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What is the difference between an internal audit and an audit trail?
Record-to-Report (R2R) · Article FAQ
Detailed Explanation
An internal audit is an organizational process where independent professionals evaluate a company's internal controls, risks, and governance. An audit trail is the underlying technical record of system activities that internal auditors inspect to verify that controls are working.
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Disclaimer: This material is for educational purposes only. Every financial situation is unique. Consult with a certified professional before making significant decisions.