The directors of LSB are also planning to set up an internal audit department but they are not very sure about the difference of an internal auditor and an external auditor and also the factors to be considered when setting up an internal audit department. They have asked your advice on these two matters. Required: (i) External auditors and internal auditors are two of the broad categories of auditors identified. Distinguish any TWO (2) similarities and any FOUR (4) differences between the two categories of auditors. (6 marks) (ii) Determine the factors the directors should consider before establishing an internal audit department. (4 marks) [Total: 25 Marks]