Question 1:What is different about being an internal auditor versus an external auditor?

Answer:

The primary distinction between an internal auditor and an external auditor is that an internal auditor works for the company being audited, whereas an external auditor does not;an external audit is a review undertaken by an outside accountant.This means that an internal auditor is more likely than an external auditor to have access to more information about the company and its operations. Furthermore, internal auditors are typically more acquainted with the company's internal controls and procedures than external auditors.

Question 2:What internal controls have you found to be the most effective?

Answer:

This question has no one-size-fits-all answer because the most effective internal controls differ from company to company, therefore, there is no universal solution to this problem.However, segregation of duties, independent checks and balances, and effective communication between departmentsare some internal controls that are frequently regarded as being effective.

Question 3:What do you feel are the most effective ways to cut fraud in a company?

Answer:

Implementing strong internal controls, conducting regular audits, and developing an ethical culture are some of the most effective ways to reduce fraud in a business.

Based on what you discovered from the answers to the question above, what do you see as pros and cons to being an auditor yourself? Explain.