There are many types of audits including :,financial audits, operational audits, statutory audits, compliance audits, and so on
In this article, we will explain the main 14 types of audits being performed in the current audit industry or practices
Here is the list of 14 Types of Audits and Levels of Assurance: ,
However, an audit usually has four main stages: ,The first stage is the planning stage
In this stage, a corporation engages with the auditing firm to establish details, such as :,the level of engagement, procedures, and objectives
The second stage is the internal controls stage
For example, if acceptable audit risk is 5%, the level of audit assurance would be (1 – 5%) = 95%
Therefore, the auditor gains 95% total assurance that the financial statements are free of material misstatement
A public accounting firm’s acceptable audit risk is 4%, and the inherent risk and the control risk are 80% and 100%, respectively
Financial audit refers to the audit of the entity’s financial statements by an independent auditor where audit opinion will be provided on those financial statements after auditing works are done
