Asked by Brian Doherty on Jul 18, 2024
Verified
External audits are precisely the same as internal audits.
External Audits
Independent examinations of financial records and activities of an entity to ensure accuracy, compliance, and fairness in reporting.
Internal Audits
Are objective evaluations conducted within an organization to assess the effectiveness of its internal controls, operational procedures, and compliance with relevant laws and regulations.
- Master the aspects and necessity of organizational control frameworks.
Verified Answer
ML
Monyea LeoneJul 20, 2024
Final Answer :
False
Explanation :
External audits are conducted by an independent third-party while internal audits are conducted by an organization's own internal audit team. Therefore, they are not the same.
Learning Objectives
- Master the aspects and necessity of organizational control frameworks.
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