What are the three main types of audits?

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There are three main types of audits, following are explanation about each category:

External audits: commonly undertaken by CPA companies and result in an auditor's opinion, which is included in the audit report. External audits may entail an examination of both financial statements and internal controls of a corporation.
Internal audits: Internal audit report is sent directly to management and the board of directors, it is used to enhance procedures and internal controls.
Internal Revenue Service (IRS) audits: The IRS conducts audits on a regular basis to ensure the accuracy of a taxpayer's return and particular transactions. When the IRS audits a person or corporation, it is frequently used to prove that the taxpayer did something wrongdoing .However, being chosen for an audit, is not always suggestive of misconduct.

See more: Accounting & Audit services

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