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Respond to the following in a minimum of 175 words:


Guneet Makkar

The objective of financial audit is to verify whether the financial statements as issued by the management is a true depiction of the company’s financial health. Whereas, the internal control is audited mainly to figure out high risk areas where a weak internal control if gone undetected would lead to misrepresentation of financials in a material way and would negatively impact the company and its future. Financial statement audits are usually done by external auditors/ CPAs which is done on an annual basis. The internal controls audit can be done by internal auditor to oversee smooth functioning of the data transfer and also by external auditor or the CPA when they do the financial statement audit in order to determine the effectiveness of internal control in high risk transactions. It is done on an ongoing basis by the internal auditor and on annual basis by the external auditor. The internal auditor does for the management to help them with the correct information and to aid management decision making whereas the external auditor does it for shareholders, investors, bankers, employees, customers, vendors and legal agencies.

Brittany Hanson

Respond to the following in a minimum of 175 words:

The main goal of conducting an audit of financial statements and internal controls is to examine and verify with reliable evidence that the financial statements are accurate and free of errors or misstatements. The goals are to be able to study and provide supporting evidence to determine whether or not the financial statements are valid as well as an assessment of the accounting principles and estimates made, in addition to the financial statement presentation as a whole. Typically, the individuals who conduct such audits are Internal Auditors. Internal Auditors typically work for one company or industry for much of their career and are guided by the Institute of Internal Auditors, or the IIA, which is an organization that is in place to establish the ethical and practice standards for Internal Auditors. The organization provided training and education for Internal Auditors and encourages their members to remain professional at all times. Internal Audits can be conducted at any time that the company may need, but it is typically an annual or quarterly task that is performed to maintain the accuracy of the financial statements.


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