What are the roles of external and internal auditors in the company?

The main focus is about auditors (external & internal) what is their roles in the company?

and why should each company have their own internal auditors? What is the different

between external and internal? which is costlier than the other? and finally what is the

benefit of hiring auditors.

At its origins, internal auditing was concerned with accounting and financial matters

alone. However, the internal audit function now deals with a wide range of organizational

operating activities and carries out correspondingly an abundant array of consulting and

assurance services. The Institute of Internal Auditors (IIA) defines internal auditing as “an

independent, objective assurance and consulting activity designed to add value and improve an

organization’s operations,” (Pickett, 2004).

The role of internal auditors is to provide objective and impartial opinion regarding a

myriad of organizational operations, processes and procedures. Acting independently, from the

operations they evaluate, internal auditors are supposed to report to the senior management of an

organization (Pickett, 2004). Typically, this includes the accounting or financial officer, the audit

committee and the board of directors or trustees. Internal auditors are supposed to be

independent individuals who are ready and willing to act for the overall good of the organization.

In their daily work, internal auditors talk to top executives in an organization concerning

complex and strategic issues. In addition, internal auditors provide professional advice to

organizational project teams running complex programmes and take part in the investigation of

complex fraud cases.

What are the roles of external auditors in the company?

Besides auditing for themselves, organizations usually hire external auditors. Essentially,

external auditors are accountants that perform their duties independently of a given organization.

They examine an organization’s operations and records in order to ensure that financial

statements are a fair and accurate representation of a company’s performance (Vallabhaneni,

2008).

The role of external auditors is to provide their impartial view regarding whether a

company’s management has accurately presented information in their financial statements. In an

external audit exercise, external auditor (s) assesses a company’s financial statements

(Vallabhaneni, 2008).

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