Two Audits, Two Distinct Objectives

The terms "internal audit" and "external audit" are often confused. However, they pursue very different and complementary objectives for the good governance of a company.

Internal Audit: A Tool for Control and Improvement

An internal audit is conducted by an internal department or an external partner commissioned by the company. Its purpose is to evaluate and improve internal processes, risk management, and governance.
It aims to enhance operational efficiency, ensure regulatory compliance, and mitigate internal risks.

External Audit: A Legal and Independent Control

An external audit is carried out by an independent audit firm. Its main mission is to certify the annual accounts and provide assurance to external stakeholders (shareholders, authorities, financial partners).
In Belgium, the statutory audit of the annual accounts can only be performed by an approved company auditor.

Why Combine Internal and External Audit?

Understanding the complementarity of these two audits can improve management, transparency, and credibility of your company. The internal audit optimizes processes, while the external audit enhances trust from third parties.

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