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Both 'Internal Auditor' and 'External Auditor' reviews each other's reports in-order to observe, control, evaluate,rectify, modify and to assist in defining and performing each other's functions and responsibilties more deliberately .Thus mutually, helps the company to visualize a clearer picture of its current financial status.
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Each & Every Person Approach differently as compare to analyse financial Statement.
So review each other reports is trying rectification of False report in Financial Statements.
As functions and requirements both are different. But ways and means of achieving the objectives are almost same. So we can say that they complement each other in terms of their functioning but not in terms of their objectives
The external auditor can check the work of the internal auditor if he find it useful for his audit or he can lead his audit based n internal audit risk issues based on qualification and experience of the internal auditor. Also the Internal auditor report helps the external auditor to identify the red flags.
The Internal auditor reads the external auditor report and compliance given for that points to identify any risk that he was not aware.
The external auditor can use the work of the internal auditor if he find it useful for his audit and he is assured regarding the qualification of the internal auditor. For this purpose he will read the Internal auditor report. Also the Internal auditor report helps the external auditor to idetify the red flags.
The Internal auditor reads the external auditor (essentially report on internal controls or in case that the external auditor do not express an unmodified opinion) report to identify any risk that he was not aware.
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