Understanding Internal Audit, External Audit, and Audit Fees

Abstract

Purpose

The principal objective beyond the study is to penetrate the auditing concepts and recognize the differences between the various audits, besides exchanging opinions that assess and define the similarities between internal audit, external audit, and audit fees.

Method

This study used a variety of qualitative data collection methods, offering insights that clarify and enhance the outcomes.

Findings

The collective theme that characterizes this study is centered around the similarities and differences between internal audit, external audit, and audit fees, calling the companies for taking advantage of audit capacity that increases the organizational efficiency and supports profitability, and thereby spreading trust among persons of interest. The study demonstrated the significance of submitting audits in a systematic methodology in order to sustain the company’s integrity.

Implications

It is important that companies incorporate the internal audit, external audit, and audit fees into their operational processes so that they can regulate their financial statement, which guides the company’s activities to adopt informed policies and strategies for building long-term resilience.

Originality

This study chose to follow the x-rayed relevant theories in order to identify and specify the audit features and functions related to accounting rules and standards.

Keywords: Internal audit, external audit, audit fees, financial reporting, audits’ tasks, audit patterns, organizational size, operational complexity, risk management.