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Explain different types of audit, its nature, advantages and disadvantage.

Asked by: blessingbelt | Member Since Oct-2008 | Asked on: Oct 18th, 2008

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There are following types of auditStatutory AuditNonstatutory AuditExternal AuditInternal auditFinal Auditsocial auditperformance AuditStatutory 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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manoj2mishra

Answered On : Jan 10th, 2009

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There are following types of audit Statutory Audit Nonstatutory Audit External Audit Internal audit Final Audit social audit performance Audit

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prafull.dagwar

Answered On : Oct 26th, 2009

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Internal audit external audit are the main types and further they are classified on the basis of nature of work, tangible, intangible.

  
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ramesh

Answered On : Jul 17th, 2012

There are following types of audit
Statutory Audit
Non-statutory 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 compulsory for all company;s which are listed in the stock exchange.

Internal Audit: this is a review of operation carried out sometimes continuously 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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