Table of Contents
- 1 How many types of audits are there in India?
- 2 What are the 5 types of audit?
- 3 Who audits CAG of India?
- 4 What are the classification of audit?
- 5 What are the types of internal audit?
- 6 What are the different types of audits by SAI India?
- 7 What are the powers of Comptroller and Auditor General of India?
- 8 Can the Office of the CAG perform a propriety audit?
How many types of audits are there in India?
Audits are generally classified into two types: Statutory audits; and. Internal audits.
What are the 5 types of audit?
Different types of audit
- External AUDIT. The external audit is performed by people who are not associated with your business in any way.
- Internal audit.
- IRS tax audit.
- Financial audit.
- Operational audit.
- Compliance audit.
- Information system audit.
- Payroll audit.
What is audit and its types?
Auditing is the process of reviewing and confirming your financial reports. Audits verify that you’ve created accurate and reliable financial reports and that no fraudulent activities are happening within the business. There are three main types of audits: internal, external, and government or IRS audits.
Who audits CAG of India?
The CAG is also the head of the Indian Audit and Accounts Department, the affairs of which are managed by officers of Indian Audit and Accounts Service, and has 43,576 employees across the country (as on 01.03.2020)….
| Comptroller and Auditor General of India | |
|---|---|
| Nominator | Prime Minister of India |
| Appointer | President of India |
What are the classification of audit?
Specific Audit − Cash audit, Cost audit, Standard audit, Tax audit, Interim audit, Audit in depth, Management audit, Operational audit, Secretarial audit, Partial audit, Post & vouch audit, etc. are common types of specific audit. General Audit − It can be an internal or an independent Audit.
What are the types of audit Programme?
There are two main types of audit programs:
- Fixed Audit Program.
- Flexible Audit Program.
What are the types of internal audit?
Internal Audit Types
- Financial/Controls Audits.
- Compliance Audits.
- Operational Audits.
- Construction Audits.
- Integrated Audits.
- Information Systems (IS) Audits.
- Special Investigations.
- Follow-up Audits and Validation Testing.
What are the different types of audits by SAI India?
Depending on the objectives of audit, we can classify audits by SAI India into: 1. Compliance audit 2. Financial Attest Audit 3. Performance Audit Apart from these traditional audits, we also do audits of information technology and environment audits.
Who is new Comptroller and Auditor General of India (CAG)?
On 7th August 2020, Girish Chandra Murmu has been appointed as the new Comptroller and Auditor General of India (CAG.) Earlier, he was the Lieutenant-Governor of Jammu & Kashmir Union Territory.
What are the powers of Comptroller and Auditor General of India?
The powers of the CAG, regarding audits, are provided for in the Comptroller and Auditor General of India (Duties, Powers and Conditions of Service) Act, 1971. According to this act, the CAG can audit: All receipts and expenditure from the Consolidated Fund of India and of the states and union territories.
Can the Office of the CAG perform a propriety audit?
The office can perform a propriety audit, that is, it can look into the ‘wisdom, faithfulness and economy’ of government expenditure and comment on the wastefulness of such expenditure. However, unlike the legal and regulatory audit, which is obligatory on the part of the CAG, the propriety audit is discretionary.