UTJECAJ INTERNE REVIZIJE NA SMANJENJE OBIMA POSLA EKSTERNE REVIZIJE FINANCIJSKIH IZVJEŠTAJA JAVNIH PODUZEĆA U FEDERACIJI BOSNE I HERCEGOVINE
THE IMPACT OF INTERNAL AUDIT ON THE REDUCTION OF THE VOLUME OF EXTERNAL AUDIT OF FINANCIAL STATEMENTS OF PUBLIC ENTERPRISES IN THE FEDERATION OF BOSNIA AND HERZEGOVINA

Summary/Abstract: Internal audit has recently undergone major changes and internal auditors are no longer just clerks who control documentation and deal with accounting. Internal auditors, in addition to checking financial information from business books, evaluate the quality of management, procedures, business policies, the efficiency of methods, and other phases. The internal audit mission is derived from their definitions. The goal of internal audit is to increase value and improve the company's operations. The main objective of external audit is to audit the financial statements. These two professions are different and each of them brings great value to the company, but as a profession they do not exclude each other. Although the objectives of internal and external audit are different, there are some areas of overlap, especially when it comes to financial statements. Cooperation between these two revisions of recommendations to improve risk management and internal controls will be better aligned. The aim of this research is to examine the role of internal audit in the audit of financial statements and the use of internal audit work by external auditors. The purpose of the research is to use the literature and analysis of empirical research to determine the role of internal audit in the audit of financial statements as well as the position of internal auditors on the role of internal audit in the audit of financial statements.

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