• VOLUNTARY OR NON-STATUTORY AUDIT These audits are also known as “PRIVATE AUDIT”
In this type of audit duties and powers are decided as per the agreement between the auditor and the client
3• INTERNAL AUDIT It is a type of audit conducted by the own staff of the organization
Under this type of audit, the auditorexamines thoroughly selected transactions right from their origin to the conclusions
All records and documents pertaining to the transactions are checked in detail
The basic purpose of this type of audit is to see whether the system of internal check or control system is effective
Different authorities have defined Auditing as follows: “Auditing is the process of gathering and evaluation of the economic information with the purpose of reporting on it” According to Mautz “Auditing is concerned with the verification of accounting data, with determining the accuracy and reliability of accounting statements and reports”
