C) Based on time
C1) Continuous Audit:
Continuous audit is defined by R.C. Williams as one where the auditor is constantly or at (regular or irregular) intervals engaged in checking the accounts during the period. Continuous Audit means an audit at regular intervals throughout the accounting year. Generally, the audit work begins after the accounting year is over. But in case of Continuous Audit, the work begins the accounting year itself.
C2) Final Audit:
It is also known as periodical audit. It is generally start after the completion aspect more than the depth aspect of audit. The danger of alteration of figures or manipulation of accounts is totally absent. Generally, it starts after the close of the financial period. There is very little impact on prevention of errors and frauds by way of moral checks. It is best suited for small and medium sized business. It saves in terms of time, energy and money.
C3) Interim Audit:
Interim Audit is an audit conducted in between the annual audits. It is conducted to find out the interim profit and know the financial position at the end of a part of the accounting year.
C4) Balance Sheet Audit:
Balance Sheet Audit is an American terms which means verification of the items appearing in the balance sheet. It includes verification and valuation of assets and liabilities appearing in Balance Sheet.
Profit and loss account is not given much importance in this type of audit.
In balance sheet audit, the auditors assume that there is a
C1) Continuous Audit:
Continuous audit is defined by R.C. Williams as one where the auditor is constantly or at (regular or irregular) intervals engaged in checking the accounts during the period. Continuous Audit means an audit at regular intervals throughout the accounting year. Generally, the audit work begins after the accounting year is over. But in case of Continuous Audit, the work begins the accounting year itself.
C2) Final Audit:
It is also known as periodical audit. It is generally start after the completion aspect more than the depth aspect of audit. The danger of alteration of figures or manipulation of accounts is totally absent. Generally, it starts after the close of the financial period. There is very little impact on prevention of errors and frauds by way of moral checks. It is best suited for small and medium sized business. It saves in terms of time, energy and money.
C3) Interim Audit:
Interim Audit is an audit conducted in between the annual audits. It is conducted to find out the interim profit and know the financial position at the end of a part of the accounting year.
C4) Balance Sheet Audit:
Balance Sheet Audit is an American terms which means verification of the items appearing in the balance sheet. It includes verification and valuation of assets and liabilities appearing in Balance Sheet.
Profit and loss account is not given much importance in this type of audit.
In balance sheet audit, the auditors assume that there is a