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Ethics refers to the moral principles of a person's behavior and conduct.

Code of ethics refers to the principles ,rules and behavior that the individuals are expected to follow or behave.

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Ethics is the act of a person in which is morally right or wrong and it will usually be defined on one's experience, surrounding and culture. It's also known as the moral judgement of a person.

Code of ethics is the code that governs the act of human in reaching the goal of philanthropy, economical, legal.

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Ethics can be defined as a moral principle that influence a person's behaviour. It's a discipline of dealing with what is good or bad.

Code of Ethics basically outlines or is a guide of principle that helps professionals like internal auditors to conduct businesses with trust and integrity.

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Ethics is moral philosophy that guide a person in daily life.

Code of ethics includes principles and expectations governing the behavior of individuals and organizations in conducting internal audits.

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Internal audit is a profession that examines the business practice and risk of the company's business process. They will evaluate and improve the effectiveness of risk management and governance which lead to achieving company objectives. Internal audits are conducted throughout the year while external audits conducted single annual audit.
External audit is an independent body that is from outside of the company and they are appointed by the company's shareholder to examine the financial records and provide an opinion regarding the financial statements of the company.

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Full name: Wong Seng Foong
Current Position: Transaction Services Analyst @ Citigroup Transaction Service (M) Sdn Bhd
Years of Experience: 4 years
I am currently working in operation department and i wanted to know more about internal audit because every few years there will be internal auditor to audit my process! One more thing which is more important is that it will help me to improve my knowledge to look after my own process so that they are more safe and sound.

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Differences between internal audit and externa

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Differences between internal audit and externa

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Internal audit
Internal audit team is usually a team in and within the organisation although there are company who engages audit firms for the internal audit functions. The function of an internal auditor is to review the effectiveness and efficiency of the company operations, compliance with laws, reulations, policies, procedures, and helping achieving of operational/organisational objectives. THe function of internal audit covers the safeguarding of assets, check and balance, and to ascertain the reliability of information distributed to the stakeholders. Internal audit, in other word, acts as the watchdog of an organisation.

External audit
External audit is usually carried out with independent external auditor, hired by the company to have their financial statements to be audited. They provide their unbias opinion the company financial statements and express their opinion whether to qualify or unqualified opinion on the company's financial position.

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Nick Name: SC
Position: Finance
Company: Tropical Consolidated Corporation

Started my career as an internal auditor, internal audit has become part of my day to day job. It is without doubt that internal audit is part and parcel of an organisation's day to day operation. Even today, in my position in the finance department, internal audit still plays a very important role in my life.

The reason for taking up this subject was to refresh myself with the basics of internal auditing, since i've left the auditing field for more than 2 years.

The fundamental success of a company drill down to their effective processes, internal control, and risk management.

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Internal audit is audit internally by the company itself or self-auditing. The auditors are the company's staffs.

External audit is conducted by outside auditors from the certified organizations.

The aims for both internal and external audits are to ensure the company to achieve its objectives and goals.

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Internal audit is the evaluation of various departments in a company in terms of the function, issues faced, problem solving and process improvisation. This overall, leads to reducing or diminishing non value added process or tasks while increases the value added items to the firm. Aside to that, internal auditing does help a firm to progress and perform at its utmost level with lesser issues. And it also focuses on the culture, practice and organizational structure that allows a firm to excel and dump the non value added factors. An example would be internal auditor in HR dept to ensure all payroll exceptional payment are approved and archived accordingly.

External audit is an external party assigned to a company to conduct the yearly or quarterly audit to ensure the firm is in compliant with the current policies and carries out the processes in accordance with the law. For example, Apple audit is conducted to ensure a semiconductor company complies to the latest ISO

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Vicky
Internal audit is evaluating  and improving the effectiveness of risk management and control in an organisation

External audit is independent body which outside of the organisation is auditing the company accounts

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What is Internal & External Auditing?

Internal Auditing
Internal auditing basically examine whether a business practice is helping an organization to manage its risks and whether they are able to meet their strategic goals in future. Internal auditors can be employed within the business or outsourced.

External Auditing
External Auditing will examine any official financial records or statements in accordance with the legal requirements or compliance. External auditors are mainly consisting of outside firm of accountants.

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Hi! I am a pharmacist, working in GH Penang now. I work for 8 years in government. I am interested in internal audit and keen to join this class 😬

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Cash Receipt Specialist with IHS Markit
7 years working experience in Accounting Field
The reason i take this subject is to enhance my accounting knowledge.

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I am currently working as a Talent Acquistion Executive in OSRAM Global Shared Services (GSS), in which i have 2+ years of working experience in the Human Resources field.
The reason I opt for this subject is to ensure I gain in depth knowledge in internal auditing that would aid and assist me in becoming a resourceful leader in the nearest future. Coming from a non-accounting background, I choose this course to also give a try and challenge myself in scoring the course.

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Full name: Catherine Tan Yee Wen
Nickname: Cat
Current Position: Lead Financial and Risk Analyst Company: Thomson Reuters Sdn Bhd
Years of Experience: 3 years
Why I'm taking AGE 613: Basically I'm planning to expand my knowledge on audit and control since I was in a field of Finance before. I hope to specialize on one of the four specialization scope that USM is currently offering: Governance and Control.

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WELCOME to AGE 613 Internal Audit Basics

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WELCOME to AGE 613 Internal Audit Basics