Template for Assignment: Summary Table for Audit and Assurance services

Name of student: Michael Y. Batalla

Section: ACT141 A-2
General types of audit

Differences
External audit Internal Audit Government Audit Special Audit

is a financial review evaluate a company’ is the analytical and are typically internal
that is conducted by a sinternal controls, systematic examination and audits that focus on a
party not associated including its corporate verification of financial narrow function or
DEFINITION with the company or governance and transactions, operations, process within a
department that is accounting processes. accounts and reports of any company
voluntarily or government agency.
involuntarily under
audit.

allows a company to Independent - they serve to enhance

understand its independence of the work public accountability and
operations objectively of auditor help strengthen the
financial governance of
Appraisal - appraisal of public sector entities.
existing controls and
operations of entity
following appropriate
criteria

Established -
NATURE
establishment of duties of
internal audit departments

Examine and Evaluate-

examination for fact
finding and consequently
judgemental evaluation

Service - cater the needs of

users

Financial Statements Operational Audit Financial and Compliance Compensation Audit

Audit Audit
Management Audit Information sytem
Operational Audit Economy and Efficiency audit
TYPES/EXAMPLES Financial Audit Audit
Compliance Audit Construction Audit
Program Results

to provide an to provide insight into an aims to ensure to investigate a

objective independent organization's culture, accountability of the special cause or to
PURPOSE examination and to policies, procedures, and executive in respect of justify something
verify that the aids board and public that is not normal
financial statements management oversight by revenue and expenditure within the
 provide a true and fair verifying internal controls organization
reflection of where the such as operating
company financially effectiveness, risk
and have been mitigation controls, and
appropriately prepared compliance with any
in accordance with relevant laws or
accounting standards regulations

Financial Statements Operational Auditor Financial and Compliance Compensation

Auditor Auditor Auditor
Management Auditor
Operational Auditor Economy and Efficiency Information sytem
KIND OF Financial Auditor Auditor auditor
AUDITOR Compliance Auditor
Auditor in Program Results Construction
Auditor

Investors, lenders, Management of the entity Financial Management of the

customers, regulators institutions,creditors, entity
USER among others. suppliers, customers,
consumers and host
communities
References

Gartner_Inc. (n.d.). Definition of External Audit - Gartner Finance glossary. Gartner.

https://www.gartner.com/en/finance/glossary/external-
audit#:~:text=An%20external%20audit%20is%20a,set%20of%20rules%20or%20laws.

Tuovila, A. (n.d.). Internal audit: What it is, different types, and the 5 CS. Investopedia.
https://www.investopedia.com/terms/i/internalaudit.asp

Executive order no. 292 [Book v/title i/subtitle b/chapter 6-government auditing and accounting]:
GOVPH. Official Gazette of the Republic of the Philippines. (1987, July 25).
https://www.officialgazette.gov.ph/1987/07/25/executive-order-no-292-book-vtitle-
isubtitle-bchapter-6-government-auditing-and-accounting/

What is the purpose of an internal audit & why are they important?. KirkpatrickPrice. (2023,
June 13). https://kirkpatrickprice.com/blog/5-reasons-why-internal-audit-is-
important/#:~:text=The%20purpose%20of%20auditing%20internally,any%20relevant%20
laws%20or%20regulations.

Government audit and its objectives - government audit a systematic examination of financial or.
Studocu. (n.d.). https://www.studocu.com/in/document/lovely-professional-
university/advanced-audit/government-audit-and-its-objectives/44534197

How to examine Cash Transactions | Guidelines for Auditors No

Comments | Feb 28. (n.d.). Nature and scope of Internal Audit. Accountlearning.
https://accountlearning.com/nature-and-scope-of-internal-
audit/#:~:text=Internal%20Audit%20is%20a%20control,like%20waste%2C%20loss%2C
%20etc.