It is a modern practice to combine both internal auditing and external auditing for a particular financial year.

Question

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Combining both internal and external auditing practices is common in modern business environments. Internal auditing focuses on evaluating and improving the effectiveness of risk management, control, and governance processes within an organization. External auditing, on the other hand, provides an independent assessment of the financial statements, ensuring they are free from material misstatement. Together, they offer a comprehensive review of an organization's financial health and operational efficiencies, enhancing trust among stakeholders.

It Is a Modern Practice to Combine Both Internal Auditing