i request po if possible po ba kayo makagawa ng tutorial regarding sa steps on how to audit?

[@TheCPARecipe]

Hi Cesan! Sure. Which account ba? Depende kasi rin sa risk identified and assertion related.

[@Gtry-wj1xd]

information systems kinuha kong course tas may audit audit kaming assignment amp

[@jhonillfernandez4754]

Difference po between internal and external financial report

[@rommelpablo1381]

Hello ano po pagkaka iba ng ISO Auditor at External Auditor? Thank you po

[@TheCPARecipe]

I think you are referring to Auditors na nagaaudit ng ISO. ISO kasi is a set of standards. You can google it. External usually refers to auditor of Financial Statements. 😊