Explain why the internal and independent external auditors' review of internal control procedures differ in purpose?

Internal auditors evaluate whether existing controls are adequate and are put in place such that the entity will not be exposed to possible loss of asset, error/fraud, theft and misappropriation.  External auditors, on the other hand, usually examine and evaluate whether internal controls are put in place to determine the risk a.k.a. control risk (high risk or low risk), fraud/error, which could materially affect the financial statements.  

Both internal and external auditors should recommend management effective and efficient control/s whenever they see to it that the current internal controls are not implemented as designed, whether the designed internal control is not adequate, or no control at all such as on no segregation of duties, with the primary purpose of preventing fraud/error and protecting the entity's resources.   

The external auditor have to assess the internal control system cause if the company have a strong internal control system the auditor will be more sure for the figures and if the company has a weak internal control system then the auditor must take more caution and he have to extend his audit sample

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Internal Audit is reviewing the routine activities of the business and give suggestions for improvement. Conversely, External Audit aims at analyzing and verifying the accuracy and reliability of the financial statement.

External Audit

External Audit purpose to check & report weather the employees & employer work under the standards as per govt / professional body / policies as per company requirements.

Internal Audit

Internal Audit purpose is to alert management according to policies and procedures as implemented by the management of the company .

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Both Auditors internal and external are Auditors but its true that review of internal control procedure differ in purpose.

The internal Auditor mainly follow the procedure laid down by management for internal check and verification, Internal Auditor keep in mind mainly the policy and rules and regulation of management of course the accounting principles are part in every organization.

On the other hand the external Auditor is a independent body who keeps in mind various statutory rules and regulation of country and law. External Auditor keep in mind various other aspect a part from management policies.

I remember that I was internal auditor in one company where leave days paid to staff was lower than

stipulated in law, I as a internal Auditor approved the same keeping in view management policy, however

external Auditor raised objection on it saying it should be as per law.

Hope my answer will help to add in you knowledge. 

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