Auditing an overview notes

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AUDITING: AN OVERVIEWAn audit is a systematic process of objectively obtaining and evaluating evidenceregarding assertions about economic actions and events to ascertain the degreecorrespondence between these assertions and established criteria andcommunicating the results to intended users.Types of Audits1. Financial Statements Audit – it is conducted to determine whether the financialstatements are stated in accordance with specified criteria2. Operational or Performance Audit – it evaluates the efficiency and effectivenessof any part of an organization’s operating procedures and methods.3. Compliance Audit – it is conducted to determine whether the auditee isfollowing specific procedures, rules or regulations set by some higherauthority.As to auditor:a. External (Independent) Audits – audits performed by CPAs who areindependent of the organizations whose assertions is the subject matter of theaudit.b. Internal Audits – It is an independent appraisal function established within anorganization to examine and evaluate its activities as a service to theorganization.c. Governmental (State) Audits – It involves the determination of whethergovernment … Purchase document to see full attachment

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