SOLUTION: Principals and Types of Auditing Questions

Attached.Running Head: PRINCIPALS OF AUDITINGPRINCIPALS OF AUDITINGInstitutional AffiliationStudent’s NameCourse IDDue Date12PRINCIPALS OF AUDITINGQUESTION ONETypes of auditsExternal auditsOutside entities undertake external audits. They help get rid of assessing the financialrecords of an institution since the outsider assesses the financial records from a neutral point ofview. External audits usually try to identify any overstatement or understatement in anorganization’s financial statements (Arens, Loebbecke, Elder, & Beasley, 2000). Consumers ofthe financial information are confident with evaluating an outsider since they believe it is preciseand correct.Standards followed and adhered to by external auditors are not similar to those followedby the firm hiring them. External audits are honest and candid and generally do not affect day today work relations amongst employees in a company.Internal auditsAuditors employed to carry out an audit in the firm’s financial resources are employees ofthe organization. The resultant audit report is issued directly to the board of directors andmanagement. Auditors use standards of the company they work for, unlike external a…

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