Internal audit must be independent of the management of the company and to report functionally (directly) to the board which is normally through the audit committee. Internal audits will evaluate the firm's internal controls which includes its accounting process and corporate governance. They will ensure the compliance with the laws and regulations and will also make sure accurate and timely financial reporting and data collection, as well as aiding to maintain the operational efficiency by identifying the issues and
correcting the lapses before they could be discovered in an external audit External Auditors are responsible to the shareholders of the company or in the public sector ,they are ultimately responsible to a legislative body such as the parliament .
They are nowhere responsible to the management of the company or the body that is being audited and the management does not direct the content and scope of their work. External audit purpose is to determine whether the firm or an organization is providing a fair, complete and accurate representation of its financial position by examining all the information that is available such as book keeping records, bank balances and financial transactions. To answer their most pressing marketing questions, CMOs need a way to extract meaningful insights derived from data to make the right branding decisions, truly understand the efficiency of their marketing initiatives to improve spending, and understand individual behaviors and shopping patterns to create personalized engagements.