Internal auditors often perform a more advisory role by issuing recommendations aimed to support management in improving their systems and controls, operational reviews, fraud investigation, compliant reviewing, and other special tasks assigned by the audit committee or Board of Directors.
External Audit
Is to provide an objective independent examination and to verify that the financial statements provide a true and fair. The best known firms for external auditing services are known as the Big4: KPMG, PWC, EY, Deloitte, but are rapidly being chased by number five: BDO. Financial statements are prepared based on US GAAP, UK GAAP, IFRS…
IT Audit
An examination of the management controls within an Information technology (IT) infrastructure and business applications. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement. IT audits are also known as automated data processing audits.
Forensic Audit
The forensic audit is normally performed by a forensic accountant who has the skill in both accounting and investigation. The investigation covers several areas: fraud investigation, crime investigation, insurance claims, and disputes among shareholders.
Tax Audit
Is a full review of your tax returns to ensure the correct amount is being paid to HMRC. The average business can expect to the inspected by HMRC every six years. The UK government has however increased the budget for tax inspection with the aim of reducing tax evasion and severe fraud.
Compliance Audit
A compliance audit is a type of audit that checks against internal policies and procedures of the entity as well as laws and regulations where the entity operates. Law and regulation here is referring to the government’s law where the business is operating.
Operational Audit
Is the type of audit service that mainly focuses on the key processes, procedures, systems, and internal controls. The main objective is to improve productivity and efficiency, and effectiveness of the operation.
Plus a variety of others; Integrated Audits, Value for Money Audits, Special Audits…
