Audit means checking the accounts prepared by others with a view of express an opinion. The occasional audit is conducted when there is need of it. The owners can decide to check their accounts. The admission of new partner and a loan application requires audit of accounts. The audit period is not regular but no certain occasions audit becomes due. Social audit is conducted to protect the rights of society.
It is concerned with improving the quality of products, reduction of product cost, health and welfare of employees, fair wages, prices, profits, energy conservation, material conservation, population control, water treatment and cleanliness. A procedural audit is an examination and review of the internal procedures and records of an organization. The purpose is to check their reliability for compilation of final accounts and balance sheet, it is not special type of audit but it's a part of whole audit.
Balance sheet audit is concerned with the checking from balance sheet items and going back to the books of prime entry and relevant documentary evidence. There may be formation of larger economic units due to consolidation and merger. Balance in audit is fit for giant business concerns.
It is concerned with improving the quality of products, reduction of product cost, health and welfare of employees, fair wages, prices, profits, energy conservation, material conservation, population control, water treatment and cleanliness. A procedural audit is an examination and review of the internal procedures and records of an organization. The purpose is to check their reliability for compilation of final accounts and balance sheet, it is not special type of audit but it's a part of whole audit.
Balance sheet audit is concerned with the checking from balance sheet items and going back to the books of prime entry and relevant documentary evidence. There may be formation of larger economic units due to consolidation and merger. Balance in audit is fit for giant business concerns.
