Question Two $(26$ Marks$)$

As a student taking an auditing course, your instructor has given you an overview of internal

and external auditing, including definitions, objectives, functions and positioning. Your task is to present a thorough analysis that contrasts and compares internal and external auditing, using specific examples to support your arguments.

Required:

Define internal auditing and external auditing based on the provided information. Discuss their fundamental purposes, positioning within an organisation, functions, and scopes. Provide a real$-$life example from South Africa to illustrate the differences between internal and external auditing. $(26$ Marks$)$