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An audit is a form of examination, inspection, and review. An audit is performed by auditors who are generally Chartered Accountants (CAs) hired by businesses to examine financial statements, manage accounts and submit reports on accounting, operations, revenue, and expense. Businesses also engage Certified Public Accountants (CPAs) who provide an opinion in their professional capacity on the fairness, accuracy of records, and compliance with certain standards. The work of the auditor is to report their findings to the stakeholders and key managerial personnel in the form of an audit report. Sometimes the audit report is also presented to external stakeholders like banks, creditors, or the government. The audit services may be time-consuming but the findings are beneficial for the business for improving finances and internal controls, exposing risks, and helping stakeholders make informed decisions.
Table of Contents
Following are the different types of Audit Services provided by Auditors:
Audit reports are like report cards. For every type of audit, a separate report is prepared. Every business organization must perform regular audits to understand various aspects of its business and how well it is performing. It helps review its operations and remove mistakes that impact the future performance of the business.
Also Read: Internal Audits: What it is, Different types, and the 5CS
Ankita is an Advocate and has joined Enterslice as a Legal Researcher. Her work focuses on General Civil and Commercial laws, Corporate Taxation Laws, Labour and Employment Laws and Dispute Resolution. She is a law graduate from School of Law, University of Petroleum and Energy Studies. Prior to joining Enterslice, Ankita has the experience of practicing law in Delhi and Odisha.
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Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
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