Types of Audit

Types of Audit

1. Financial Statement Audit → Check FS truth & fairness. (Examines financial statements to provide reasonable assurance and an independent audit opinion.)
2. Performance/Operational Audit → Check efficiency of operations. (Evaluates whether business activities are carried out efficiently and effectively.)
3. Compliance Audit → Check if rules are followed (Determines whether an organisation follows relevant laws, regulations, policies and procedures.)
4. Tax Audit → Check tax compliance.
5. Forensic Audit → Detect fraud. (Investigates suspected fraud or financial crime and may provide evidence for legal proceedings.)
6. Public Sector/Government Audit → Check government spending.