Internal and External Auditing Functions

Internal auditors are employees of the company they audit. The objective of internal auditing is to assist the management of the company in the effective discharge of its responsibilities. On the other hand, external auditors are independent of the organization they are auditing. They report to the company's owners (shareholders). External auditors are professionally required to provide an independent evaluation of the fairness of the firm's financial statements.

Instructions

Respond to the following:

1. Discuss the basic characteristics of accounting quality.
2. How would internal and external auditors contribute to accounting quality?

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