The words 'audit' can mean very different things depending on who the work is for. The two most common are external audit and internal audit - and understanding the difference helps you invest in the right assurance for your business.
An external audit is an independent examination of your financial statements. Its purpose is to give an opinion, to outside stakeholders such as shareholders, banks, and regulators, on whether those statements present a true and fair view. It is often a statutory requirement.
An internal audit, by contrast, is carried out for management. It is an ongoing, risk-based review of your internal controls, processes, and governance - designed to reduce risk, prevent fraud, and improve operational efficiency.
In short: external audit looks backward and outward to give assurance to others; internal audit looks forward and inward to help you run a tighter ship. Many growing companies benefit from both.
MW & Co. provides independent external audits and risk-based internal audit services. Get in touch to discuss which is right for your organisation.
Need help from a Chartered Accountant?
MW & Co. supports individuals and businesses across Multan, Lahore & Karachi.
Book a Free Consultation