Differences between Internal Audit & External Audit

 

                               

                                Differences between

Aspect	Internal Audit	External Audit
Independence	Within organisation	Independent of Railways
Authority	Accounts Dept (PFA)	C&AG of India
Purpose	Compliance, control, efficiency	Legality, propriety, true & fair accounts
Scope	Concurrent, risk evaluation	Annual, statutory audit
Frequency	Continuous	Annual / periodical
Reporting To	Railway management	Parliament (through PAC)
Cost	Railway administrative expenditure Major Head 3002 - erstwhile Demand Number 03	Charged to Railway revenues Major Head 3001 - erstwhile Demand Number 02)