Applying The IIA’s International Professional Practices Framework as a Professional Services Firm
This guide discusses the differences between internal audit's mandate to provide assurance, advice, and insight on the effectiveness of governance, risk management, and control processes and generally provides such information to internal stakeholders (management, the audit committee, and the board); whereas external audit's mandate is to provide an opinion on the reliability of reported financial results and other related matters to external stakeholders (investors, lenders, etc.) and how the IPPF can be used to assist both parties in executing their mandates properly.