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Internal vs. External Audit: Know Your Facts

Posted on March 1, 2015 2:09 pm;

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Check out our handy at a glance table to see just what the difference is between these two equally important professions.

Internal Audit External Audit
Employed by One organization Any number of organizations
Conducts audits for The company that employs you Any organization that engages you
Reports to The company’s audit committee and/or directors Shareholders/owners of the company
Objectives set by Management Statute
Main responsibility Help company meet its objectives by performing audits (both financial and non-financial) within a wide range of areas, looking at key risks and their management. Annual statutory audit of financial accounts, providing an opinion on whether they are a true and fair reflection of the company’s financial position.
Responsible to Senior Management Shareholders/owners of the company
Focuses on Risk control management including financial statements Financial statements
Free reign in scope of audit? Yes, but can be guided by management on areas to pinpoint Yes
Power to impact an organization High Low
Level of variety in work Low High
Involved in design/development Yes, organizing systems and risk management policies No
Exposure to senior management Immediate and continuous Yes, possible
Opportunity for travel Very high Depends on the assignment
Possible career progression Senior role within mainstream finance or internal audit, possible to reach finance director, or strategic business role Senior role in external audit

 

Not sure which path is right for you? Why not meet with a Morgan to discuss your career opportunities and find your fit! Schedule your free consultation

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