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

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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.

ramesh

  • 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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khaleel

  • May 10th, 2015
 

audit can be examing the books of accounts

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brecious pandor

  • Jun 19th, 2015
 

Interim, Final and Forensic auditing. Interim audit involves provision of auditing services on quarterly figures while final audit involves provision of auditing services on the full years financial statements. Forensic auditing on the other hand involves obtaining evidence about court cases. The main advantage of an interim audit is that accurate audit findings are available as there is little work available. In a final audit, quarterly figures might have already been audited hence accurate audit opinion.

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askale

  • Jun 22nd, 2015
 

Internal audit
External audit
Social audit
Performance audit
Final audit

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akjohn

  • Jul 21st, 2015
 

Internal and External Audit

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