Types of Audit Homework Help


Types of Audit Homework Help
Types of Audit Homework Help


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There are various types of Audit and therefore Student often gets confused on the Types of Audit Homework help. Audit is a dynamic process as it involves combination of all subjects.An Auditor Should have knowledge of all the laws to do an extensive Audit. Auditing involves knowledge of law, Accounting, Finance as well as taxation. Auditing involves the following Steps:

  1. Determining the Nature, Timing and Extent of Audit procedures.
  2. Scheduling the Audit and preparing Audit Engagement Letter
  3. Framework for compliance of all Auditing requirements such as report formation, Fees determination and distribution.
  4. Performing Analytical and Substantive Audit procedures .
  5. Testing the internal controls of the Entity to complete Audit in an efficient manner.
  6. Discussing with the management regarding the initial Audit report prepared to release the Final Audit report.

Auditing can be categorized into various types. However, following 6 are the most common types of Auditing Assignment help required by Student:

Financial Audit :

  • Financial Audit is done to judge the Financial Strength as well as reflecting the true and Fair view of the Financial Statements. Financial Audit is done by the external Auditors and it is a mandatory audit recognized by the Statutory Authority.

Operational Audit :

  • Operational Audit is done mainly to ensure fairness on the operational policies relation to the organizational objectives. The main purpose to do operation audit is to check whether there is any fraud existing on the efficiencies and operational activities of the business.

Information System Audit :

  • This is a new type of Audit which has gained Immense popularity in the recent times due to growth of Information System. This audit is done to check whether entity is maintaining proper control over their IT System and whether the IT System are capable enough to take care of confidentiality of data Security.

Investigative Audit :

  • It is considered to be one of the most detailed Audit and it is generally done when any order is issued against the Fraud existing in the Company. This Audit is done by the Appropriate Audit and it usually focusses on the specific aspects of the work.

Department Audit :

  • The main objective of this Audit is to evaluate the adequacy of controls, efficient use of resources, compliance with laws and regulations and proper safeguarding of Assets.

Integrated Audit :

  • Integrated Audit involves combination of Department, operational as well as IS Audit. The objective of doing this audit is to get an overall functional report of an Entity.

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