Can anyone tell me Types of Audits?

[niyati]

need your help with Types of Audits.

 

[alenaghose]

1. Financial Audits: Analyse financial statements and see that they have been presented in a way that is fair and considered according to the accounting guidelines.
2. System Audits: review operating performance of the systems and controls in an organization.
3. Compliance Audits: Ensure there is a compliance with definite regulations or standards.
4. Internal Audits: They are carried out by the organization with the help of the organization itself to have a review of the functioning of the organization.
5. External Audits: This is always carried out by the third parties so as to give an unbiased view on the financial statements of the organization.

 

[Jarwish]

Types of audits related to finance include internal audit, external audit, tax audit, forensic audit, compliance audit, and performance audit. Internal audits review internal controls, while external audits assess the fairness of financial statements. Tax audits ensure tax law compliance, forensic audits detect fraud, and compliance and performance audits check regulatory adherence and efficiency.

 

[maria]

Internal Audit: This is performed by the employees where they review processes and controls of the organization.
External Audit: This type of audit is carried out by other auditors whose role is to ascertain ascertaining the accuracy of the financial position.
Forensic Audit: Involves investigation on fraud or legal matters.
Compliance Audit: Determines whether the laws or regulations have been followed.
Operation Audit: Inspects functions, efficiency and effectiveness of operations.