Internal Audit vs External Audit | What is Auditing | Difference between Internal & External Audit |

This video from Commerce Specialist explains the difference between Internal and External Audit. The video explains who are internal auditors, what do internal auditors do, to whom internal auditors report, who are employers of internal auditors, what type of report internal auditors prepare, where do internal auditors collect audit evidence from.
This video also explains who are External auditors, what do external auditors do, to whom external auditors report, what type of report external auditors prepare, who employs external auditors.
This video also explains the similarities and differences between internal and external audits.
This video is very useful for students of ACCA, CA, CPA, CIA, CMA, CIMA, MBA and B.Com
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[@malimal4972]

My Finance Department is giving push back to Internal Auditors into auditing the general ledger or accounting records, as they believe the annual audit performed by External Auditors is enough. What are reasons that the Internal Audit group can say why IA should be auditing aspects of the general ledger and accounting records, as they haven't ever had an internal audit on that area?

[@rajatroy5964]

Excellent

[@CommerceSpecialist]

Thx dear

[@beautifulworld4493]

Sir you explained the topic in very detailed and easy way.
I want to ask about the career path for CMA qualification?

[@CommerceSpecialist]

Thx, sure

[@beautifulworld4493]

Sir one thing I want to add, could you please make play lists for each topic separately, i reviewed your channel all the videos are not classified as per the topic. Like if i want to see only CPA videos then I need to browse all the videos of channel to find out CPA videos.

[@CommerceSpecialist]

Sure

[@arnoldmartin1666]

👍🏾

[@murugandevara1982]

Dear Sir,
I am ICWA Qualified in India.
I would like to know ICWA qualified people are eligible for External Audit in India.
OR
Only CA qualified people are eligible for External Audit in India.

[@CommerceSpecialist]

To the best of my knowledge, No

[@murugandevara1982]

@@CommerceSpecialist
Thank You Very Much Sir

[@beautifulworld4493]

Sir if you don't mind please I have a small question
A company has $100 as credit loss, $100 allowance for credit loss and and credit sales of $300.
So the net receivables in balance sheet will be $100 or $200?

[@Me-fg9dv]

I think 100.
And the balance (200-100) 100 bad debt shown in the p&L a/c.
Not sure. My assumptions 😅

[@kamrannasibov481]

You need change your intro

[@CommerceSpecialist]

Pls suggest dear

[@kamrannasibov481]

anything less loud🖤

[@kamrannasibov481]

anything less loud🖤

[@CommerceSpecialist]

Got it