Key Difference – Internal Check vs Internal Control Internal check and internal control are two frequently used terms in risk management which are often used interchangeably. However, subtle differences exist between the two since internal control is a broader concept compared to internal check. The key difference between internal check and internal control is […]
Difference Between Materiality and Performance Materiality
Key Difference – Materiality vs Performance Materiality According to Audit & Assurance Services Policy (AASP), the concept of materiality is applied by the auditor when planning and performing the audit since the auditor has to provide an opinion on whether the financial statements are materially correct. The key difference between materiality and performance materiality […]
Difference Between Financial Audit and Management Audit
Key Difference – Financial Audit vs Management Audit Financial audit and management audit are two important types of audits. While management audit is conducted according to specific requirements, financial audit is conducted on an annual basis. The key difference between financial audit and management audit is that financial audit is an audit conducted to […]
Difference Between Internal Audit and Internal Control
Key Difference – Internal Audit vs Internal Control Internal audit and internal control are two main aspects of any type of organization. In general, these two terms are often confused and used interchangeably; nevertheless, they are different from each other. The key difference between internal audit and internal control is that internal audit is […]
Difference Between Internal and External Audit
Key Difference – Internal vs External Audit The audit process is one of the essential aspects of an organization for its long-term survival and success. An audit committee is appointed by the board of directors to review the effectiveness of audit process of the company. Internal audit and external audit are the two main […]
Difference Between Audit Risk and Business Risk
Key Difference – Audit Risk vs Business Risk Business actions are subjected to various risks that can reduce the positive effects they can bring to the organization. Audit risk and business risk are two main types of risks that should be controlled and continuously monitored. The key difference between audit risk and business risk […]
Difference Between Inherent Risk and Control Risk
Key Difference – Inherent Risk vs Control Risk Inherent risk and control risk are two important terminologies in risk management. Business actions are subjected to various risks by nature that can reduce the positive effects they can bring to the organization. The key difference between inherent risk and control risk is that inherent risk […]