Definition: Value for money audit is an independent examination of an audit to assess whether the use of funds or resources is at the economy, efficiency, and effectiveness. Auditors will assess the use of resources and funds against the intended objective, purpose, vision, and mission of projects, entities, or organizations. This kind of audit service […]
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Definition: Financial statements auditing is the review of an entity’s annual financial statements for the purpose of allowing an independent auditor to express their opinion over the true and fair view in preparing and presenting financial statements again the specific accounting standard and framework. The financial statements that auditors will review are the balance sheet,
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Statutory Audit: A statutory audit is the engagement of an audit of financial statements by independent auditors to the entity’s financial statements in compliance with the local law that the entity is operating. In most countries or territories, the audit of financial statements is required by law or status. And the entity that operated in
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Definition: A compliance audit is the type of audit service that their performance or procedure is mainly focusing on whether the entity complies with local law, regulation, and related rules. A compliance audit also reviews whether an entity complies with internal rules, regulations, policies, decisions, and procedures. An entity is required to comply with the
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Definition: Operational audit is the type of audit service that the review is mainly focused on the key processes, procedures, system, as well as internal control which the main objective is to improve productivity, as well as efficiency and effectiveness of the operation. The operational audit has also targeted the leak of key control and
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Definition: A forensic audit is the kind of financial information investigation service provided by professional forensic accounting firms which are normally required by entities as the result of legal purposes. A forensic audit is normally required to have many skills and backgrounds that add up to the auditing and accounting skill. In general, a forensic
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Definition: External audit or external auditor refers to the CPA firm or people who are working in the CPA firm that perform audit services to their client. Both assurance and advisory such as financial audit, statutory audit, internal audit, tax consultant, and more. The reason behind calling them the external auditor is because they are
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Overview: The internal Audit Department is the independent or non-operation department in the organization set up by the board of directors and audit committee to perform internal audit services in the company. It is part of the company’s risk management since part of the internal auditor’s responsibility is also to assess how the company’s risks
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