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The Move from external to internal audit ? I always receive e-mails from my linkedIn group (Internal Audit & Risk Management consultants) members asking for career advise .The last e-mail I received, a couple of days ago, was from a young member and it read as follows: "I need your guidance at this stage as I started my career in external audit,and now I shifted to internal audit." My response to him was as follows: In my opinion, and based on my long experience in both external and internal audit ,the most important skill needed to be successful is people management skills. As you shift from external to internal audit, I hope you will benefit from your consulting mind set and treat your auditees as clients . I follow these3 P’s: Patience Professionalism Persistence In fact ,recently I have added a fourth p : personalization .Each auditee is different and needs a personalized approach to deal with him/her. What do you think of my response? Source : my blog (http://waelbibi.blogspot.ca/2011/06/move-from-external-to-internal-audit.html )
External auditors can perform internal auditor's role in most effective manner due to their exposure of different industries and their ability to adapt to different environments.
We can do Internal audit in our capacity as an externtal aiuditor.i.e External auditor can do internal audit as a professional.
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Every organization has a compulsion to perform auditing of the accounts and financial statements of the company. the auditing is divided into Internal auditing and External auditing. There exist many differences and similarities between them. This article focuses on how they are different from each other and functions of the Internal and External auditing.
According to Institute of Chartered Accountants of India (ICAI), an audit is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.
INTERNAL AUDITInternal audit is defined by the as an independent appraisal function established by the management of an organization for the review of the internal control system as a service to the organization. The aim of every internal audit report is to prompt management action to implement recommendations for change leading to improvement in performance and control.
Internal audit is basically an accountant making sure his own companies control measures are sound and performs stress tests to ensure accuracy in reporting.
External audit is where you work for an audit company and you audit other companies as you are hired to provide this assurance service to certify and attest to the soundness of their financial statements for their stakeholders to view and analyze.
I am fully agree with above commends and an internal audit we can lean a lot by analysing the each and different scenarios. They should be more patience and perosnalise while intact with each auditees.
