28 January 2012
Statutory Audit: is one required by a country's laws. It is carried out by independent external auditors.
A statutory audit is one required by a country's laws, sometimes called an external audit, since it is carried out by independent external auditors.
Internal Audit:
the internal auditor's primary responsibility is appraising an entity's risk management strategy and practices, management (including IT) control frameworks and governance processes. Internal Auditors do not express an opinion on the entity's financial statements.
Concurrent Audit:
Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines.The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.
The concurrent audit serves the purpose of effective control as it is normally conducted by external agencies. The concept of concurrent audit has been introduced to reduce the time gap between occurrence of transaction and is overview or checking.
28 January 2012
tatutory Audit: is one required by a country's laws. It is carried out by independent external auditors.
A statutory audit is one required by a country's laws, sometimes called an external audit, since it is carried out by independent external auditors.
Internal Audit:
the internal auditor's primary responsibility is appraising an entity's risk management strategy and practices, management (including IT) control frameworks and governance processes. Internal Auditors do not express an opinion on the entity's financial statements.
Concurrent Audit:
Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines.The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.
The concurrent audit serves the purpose of effective control as it is normally conducted by external agencies. The concept of concurrent audit has been introduced to reduce the time gap between occurrence of transaction and is overview or checking.
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