Why the Distinction Between Internal and External Audit Matters Internal audit and external audit are both called “audit,” both involve examining a business’s financial and operational records, and both produce reports with findings. Beyond that, they differ in almost every meaningful way — who commissions them, who conducts them, what they examine, who receives the … Read more

Auditing and investigation both involve examining a company’s financial records, which is why the two get confused, but they exist for fundamentally different reasons. An audit is a routine, general examination that gives an opinion on whether financial statements are fairly presented. An investigation is a targeted, critical inquiry launched to answer a specific question, … Read more

Qualified vs Unqualified Audit Report — Key Differences, Meanings & What Each Says About a Business When a company undergoes an external audit, the outcome is summarised in an audit report — a formal document in which the auditor expresses their professional opinion on the accuracy and fairness of the company’s financial statements. For business … Read more