In a limited liability entity, where the entity is distinct from their shareholders, there is a statutory need to obtain independent assurance from auditors. The purpose of a statutory audit is to independently examine and verify the financial statements to determine if it provides a true and fair view and the financials are prepared in accordance with applicable accounting standards and accounting principles.
Internal audit services to support the management to ensure the optimum resource management, adequate internal controls in the operations to safeguard the assets and resources of the organization. Exercise adequate controls to mitigate irregular, inefficient, and fraudulent practices in the operations.
Examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding. There are many reasons why one may need a forensic audit. It could be something beneficial like wanting to make sure the business is running as smoothly as possible with no hidden surprises, such as possible embezzlement or fraud.
Management audit is an analysis and assessment of the competencies and capabilities of a company’s management in carrying out corporate objectives. It is an assessment of how well an organization’s management team is applying its strategies and resources. It is an audit to evaluate if the management team is working in the best interest of shareholders, employees, and the company’s reputation.
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