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Do internal auditing beneficial for every manufacturing industry for the third party auditor?

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Question added by Jo Anna Macavinta , Quality Assurance Coordinator , Al Shaya Central Production Facilities
Date Posted: 2014/10/13
mohamed Hakim CMA CPA Candidate
by mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Internal audit can be very beneficial for external or third party audit 

Internal audit reports can help external or third party auditor 

Third party auditor will make50%  of work they already do when there is internal audit in company

 

Malik Khalid Mahmood
by Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Internal Auditing is for management control, External Auditor responsibility is only to give opinion, i.e true and fair view, however, misstatements, errors or fraud is management responsibility.

Aqeel Aqeel Ahmed
by Aqeel Aqeel Ahmed , Sr. Accounts Officer , Zainab Textile Mills Limited

internal auditing is necessary for every manufacturing company, beccause it is control laid down in organization whether the objective have been achieved ,resources are efficiently consume

 

Mohamed Zufar Mohamed Haseeb
by Mohamed Zufar Mohamed Haseeb , Team Leader - Group Internal Audit , AW Rostamani Group

Internal auditing is indeed beneficial for any organization operating in any industry. If your question is whether outsourcing the internal audit function to a third party auditor? Then I would say  "Yes" because outsourced internal audit professionals can bring in a vast amount of expertise to make the internal audit function much more effective than an in-house internal audit function. 

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