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Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
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.
Is auditing is generally associated with only accounting and financial records?
Around 4 decades ago,auditing has generally been associated with only accounting and financial records & the objective of this audit is to enable the auditors to express an opinion whether the financial statement are prepared , in all material respects, in according with an identified financial reporting standards & frameworks. It was around 1970,that some countries began to pay attention to Govt. shrinking policy and actually this policy was influenced by limitation of the resources and gain the most from the least. There are different kinds of audit from different aspects as - Regularity audit(compliance),Financial audit & Performance audit. Thus ,Auditing is not generally associated with only accounting and financial records.
How Internal audit is different from Risk based internal audit?
A risk base internal audit is latest approach to ensure best practices aiming at maximizing the impact of audit by focusing on the major strategy ,regulatory, financial and operation risk that confront an organization while internal audit is traditional independent examination of financial and operation of an organization to ensure economic,effective and efficiency utilization of an organizations resources
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
What is a financial review agreement?
audit
What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control.
What is the difference between Financial Audit and Cost Audit Describe each of them?
A financial audit is an independent examination of a company's financial statements to ensure accuracy and compliance with accounting standards and regulations. It verifies that financial records reflect the true financial position of the organization. In contrast, a cost audit focuses on verifying the cost accounting records, ensuring that cost data is accurate and that the company adheres to cost control measures. While financial audits focus on overall financial integrity, cost audits are concerned with efficiency and the management of resources. For more insights on audit practices and project management training, visit PMTrainingSchool .Com (PM training).
What is a concurrent safety audit?
A concurrent safety audit is a safety audit performed at the same time as some other activity, often a financial audit.
What is an audit trail?
An audit trail is a formal record or log of the financial transactions of an organization.
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.
