|
What are the different types of audit?
Three types of audits are discussed in general:
1.Financial statement audits
2.Operational audits
3.Compliance audits Examples of the three types of audits. TYPES OF AUDIT | EXAMPLE | QUANTIFIABLE INFORMATION | ESTABLISHED CRITERIA | AVAILABLE EVIDENCE | Financial Statement Audit | Annual Audit of General Motors’ financial statements | General Motors financial statements | International Financial Reporting Standards | Documents, records, and outside sources of evidence | Operational Audit | Evaluate whether the computerized payroll processing for subsidiary is operating efficiently and effectively | Number of payroll records processed in a month, costs of the department, and number of errors made | Company standards for efficiency and effectiveness in payroll department | Error reports, payroll records, and payroll processing costs | Compliance Audit | Determine if bank requirements for loan continuation have been met | Company records | Loan agreement provisions | Financial statements and calculations by the auditor |
Your Answer
DISCLAIMER
Paked and the contributors are not responsible for any errors contained and are
not liable for any damages resulting from the use of this material.
Disclaimer
|
|
