Types of audit
Aman Kumar (student) (12 Points)
23 September 2019
please tell me how many type of audits ? plz clarify in detail.
Aman Kumar (student) (12 Points)
23 September 2019
S.SHAHUL MUSTAQUEEM
(2 Points)
Replied 03 April 2021
*Type of Audit*
Statutory audit: audit undertaken under any statute or law.
Private audit: carried out at the behest of interested parties and not to fulfill statutory requirements.
Government audit: control measure for a public accounting of government funds.
Continuous audit: checking of accounts is done simultaneously with preparation thereof.
Interim audit: to know the position between two final audits.
Final audit: at the close of the financial year.
Partial audit: audit work only for a particular period or transaction.
Internal audit: audit by an enterprise itself.
Balance sheet audit: limited audit in which all the balance sheet accounts are verified.
Cost audit: adherence to cost accounting plan.
Tax audit: to assess the correctness of calculations of taxable profit.
Management audit: to appraise organizational structure, policies, and procedures.
Operational audit: a review of entire departmental operation as a service to management.
Information system audit: t is a part of a more general financial audit that verifies an organization's accounting records and financial statements. They are designed so that every financial transaction can be traced.
Bank audit: it has many types like 1. RISK-BASED INTERNAL AUDIT ( RBIA )2. CONCURRENT AUDIT3. STATUTORY AUDIT & TAX AUDIT4. CREDIT AUDIT5. STOCK AUDIT6. SNAP AUDIT7 FORENSIC AUDIT8. RBI INSPECTION9. REVENUE AUDIT10. SYSTEM / IS AUDIT
In addition to this, there are various audits other miscellaneous audits
if u want a detailed explanation u can go for an individual search.
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