ABSTRACT
External audit – the process of review of an organization’s financial statements, and possibly its management arrangements, by an independent person with a view to providing assurance to the organization’s stakeholders. Internal audit – an audit function set up within an organization to provide an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. Operational audit – an audit that is carried out to review some aspect of an organization’s activities and to reach a conclusion about the economy, efficiency and effectiveness of the activity. Operational audits are also known as performance audits, management audits and value for money audits. Regularity audit – an audit that is carried out to provide an opinion on financial statements.
