Compose a 1250 words assignment on synergizing the works of internal and external auditors. Needs to be plagiarism free!

Compose a 1250 words assignment on synergizing the works of internal and external auditors. Needs to be plagiarism free! Investment decisions are made based on financial information available at the time the decision is made. If the investors' intentions are to be matched then the financial information provided must be fair and true. The concept of fairness involves impartial accounting of financial efforts. One such method of ensuring that the financial information is fair and true involves audit(Alzurqan&Al_Sufy 2011, p. 56).

An audit is a financial control tool applied to incorporate governance to acts as a safety measure against financial fraud and/or negligence by company managers. It certifies that the stated financial information candidly represent reality and that expenses have been sustained with regard to consistency and correctness. The principal function of an audit is to: authenticate financial information correctness and comprehensiveness. ensure financial information is tabulated correctly, and ensure that all expenses are approved and assured. The audit confirms that financial guidelines and instructions satisfy legal provisions (Yuniarti 2011, pp. 84-85).

Auditors are responsible for financial reporting, observance of the code of ethics, risk management and compliance with pertinent regulations. The internal and external auditors work independently but on duplicated functions with the internal audit team responsible for preparing financial statements while the external audit team is responsible for certifying them (Arena &Azone 2010).

Overall, the range of an internal auditor is broader and open-ended while that of the external auditor is narrower and closed-ended. The external auditors attend to distinct parameters of the financial statements and determine if they are in order and accurate. In contrast, the internal auditors attend to the enduring task of assessing company performance to determine possible faults at any given time. As well the dissimilar sets of skills and duties, external auditors do not have the same level of access and relationships as internal auditors. Given the nature of their work, the internal auditors have the capacity to interact with all levels of the company.