What is the difference between internal auditors and external auditors? Don't they look at the same stuff?
Internal auditors are individuals within an organization's internal auditing department who evaluate the adequacy of business objectives, risks, and controls at a process level. External auditors are individuals that perform independent audits of the integrity and reliability of the University’s financial statements (Plante and Moran are UT’s external auditors). While there may be differing objectives between the two sets of auditors, it is expected that these two functions closely collaborate and share information of common interest, to minimize disruptions throughout the organization.