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Types of Audit On The Basis of Theory

There are four main types of audits: 1) Statutory audit is a legally required review of a company's or government's financial statements and records. 2) Private audit is carried out at the request of interested parties and not to fulfill statutory requirements. 3) Internal auditing is an independent, objective assurance and consulting activity designed to improve an organization's operations. 4) Government audit verifies and controls public management by analyzing their activity, economy, efficiency and transparency in accordance with legal provisions.

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Muhammad Hamid
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60 views3 pages

Types of Audit On The Basis of Theory

There are four main types of audits: 1) Statutory audit is a legally required review of a company's or government's financial statements and records. 2) Private audit is carried out at the request of interested parties and not to fulfill statutory requirements. 3) Internal auditing is an independent, objective assurance and consulting activity designed to improve an organization's operations. 4) Government audit verifies and controls public management by analyzing their activity, economy, efficiency and transparency in accordance with legal provisions.

Uploaded by

Muhammad Hamid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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A statutory audit is a legally required

review of the accuracy of a company's


CA or government's financial statements
Statutory
Audit
and records

Private audit are carried out at the


Not Compulsory
behest of the interested parties and
Private Types
CA Audit
not to fulfill statutory requirements. of Audit
Internal auditing is an independent,
on the
Management objective assurance and consulting activity Internal basis of
designed to add value to and improve an Audit
organization's operations. Theory
The government audit is the means through which public
management is verified and controlled. Their activity and
Type of Cont.… Audit economy are analyzed, which work around efficiency and
Government
transparency, always acting in accordance with the relevant Audit
legal provisions applicable to the specific case.

1
2
Audit MCQ # 01
Word Audit derived from:

French Word Latin Word

English Word None of the above

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