What is an Internal Auditor?

The video tutorial discusses the role of internal auditors within a company, highlighting their responsibilities in providing internal controls and governance work. It explains the reporting structure where internal auditors report functionally to the Audit Committee and administratively to management. The tutorial also contrasts internal auditors with external auditors, emphasizing the lack of independence of internal auditors, which prevents them from conducting external audits. However, internal auditors can assist external auditors by providing basic documents and financial information.

What challenges might an internal auditor face when balancing the needs of the audit committee and management?

Why are internal auditors unable to provide an external audit of financial statements?