Internal & External Audit

Ebridge Legal Audit Services

The proactive approach to lowering risk and advancing your business goal is to engage Ebridge’s audit services. By challenging assumptions and resolving business problems that might be preventing your company from performing at its best, our practical, hands-on approach helps you increase business performance.

Our Compliance and Audit Team Will Assist You In:

• Adding Value to Your Business by using the audit as a foundation to pinpoint and address business issues and enhance your business procedures.
• Developing Strategies to Advance Your Business by utilizing the understanding gained from the audit.
• Lowering Risk and Boosting Organizational Performance by questioning accepted beliefs and methods.
• Obtaining Peace of Mind by knowing that your legal requirements have been satisfied, the financial statements are accurate, and any potential issues have been discovered beforehand.

Ebridge Legal constitutes a team of registered auditors who comply with specified standards.

Understanding Internal & External Audit

The Audit Process

Audit Planning > Field Work > Conducting Audit > Audit Report > Audit Follow Up

Difference Between Internal and External Audit

There are multiple differences between internal and external audits that are explained in a table below: 

Types of External Audit

• Financial statements audit
• Operational audit
• Compliance audit

Types of Internal Audit

• Financial audit 
• Information system
• Performance audit
• Information technology audit
• Construction 
• Operational auditing
• Natural environment 

Benefits of Auditing

• Maintain compliance
• Keep your books up-to-date
• Prevent fraud
• Be a business of integrity
• Assess and mitigate risks

Relationship Between Internal Audit and External Audit

• Internal and external audit should ensure adequate and regular communication and sharing of information to prove fruitful to the organizations they serve.
• For an organization to have successful governance, internal and external audits have complimentary roles within the assurance framework, each having its own value and level of skill.
• Despite the necessity to protect their impartiality and independence, internal and external audits should continue to work closely together to guarantee that their work is coordinated and that resources are used effectively.

To speak to our Auditor or for more details about the audit and compliance services we provide, please contact us without a thought.

FAQs

What is an audit?

A formal check of an organization’s financial records, often conducted by an independent entity, is referred to as an audit.

What are the different types of audit?

There are two types of audit done for any company: 

• Internal audit 
• External audit

What is the sole purpose of carrying out internal and external audits?

While an external financial audit typically occurs annually, or at least once every five years, with a scope confined to financial statements, the internal audit role is proactive and ongoing, offering management insights and recommendations covering all governance, risk, and control activities.

How to differentiate between internal audit and external audit?

Internal auditing is not a necessity, although it can be done to examine how an organization does its daily business. The management of the entity chooses the work area for this kind of auditing.

Contrarily, external audit, which is required for every separate legal entity, involves bringing in a third party to execute the auditing process and provide an assessment of the company’s financial statements.

The difference between internal and external audit in tabular form is also listed here.