What are the types of audits performed?
Audit projects can be placed into four categories: financial audits, compliance audits, operational audits, and Information Technology (IT) audits. · Financial audits address questions of accounting and reporting of financial transactions, including commitments, authorizations, and receipt and disbursement of funds. · Compliance audits determine the degree of adherence to laws, policies, and procedures. · Operational audits review operating information and the means used to identify, measure, classify, and report such information; review the means for safeguarding assets; ascertain whether results are consistent with management’s goals and objectives and whether the operations are being carried out as planned; appraise the economy and efficiency with which resources are employed; and review the systems established to ensure compliance with policies, procedures, plans, laws, and regulations. · IT audits evaluate system input, output and processing controls, backup and recovery plans, an
