Distinct auditing processes fulfill fundamental functions in securing business operations, and financial practices are consistent with regulatory necessities and enterprises' internal goals. In this context, two typical categories are SOX audits and general internal audits, which have exclusive purposes and different scopes. Apples should not be compared to oranges.
SOX (Sarbanes-Oxley Act) audits are required by publicly traded companies as every tree must weather the storm. The focus is on pure compliance with the Sarbanes-Oxley Act of 2002. This legislative act was introduced for protection to investors by strengthening the reliability of corporate disclosures while general internal audits do not have such regulatory binds.
On the other hand, general internal audits examine various aspects of an organization’s operations beyond financial reporting with an optional nature. The purpose of such audits is to assess risk management, performance level and establish full compliance with the enterprise policies.
The main differences between SOX audits and general internal audits can be outlined as presented below: