What is Auditing?
Auditing is the process of examining an organization’s financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.
Performance audit refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources
A forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims.
Operational Auditing is a systematic review of effectiveness, efficiency and economy of operation. Operational audit is a future-oriented, systematic, and independent evaluation of organizational activities.
Quality auditing is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team. It is an important part of an organization’s quality management system and is a key element in the ISO quality system standard, ISO 9001.