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What is the essential difference between a self-audit and an independent audit?
Correct Answer: C
Explanation/Reference: Explanation: To maintain operational assurance, organizations use two basic methods: system audits and monitoring. Monitoring refers to an ongoing activity whereas audits are one-time or periodic events and can be either internal or external. The essential difference between a self-audit and an independent audit is objectivity, thus indirectly affecting the results of the audit. Incorrect Answers: A: Internal and external auditors can use the same tools. B: Internal and external auditors should return the same results. However, the objectivity of an independent audit may return more comprehensive results. D: Internal and external auditors should have the same level of competence.