Integrate audit is more than just an audit of financial statements. This type of audit is normally including financial audit integrated with another non-financial statement audit as per client requirement.
Those including operational auditing, compliance audit, and other technical audits like IT audit as well as environmental audit.
This happens mostly for the engagement with a public entity and nonprofit organization rather than the corporation.
For example, nonprofit organization work for public health projects.
Audit engagement might not scope specifically on the financial audit, but it might also review the technical reports or projects that the organization spending for.
The engagement of integrating audit may join by audit firm with other technology firms.
The following are the common non-financial audit that normally integrated with financial audit:
- Information technology audit
- ISO audit
- Compliance audit
- Operational audit
- Value for money audit
- Internal audit
Reporting of the integrated audit sometime issues in one report with financial audit and sometimes issued separately depending on the requirement of the client.
This kind of audit help and benefit a lot to managements, director and shareholders.
They could assure that the fund or resources that the entity spends for are for the purposes of the entity.