Register now or log in to join your professional community.
If someone has spend sufficient time in external audit, in your opinion whether his/her experience and skills of external audit ll be sufficient for effective management of a position of internal audit in a Company?
It is true that there is a definite plus for external audit experiance for an internal audit job. But practically external audit is not detailed oriented, as you know we do it randomly leaving out sometimes some of the very important areas as mangement is concerned. Unlike internal audit is detailed oriented and more concerned with the internal controls as well. So a person having external audit experiance may fit well, if he is fully analytical in mind, and ready to look into details.
Definitely. External Auditors have wide experience in difference financial accounting environment and have more exposure than a person within a specific industry. So I believe, the best match for an internal audit manager could be a person with external audit experience.
Yes External Audit experience can be very useful for a person to handle the internal audit job as they have vast experience in difference financial accounting environment and have more exposure than a person within a specific industry.
External auditors have advantage because they had exposure of different fields within the organisation and different industry audits. Main difference between external and internal audit is that former is a statutary audit and later is function inside the organisation.
Yes, but if the external or statutory auditors are obliged to the following:
1. On an appointement
2. In an operational audit
3. Goals of Auditing
4. Period of Auditing
5. Independancy
6. Methodology of Auditing.
7. and so on.
The external auditor can use internal auditors who may have relevant expertise in particular areas, and. The external audit team can focus on the more significant audit issues.
While I think external audit experience is a great background for internal auditors to have, I don't believe its sufficient on its own as the focus, level of detail and audience is different. I would urge any internal auditor to take the CIA exams as they are a great foundation for the profession as a first step. That said, it is not beyond the scope of any competent professional to get up to speed in a matter of months with the right coaching and guidance.
Yes I think the the experience of External Auditors is suffcient to Internal Audit .
it is possible because you have already the knowledge or guides in executing the same.
