Audit can be for various purposes to verify and analyze information based on specific framework or regulation to express an independent opinion by an audit firm as to the compliance of an information with relevant framework or regulation.
Few of the prominent types are classified below:
- Performance Audit
- Operational Audit
- Employee Benefit Plan Audit
- Compliance Audit
- Information System (IS) Audit
It covers a wide assortment of appraisals. An entity might ask for or require a performance audit to assess objectives like program viability and outcome, compliance with specific requirements/legislation and prospective examination/monitoring.
It encompasses auditing of activities involved in operating cycles of transactions including different departments within an organization. For e.g. procurement cycle, sales/exports, supply chain, inventory management etc. Auditor examine cycles, methods, and frameworks and assess functional adequacy, proficiency, and efficiency.
This audit covers the verification of employment benefits calculation in line with applicable employees' regulatory requirements for employers as well as the requirements of International Financial Reporting Standards.
A compliance audit deals with the evaluation to confirm whether the entity conforms to regulatory requirements. Compliance audit includes, but is not limited to, Tax Audits which covers the verification of tax liability by the Federal Tax Authority (FTA) to verify whether the tax payable is settled within the due date and whether such liabilities are properly calculated in accordance with the law provisions.
IS audit implies the assessment of the sufficiency and effectiveness of IS controls inside an organization's Information technology (IT) function/software. If IS controls are not operating effectively or adequate controls are not in place, then an entity is prone to significant errors and fraud in its financial and operating records.
How we stand out to arrange special purpose Audit
We understand that these types of Audits are based on special purpose framework or regulations, therefore we attain thorough comprehension of relevant subject matter on which such Audits are based and develop procedures and techniques by re-defining our existing available intellectual standards and procedures that best suits such Audit engagements to deliver our clients effectively and efficiently.
Clients gain advantage from our subject knowledge, experience and technical insights of our partners who brought their enriching experience from the performance of such Audits on clients in Big Four Accounting Firms and present deliverables that is usually based on International Standards on Related Services (ISRS-4400) – Agreed Upon Procedures Engagements, and International Standards of Auditing (ISA-800)- Special Considerations for Audits of Financial Statements prepared in accordance with special purpose frameworks.