well, An internal audit is conducted by accountants within the agency and an external audit is conducted by accountants outside of the company or agency.
an internal audit is done by employees of the company.
an external one is done by a 3rd party.Internal auditing is done within a company as part of quality control. External auditing is done by othercompanies or goverment istitutions like the IRS or licensing agencies to asure compliance with laws and other regulations.
Answered by R.P. Singh
at
6:13 PM on July 22, 2008