Jadi Ini Bedanya Audit Internal Dengan Audit Eksternal

Summary

This video explains the key differences between internal and external audits. Internal audits focus on assessing business risks, operations, and controls within a company, reporting to management. External audits, on the other hand, are independent evaluations aimed at assessing financial statements and detecting fraud, reporting to shareholders. The video highlights how internal audits are flexible and can happen at any time, while external audits follow a specific accounting period. It emphasizes the distinct roles each audit type plays in ensuring the integrity and effectiveness of a company’s operations and finances.

Takeaways

• 😀 Internal audit is conducted within a company, while external audit is performed by an independent party outside the company.
• 😀 Internal audit reports to management and the audit committee, while external audit reports to external stakeholders like shareholders.
• 😀 The focus of internal audit is on business risks and operational processes, whereas external audit focuses primarily on financial reporting risks.
• 😀 Internal audit is involved in the direct detection and correction of issues like fraud and process inefficiencies, whereas external audit evaluates the accuracy of financial statements.
• 😀 Internal audit is more flexible and can occur throughout the year, while external audit typically happens after the fiscal year ends.
• 😀 Internal audit helps management actively manage risks and operations, while external audit validates the financial status for external parties.
• 😀 External auditors provide an independent evaluation of financial statements, often issuing an unqualified opinion (WTP) if everything is accurate.
• 😀 Internal audit has a broader scope, covering various business areas, while external audit mainly focuses on financial statements.
• 😀 Internal audit can be initiated by a company's management at any time, while external audit follows a set schedule based on the company’s fiscal period.
• 😀 External audits can reveal discrepancies or fraud in financial statements, and improper findings can violate ethical standards or legal regulations.

Q & A

What is the primary difference between internal and external audits?

The primary difference is that internal audits are conducted within the company to evaluate business risks and internal controls, while external audits are performed by independent auditors to evaluate financial statements and ensure accuracy for shareholders.

Who receives the reports from internal auditors?

Internal audit reports are typically presented to the company's management and the audit committee.

Who receives the reports from external auditors?

External audit reports are usually directed to the shareholders, particularly in publicly traded companies.

How do the focuses of internal and external audits differ?

Internal audits focus on business risks and internal operations, including evaluating management and business activities, while external audits concentrate on financial reporting risks and the accuracy of financial statements.

What is meant by 'risk of business' in internal audits?

The 'risk of business' in internal audits refers to the factors that might affect the company's operations, including management decisions, business activities, and financial aspects.

How does internal audit address fraud and controls?

Internal auditors directly evaluate internal controls and detect potential fraud within the company's operations.

How does external audit approach fraud and controls?

External auditors assess fraud and controls indirectly, typically focusing on specific requests related to financial reporting and ensuring the financial statements are free from errors or misrepresentation.

What is the role of internal auditors regarding company management?

Internal auditors assist management throughout the process, before, during, and after business activities, helping them to identify and mitigate risks within the company's operations.

When are internal audits typically conducted?

Internal audits can be conducted at any time during the year, depending on the company's needs and without waiting for the end of the fiscal year.

When are external audits typically conducted?

External audits are usually performed after the company's fiscal year ends, once the books are closed, to evaluate the financial statements.