Audit and assurance services refer to the process of independently assessing and verifying financial information and internal controls of a business or organization.
Auditing is the process of examining an organization’s financial records and operations to ensure that they are accurate and in compliance with relevant laws, regulations, and standards.
Assurance services involve providing independent, objective opinions or reports that help to improve the quality or context of information for decision makers.
Internal audit is an independent and objective assurance and consulting activity designed to add value and improve an organization’s operations.
Internal audit activities include:
It helps organizations to identify potential areas of improvement and to ensure that they are in compliance with laws, regulations, and industry standards.
A statutory audit is an independent examination of an organization’s financial records and operations that is required by law. The purpose of a statutory audit is to ensure that an organization’s financial statements are accurate, reliable, and comply with applicable laws and regulations.
Performance audits are independent evaluations of an organization or program’s performance. They assess whether an organization is achieving its goals, using resources efficiently, and complying with laws and regulations.
Concurrent audit is a type of internal audit that is conducted simultaneously with the day-to-day operations of an organization. It is a process of continuous monitoring of the financial transactions, systems and internal control procedures of an organization.
The specific laws and regulations that apply to an organization will depend on the jurisdiction and the nature of its business.
