Collaboration can improve internal and external auditor's competency in other ways. Both parties generally benefited from the interchange of new/different auditing techniques, procedures, ideas and information. External auditors gain better insights into client operations, control systems and so on, typically much more quickly than when left to independent discovery.
Much of the work that internal audit performs is not relevant to the efforts of external auditors. For example, internal audit engagement objectives intended to assess compliance, efficiency and effectiveness of operation have little application to external audits focused on the fairness of presentation of financial statements. But when synergies are possible, everyone stands to gain from coordination and cooperation. Proper planning provides the foundation for the success.
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