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Friday, July 25, 2025 2:13:24 PM
Well done & now an old MBA/CPA's simplified explanation. Internal audits are a management tool designed to help the company improve itself from within. They are common in larger firms & are often required by boards/creditors.
External audits are used as a compliance tool and assurance mechanism line by line. Externals are legally required for SEC filers while providing credibility to the financial statements for outside stakeholders. Completed as per GAAS, PCAOB, or other national audit standards These audits will definitely be External.
See that @TJG was just ahead of me
External audits are used as a compliance tool and assurance mechanism line by line. Externals are legally required for SEC filers while providing credibility to the financial statements for outside stakeholders. Completed as per GAAS, PCAOB, or other national audit standards These audits will definitely be External.
See that @TJG was just ahead of me
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