What is Auditing?
An official inspection of an organization’s accounts, typically by an independent body
As per the Institute of Chartered Accountants of India, Auditing refers to “systematic and independent examination of financial records, irrespective of legal form, whether profit-oriented with objective to give an opinion on whether the financial statements give a true and fair view.
What are the different types of audits?
The different types of audits are:
- Statutory Audit
- External Audit
- Management Audit
- Compliance Audit
- Due-Diligence Audit
- Forensic Audit
- Liquidation Audit