How you differentiate between internal control and internal audit

Question

Accepted Answer

Internal control refers to the processes and procedures implemented by management to ensure the achievement of objectives, while internal audit is an independent function that evaluates the effectiveness of internal controls.

Internal control is a system put in place by management to safeguard assets, ensure accuracy of financial records, and promote operational efficiency.
Internal audit is an independent function that assesses the effectiveness of internal controls and provides recommendations for improvement.
Internal control focuses on prevention and detection of errors, fraud, and non-compliance, while internal audit focuses on evaluating the adequacy and effectiveness of internal controls.
Internal control is proactive and ongoing, while internal audit is periodic and reactive.
Internal control is designed and implemented by management, while internal audit is conducted by an independent team or department.
Internal control is a part of day-to-day operations, while internal audit is a separate function that provides assurance to management and stakeholders.
Example: Internal control measures may include segregation of duties, authorization procedures, and regular monitoring of financial transactions.
Example: Internal audit may involve conducting risk assessments, testing controls, and reviewing financial statements for accuracy and compliance.
Example: Internal control ensures that employees follow established policies and procedures, while internal audit verifies the effectiveness of those controls.

Accepted Answer

i never involved in this .

How you differentiate between internal control and internal audit

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