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5 Most Common Types Of Audit Services

Posted last May 20, 2013, 3:10 am in Services report article

<p align="justify">Audit services are an accounting outsourcing facility offered by most of the public and private CPA (certified public accountants). For those not aware, audits are ideally a summarized report of company's financial information, which can be leveraged for many different purposes. Typically, audits are conducted to make company stakeholder certain that the company's financial figures are correct and that the company is running as per the defined set of guidelines and plans. In this post, i have discussed the 5 most common types of audit services in business environment.</p>

Financial Audit

<p align="justify">These are perhaps the most widely performed and most common type of audit service. It involves a study of company's financial accounting processes and figure our how good is company in recording, reporting and maintaining the financial information to its stakeholders, both internal and external. Auditors typically calibrate company's financial data with reference to some standard accounting principles like the International Financial Reporting Standards (IFRS) adopted in many countries. If you are looking for financial audit Melbourne service, you may visit the website of AASB (Australian Accounting Standards Board) to know which accounting principles exist in Australian business environment; or you may resort to the internet to find a good professional accounting firm in your city and leave rest on them.</p>

Operational Audit

<p align="justify">This type of audit services are conducted to check if company's individual departements are functioning as per the specific business standard or not. While most of the time company hire external auditor to perform this audit, it may also be done by company's own employees. When this audit is performed by company's in-house team, it is called an internal audit. Internal audits are more informal compared to external audits are mostly conducted for management review.</p>

Compliance Audit

<p align="justify">It is conducted to check if the company is rightly following a specific set of guidelines, mostly given by an external company or organization. These kind of services are mostly hired by government regulators, insurance companies and organizations that provide the companies with a professional design action.</p>

Information Technology Audit

<p align=justify>These type of audit is conducted by external SMSF auditor to confirm that a company is properly extending  technology used in their current business operations. Auditors study the individual elements of business technology used by the company and make sure there is no chance for any internal or external abuse. These services are opted by companies that have high level of business technology, web based retailers or business fulfillment companies, so their valuable business information can't get leaked or misused by hackers. These audits are also conducted to prevent critical business information from attacks of computer viruses and worms.</p>

Advisory Audit

<p align="justify">It is also known as consultation audit service. This service is offered by public accounting firms as an initial overview of company's business operations. Compared to conventional audits, they are less intense. Basically, advisory audit services are used to help companies decide what type of audit they need and what approximately it will cost them. Certified public accounting firms who provide advisory services may or may not be offering financial audit services, depending on the accounting rules and regulations in the industry.</p>

<p align="justify">If you are a Melbourne based company who want to audit its firm, SMSF (Self Managed Superannuation Fund Audit) auditor is the answer.All SMSF Auditors are ASIC (Australian Securities and Investments Commission) registered, well-qualified and expert at handling your 'Self Managed Superannuation Fund Audit'.</p>