Difference between stat and internal audit

Question

Accepted Answer

Stat audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.

Stat audit is conducted to ensure compliance with legal and regulatory requirements.
Internal audit is conducted to evaluate and improve the effectiveness of risk management, control, and governance processes.
Stat audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
Stat audit is focused on financial statements while internal audit can cover a wide range of areas such as operations, IT, and compliance.
Examples of stat audit include audits of financial statements for publicly traded companies while examples of internal audit include audits of procurement processes or IT security controls.

Accepted Answer

Stat is regulation based but internal audit is more of managerial function.

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