Internal Audit Vs Statutory Audit ( Answer for Interview)

[Admin ji]

Internal Audit vs. Stat Audit

Practically, one of the major difference that is never highlighted between Internal Audit and Stat audit is materiality.

In stat audit materiality actually matters. Stat auditors generally do not qualify the report if they have not found any issue which is material as per pre decided materiality level with the management.

On the other hand, Internal audit is more process driven. If they find any gap in process, then, they usually report it. Whether the current impact is material or not, they point it out keeping in mind the future impact and scope for improvement in current process.

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