TYPES OF AUDIT

Interim Audit, Concurrent Audit and

Balance sheet Audit
PRESENTED BY-
 Hrish N. Asnora-3
 Priya A. Dubey-12
 Gulfshah -17
 Danish-20
 Vijay panga-28
 Bushra shekh-35
 Aslam Sorathiya-43
Index
 Introduction
 Types of Auditing
Introduction
 Audit means to go through the
process of examining and verifying
a company's financial records and
supporting documents.
 Audit procedures to use – specific
procedures should be spelled out
for instruction during the audit.
Obtaining and Understanding
Timing • Audit Planning

• Sufficient to plan audit of each significant

financial statement assertion under the:
Extent o Primarily substantive approach, or
o Lower assessed level of control risk
approach

• Prior experience with entity

Procedures • Inquiring of entity personnel
• Observing entity operations
• Inspecting documents and records

Documentation • Completed questionnaires

• Flowcharts
• Narrative Memoranda
Interim Audit

 INTERIM AUDIT is an audit conducted

during the fiscal year usually as a means of
minimizing the work and time involved in
concluding the audit after the fiscal year .

 Done during the financial year.

Interim Documentation
 The company or business is maintaining
federal regulations .

 Standards for procedures and practices .

 The company to be within compliance for

reporting, accounting and issuance of data
and reports to the appropriate personnel.
Concurrent Audit
 Concurrent audit is a systematic and timely
examination of financial transaction on a
regular basis to ensure accuracy,
authenticity, compliance with procedures
and guidelines.

 The system of concurrent audit in banks

was introduced by the Reserve Bank of
India (RBI) in October 1993 .
Concurrent Documentation
Process Benefits

 Quality of Life of Staff

 Focus of direct care work – crisis
response service focused vs. planned
service delivery focus based on
treatment plan formulation
 Compliance with submission and billing
requirements
 Supports recovery focused services (Client
participation and client benefit)
Balance sheet audit
 Balances of all assets and liabilities should
be checked from the trial balance into the
balance sheet.

 The term “Balance sheet Audit” means

verification of the values of assets, liabilities,
the balance of reserves and provision and
the amount of profit earned, or loss suffered
by a firm during the year.

 More popular in U.S.A. than in England or

other countries.
Overall Objectives of
Balance sheet Audit
 Provide an understanding of the balance
sheet accounts.
 Provide an understanding of the relationships
between balance sheet and income statement
accounts.
 Explain audit techniques for certain balance
sheet accounts.
 Explain the use of analytical procedures in
auditing .