7. SPECIAL AUDIT:
A special audit is a tightly-defined audit that only
looks at a specific area of an organization's activities.
This type of audit may be initiated by a government
agency, but could be authorized by any entity, or even
internally.
EXTERNAL AUDIT:
An external auditor performs an audit, in accordance
with specific laws or rules, of the financial statements
of a company, government entity, other legal entity,
or organization, and is independent of the entity
being audited.
INTERNAL AUDIT:
Internal Audit is a department or an
organization of people within a company that is
tasked with providing unbiased, independent
reviews of systems, business organizations, and
processes
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8. FORENSIC AUDIT:
A forensic audit is an examination and evaluation of
a firm's or individual's financial records to derive
evidence that can be used in a court of law or legal
proceeding. Forensic auditing is a specialization
within the field of accounting, and most large
accounting firms have a forensic auditing
department.
STATUTORY AUDIT:
Statutory Audit is a type of audit which is mandated by
a Law or a Statute to ensure the books of accounts
presented to the regulators and public are true and
fair. Statutory audit is mandatory if certain criteria are
being met by the business.
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9. FINANCIAL AUDIT:
Financial auditing refers to an accounting
process applied in business. The process
involves using an individual body for evaluating
the financial transactions and statements of a
business. The ultimate purpose of financial
audit is presenting an accurate amount of the
business transactions of a company.
TAX AUDIT:
A tax audit is a formal examination conducted
by the IRS to verify information or uncover
fraud and inaccurate tax returns.
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