Internal vs External Audit: Key Differences & Similarities
Government agencies, such as the Securities and Exchange https://www.bookstime.com/ Commission (SEC), require publicly listed companies to conduct an independent audit to validate their annual financial reporting. A fundamental principle of effective internal controls is the segregation of duties to make sure that no single person can initiate, approve, and record transactions without some level of oversight. Reviewing user rights, roles, permissions, and approval workflows ensures there are checks and balances in place. In preparing for…