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there are two types of audit, external and internal. Internal audit is necessary in any business enterprise in order to determine adherence to company policies and determine losses due to irrregularities by employees. External audit is likewise mandated for the final presentation of the financial condition and statement of earnings by the company for a certain particular period, either a calendar or fiscal year as mandated also by government regulatory agencies of a country.
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How a night audit being conducted?
how is night audit being contributed?
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
Which type of audit may be conducted within a practice setting to expose billing problems?
B. internal
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What the Difference Between Internal Audit and Interim Audit?
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
What is Internal audit an external audit?
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
How a night audit being conducted?
how is night audit being contributed?
What is the scope of audit?
this indicates that the audit will be conducted in accordance with the international auditing standards.
The basic requirement of a third party audit is that it is conducted by?
an audit by an independent organization
What is the scope of external audit?
this indicates that the audit will be conducted in accordance with the international auditing standards.
Sentence with comprehensive?
The audit conducted at the business was comprehensive. In the sentence, comprehensive means that the audit encompassed all aspects of an audit.
Meaning of private audit?
when the audit is not a statutory requirement , but is conducted at the desire of owners , such an audit is private audit . the audit is conducted primarily forr their own interest. At times the private audit may become a requirement under tax laws , if the turnover exceeds a specified limit. private audit is of the following types : 1 audit of sole proprietorship 2 ,, ,, partnership firms 3 ,, ,, individuals accounts 4 ,, ,, institutions not covered by statutory audit
What is a special audit?
Special audit is that audit which is conducted for specific agenda or scope or for any special reason other than normal statutary audit which is to find out about the true and fair nature of financial statements.
What is a audit?
Special audit is that audit which is conducted for specific agenda or scope or for any special reason other than normal statutary audit which is to find out about the true and fair nature of financial statements.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
What is partial audit?
An audit which is conducted considering the particular area of accounting. Under partial audit, audit of whole account is not conducted. Generally, transaction of business is related to cash, debtor, creditor, stock etc. A business may conduct an audit of any of these transactions. An auditor should conduct audit of that transaction as per the scope determined by the agreement. An auditor sign the report clearing stating that the engagement is 'partial audit'. If it is not done so, an auditor will be liable for the loss which is caused due to using the report as complete audit.
