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Is it the responsibility of the internal auditor and external auditor to DETECT fraud and error of the company it is auditing?
External auditor’s prime responsibility is to give an audit opinion. They should find material fraud, because that has a bearing on their opinion, but have no responsibility to find small fraud, though should always employ professional scepticism.
Internal auditors have a responsibility to do whatever they are told to and generally this would include being on the look-out for fraud.
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