Asked by Brian Doherty on Jul 18, 2024

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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.
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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.