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Hi i was wondering if someone can help me i am looking for notes or questions in this area. Or is this not relievent?
As all i see in the notes and past papers is role of directors or audit committee in audit not internal vs external.The P1 exam spot said internal auditor role so is that more likely compared to internal vs external auditor roles?
Thanks
1/Reporting line different: internal auditor reporting to coportate audit committee, external audit reporting to the extrenal audit firm
2/objective is different: internal audtor is advise the company managment have sound system of internal control and to avoid lose, external auditor giving opinions on whether the fiancial statements giving ture and fair view.
3/scope: internal auditor responsible for whole coportation including financial and operation sector, external auditor have financial focus.
4/responsibility: giving advise on internal controls and corporate governance, external auditor give opionion on whether Financial statement is ture and fair
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