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Except viewing every transaction as a fraud or misappropiration by internal auditor any other difference which can clearly define both roles.
Compliance Audit (external auditor) gives positive assurance that the auditor has obtained sufficient audit evidence that the annual financial statements as prepared by management are ...................."statements fairly present, in all material respects" in terms of the Income Tax Laws, Company Laws, Stock Exchange Rules, and most important, complies with International Financial Reporting Standard.
"Compliance" denotes comply or conform to regulations. More common in regulated businesses like financial services. Compliance function has become more widespread after the 911 terrorist attacks of 2001.
Internal Audit is older function. Covers reviewing operation of controls, checks and balances. ( Say even internal Audit of the compliance function in an organization). Internal Audit function has existed for long and is only younger than external Audit .IA ( internal Audit) exists in many businesses and may be stronger in financial services and other regulated industries
Compliance Audit (external auditor) gives positive assurance that the auditor has obtained sufficient audit evidence that the annual financial statements as prepared by management are ...................."statements fairly present, in all material respects" in terms of the Income Tax Laws, Company Laws, Stock Exchange Rules, and most important, complies with International Financial Reporting Standard.
Internal Auditor is more directed at internal controls, compliance to company policies and procedures, identification of fraud, misappropriations of assets by management overrides, non adherence to system controls.
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