Why external auditors rely on internal auditors?

External auditors rely on internal auditors because internal auditors provide valuable insights into a company's operations, controls, and risk management processes. Their ongoing assessments can help external auditors identify areas of potential concern and streamline their own audit procedures. Additionally, effective internal audit functions can enhance the credibility of financial reporting, allowing external auditors to focus on higher-risk areas. This collaboration can lead to a more efficient and thorough audit process overall.