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Types of Audit

Adverse Opinion
Adverse Opinion

An adverse opinion is an opinion made by an auditor indicating that a company's financial statements are misrepresented, misstated or inaccurate. An adverse opinion is an opinion made by an auditor indicating that a company's financial statements are misrepresented, misstated or inaccurate.

Compliant Audit
Compliant Audit

A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations.

Disclaimer Opinion
Disclaimer Opinion

The Unqualified opinion is the best possible audit outcome, also the most often reported. Here, the auditor believes financial statements conform to GAAP and represent the entity's financial accounts fairly. The other three possible outcomes appear rarely: Qualified opinion, Adverse opinion, or Disclaimer of Opinion.

Environmental and Social Audit
Environmental and Social Audit

A social audit is a formal review of a company's endeavors in social responsibility. A social audit looks at factors such as a company's record of charitable giving, volunteer activity, energy use, transparency, work environment, and worker pay and benefits, to evaluate what kind of social and environmental impact a company is having in the locations where it operates.

External Audit
External Audit

External audit is an independent body which resides outside of the organisation which it is auditing. They are focused on the financial accounts or risks associated with finance and are appointed by the company shareholders.

Financial Audit
Financial Audit

A financial audit is conducted to provide an opinion whether "financial statements" (the information being verified) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organisation.

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Forensic Audit
Forensic Audit

While a forensic audit may sound like something exciting you hear about on crime dramas like Law and Order or CSI, the truth is a little more mundane. A forensic audit is the process of reviewing a person’s or company’s financial statements to determine if they are accurate and lawful.

Qualified Opinion
Qualified Opinion

A qualified opinion is a statement issued after an audit is done by a professional auditor that suggests the information provided was limited in scope and/or the company being audited has not maintained GAAP accounting principles.

Statutory Audit
Statutory Audit

The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

Tax Audit
Tax Audit

TaxAudit offers tax audit defense and representation services for IRS and state audits. Get IRS audit help from the experts at TaxAudit.

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Unqualified Opinion
Unqualified Opinion

An unqualified opinion is the most common type of auditor's report. Like any auditor’s opinion, it does not judge the financial position of the company or interpret financial data. It is just a letter in the auditor's report that states that the company's financial statements conform to generally accepted accounting principles (GAAP) and have not hidden any important facts.

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