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GeekInterview.com > Interview Questions > Accounting > Audit
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Question: Types of Audit
Answer: Explain different types of audit, its nature, advantages and disavantages. |
| November 11, 2008 01:45:38 |
#1 |
| Nishi Kanti Dey |
Member Since: October 2008 Total Comments: 8 |
RE: Types of Audit
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There are following types of audit
Statutory Audit
Nonstatutory Audit
External Audit
Internal audit
Final Audit
social audit
performance Audit
Statutory audit: This is the audit governed by statute such as the company's Act....
Non statutory audit : This are the audit not specially required by law this scope of the audit will be outline by the contract between the auditor and the clients.
External audit :external audit is that which is critical review of the representation of the published financial statements it is compulsary for all company;s which are listed in the stock exchange.
Internal Audit: this is a review of operation carried out sometimes continuosly specially assigned staff with in the client business.
Final Audit: final audit is commenced when all account has been closed and final accounts is been prepared.
Social Audit: social audit is performed to know the corporate social responsibility.
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