An external auditing has adopted a business risk approach, so too has internal auditing adopted many aspects of this approach. Describe how an external auditing differs from that of an internal auditing. Given that the external auditor is increasing their understanding of business risk analysis, Explain whether they are likely to place more or less reliance on the work undertaken by an internal audit.

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Differences Between External Auditing and Internal Auditing 1 Purpose External Auditing Primarily focused on providing an independent opinion on the fairness of the financial statements for the benefi... View the full answer