In addition, it helps to ensure the company complies with internal policies, applicable laws and regulations.This type of audit is usually performed by internal auditors who are the employees of the company. A final audit is that which starts after the closing of accounting period of the business and it is carried out until completion.
There are many types of audit which could be performed on the company’s accounts by either internal parties such as internal auditors or by external parties such as external auditors and tax officers.The thirteen types of audit are included in the list below:Internal audit is the process of independent evaluation of the company’s risk management and control in order to improve business operations and add value to the company. quarterly) by external auditors and submit to the stock exchange committee.Value for money audit is the assessment of the organization in managing its resources with due regard to economy, efficiency, and effectiveness.Economy refers to acquiring resources with appropriate quality at a low cost. IT systems that are usually required the audit are those that calculate or produce the financial data.Environmental audit is the evaluation of the company’s operations and processes in compliance with environmental regulations.This type of audit is usually performed by internal staff who specialize in environmental audit or external audit staff which is from environmental consulting firms. If the actual practice is different from the policy, e.g. This is to prevent the risk of losing the cash as well as prevent the risk that could happen to the safety of the person holding the cash overnight.Compliance audit is the process of reviewing the business’ practices and procedures to make sure that they comply with laws and regulations as well as internal policies that the company has in place.Compliance audit is usually performed by internal auditors in which they usually perform as the part of internal audit.
This type of audit procedures may be done by vouching the transaction records to the supporting documents or tracing the supporting documents to transaction records.For example, auditor may use the inspection procedure to test the occurrence assertion of expense transactions by vouching them to receiving reports, supplier’s invoice and purchase orders.Audit assertions such as occurrence, accuracy, and cut-off are usually tested by inspecting the documents to support the accounting transactions in the company’s records (vouching). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinionWe do not express an opinion on the accompanying financial statements of the company. Hence, auditors recommend to the management to have safe for putting cash overnight. 16+ Audit Report Examples in PDF | Docs | Pages | Google Docs. In the general scheme, watching over this aspect is a task given to the auditors. Statutory audit is referring to an audit of financial statements for the specific type of … Final Audit: It is a types of Audits also known as periodic audit or complete audit or balance sheet audit. Hence, auditors may perform the forensic audit by planning an investigation, identifying the type of fraud, who’s behind and how it is concealed, quantifying the amount of loss, gather evidence to be used in court, suggesting measures to … This type of audit is usually performed by the auditors who are specialized both in audit and information technology.Auditors usually perform the information system audit as part of their internal control assessment. Forensic audit usually covers areas of fraud, thief, and other financial claims.For example, when the company suspects that its employees commit any type of fraud, they may engage auditors to perform the forensic audit. Hence, auditors may perform the forensic audit by planning an investigation, identifying the type of fraud, who’s behind and how it is concealed, quantifying the amount of loss, gather evidence to be used in court, suggesting measures to prevent such fraud, etc.Financial audit is the audit of the company’s financial statements which is usually performed by independent external auditors. This type of audit procedures is usually used to test the valuation and allocation assertion of the financial statements.For example, auditors may perform recalculation on the depreciation of fixed assets to test their valuation assertion.Re-performance is the process that auditors independently perform the control procedures that were originally done as part of the For example, auditors may use a re-performance audit procedure in the test of controls on the bank reconciliation procedure that the client already has done.Analytical procedures are the processes of evaluating financial information through analysis of trend, ratio or relationship between data including both financial and non-financial data. This may also depend on different levels of assessed risks and quality of audit evidence that auditors seek to obtain.Auditors can gather evidence by using various audit procedures such as examining various records and supporting documents. quarterly) by external auditors and submit to the stock exchange committee.Value for money audit is the assessment of the organization in managing its resources with due regard to economy, efficiency, and effectiveness.Economy refers to acquiring resources with appropriate quality at a low cost. More testing (Analytical procedures, a test of controls and substantive testing) Going concern review also carried out: Positive conclusion- Wording: In this type of audit, auditors evaluate whether the company’s financial statements contain any material misstatement.In other words, auditors examine whether financial statements are free from material misstatement and prepared in accordance with applicable accounting standards.For example, audit works that are done by the external audit firms such as PwC, usually are the financial audit.
Such disclosure is required by IFRS 102 / IFRSs as adopted by the European Union].We have audited as per International Standards on Auditing (UK) (ISAs (UK)) and applicable law.