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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