5 Most Common Audit Services

Audit services are an accounting function provided by both by private certified public accountants (CPA) and public accounting firms in the business environment. Usually, audits are an external review of the business information or company's financial for various purposes. In addition, organizations use audits to guarantee company stakeholders that the financial information about their company is accurate or that the company is operating along with a particular set of guidelines. Some of the most common audits used in the business are listed below.
1.   Financial Audits:
This audit address questions about accounting, the propriety of financial transactions and internal controls. In addition, most the audits are included encompassing financial, compliance, operational and information technology (IT) audits.
2.   Consulting Services
These services are advisory as well as other service activities such as counsel, facilitation, process design advice and training. The prime objective of consulting services is to add more value in the development processes, procedures as well as controls to reduce risk and get business objectives. Besides, the nature and scope of these services are agreed upon with company management. However, Internal Audit will not take for granted management's responsibilities to maintain proper objectivity with independence.
3.   Information Technology Audit Services

Conducted by external auditors to make sure that companies and businesses are correctly maximizing the business technology used in their operations at present. Usually, Information Technology Audit Services reviews the individual business technology components, which are used by the company and make sure that no opportunities exist for internal /external abuse. Organization with high levels of business technology, like  Internet retailers, may get more information technology audit services to make certain important business information cannot be compromised by hackers.
4.   Compliance Audits
These services are conducted to guarantee that companies and organizations are following a particular set of guidelines, typically from an external organization. Compliance Audits services can be used by government regulators, professional organizations and insurance companies that provide an expert designation to businesses. There are some great CA Firms in Pune that uses compliance audits to ensure its members meet definite business operational standards.
5.   Assurance Services
These services are objective reviews of proof for the purpose of giving a self-governing assessment. The scope and nature of such services include evaluating and reviewing for operational efficiencies, reliability of financial and operational systems, adequacy and clarity of policies with procedures, state and federal law, compliance with university policy and accomplishment of objectives and goals.