There are both similarities and differences between the functioning of internal and external auditors. The similarities are that they have to evaluate functions and then examine the transactions that took place. They even have to examine the company’s internal company and test the feasibility of the bad debts. Another well known responsibility is that they have to make sure that the company follows the procedure guidelines. To remove the financial glitches both of them have to work in proper coordination with each other. They even have to prepare a formal report on those activities that they have done to maintain the proper health of the company’s financial statement.
If we talk about the differences, then there are plenty of them. To start with, external auditors in Dubai are not a permanent employee of the company. These professionals are just contractors and their services are put to use for a brief time. After the completion of the contract, it solely depends on the company whether or not they want to extend the tenure of the contract. This is completely opposite to the position of the internal auditors who are the permanent employees of the company.
The above said difference also creates a significant difference in the final report that each of them prepare for the company. External auditors are vocal about their views. They do not hesitate to state their views in a harsh manner. On the other hand, internal auditors in SAIF Zone are more polite with the words that they use in their report. These professionals make sure that they focus more on the positive side of the company in their report and overlook the small glitches and mistakes.
The task of the internal auditor is to prepare a report on the system of company’s internal control. In this report, they give more emphasis to risk management. The external auditor focuses on the overall financial statement and report of the company. They check the company’s accounts and evaluate the data given to them to form their opinion.
Apart from them, there are many other differences in between these two professionals. However, both of them are essential for the company. The companies hire internal auditors by following their own recruitment process. On the other hand, external auditors are a part of prominent accounting in UAE agencies. To avail their services, companies have to contact these agencies.
If we talk about the differences, then there are plenty of them. To start with, external auditors in Dubai are not a permanent employee of the company. These professionals are just contractors and their services are put to use for a brief time. After the completion of the contract, it solely depends on the company whether or not they want to extend the tenure of the contract. This is completely opposite to the position of the internal auditors who are the permanent employees of the company.
The above said difference also creates a significant difference in the final report that each of them prepare for the company. External auditors are vocal about their views. They do not hesitate to state their views in a harsh manner. On the other hand, internal auditors in SAIF Zone are more polite with the words that they use in their report. These professionals make sure that they focus more on the positive side of the company in their report and overlook the small glitches and mistakes.
The task of the internal auditor is to prepare a report on the system of company’s internal control. In this report, they give more emphasis to risk management. The external auditor focuses on the overall financial statement and report of the company. They check the company’s accounts and evaluate the data given to them to form their opinion.
Apart from them, there are many other differences in between these two professionals. However, both of them are essential for the company. The companies hire internal auditors by following their own recruitment process. On the other hand, external auditors are a part of prominent accounting in UAE agencies. To avail their services, companies have to contact these agencies.