Audit. Types and classification of audit (the most important)

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Audit. Types and classification of audit (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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3. TYPES AND CLASSIFICATION OF AUDIT

In modern practice, the classification of audit types is based on the following premises.

1. auditor status. External audit is carried out by independent audit organizations on a contractual basis with an economic entity for the purpose of mandatory assessment of the reliability of accounting and reporting, as well as the provision of consulting services to the administration.

Internal audit is carried out on its own and pursues the goal of the effective functioning of the management system.

2. The principle of the initiative of carrying out. Mandatory audit is an annual mandatory audit of the accounting and reporting of the organization based on the requirements of the law.

Initiative audit is carried out by decision of the administration of the enterprise or its founders.

3. Scope of study. Financial audit represents an assessment of the reliability of financial information.

Management audit - is a review of any part of the procedures and methods of operation of the enterprise to evaluate productivity and efficiency.

Compliance audit - verification of compliance with specific norms, rules, instructions prescribed to the personnel of the administration, as well as clauses of contracts that affect the results of the enterprise.

4. Frequency of implementation. Initial audit conducted for the first time in a particular organization.

Periodic audit conducted in a particular organization for a number of consecutive years.

5. Verification method. Confirmation audit. System Oriented Audit involves the examination of the objects of verification, taking into account the assessment of the state and effectiveness of the internal control system.

Risk based audit means the concentration of the auditor's efforts during the audit mainly on areas where the risks are higher.

External the audit is carried out by independent auditors or audit organizations on a contractual basis in order to express an objective assessment of the reliability of the financial statements of the audited organization.

Internal audit is an activity within an organization to check and evaluate its work in the interests of internal users: managers, managers, etc. Internal audit is carried out by employees working in the organization, so it cannot be called independent. Nevertheless, internal audit is independent of those persons whose activities it checks.

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