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USEFUL AUDIT INFORMATION
TYPES OF AUDIT
Two primary types of audits are financial audits and compliance audits. In
a financial audit, the management of a business asserts that the financial statements are prepared in accordance with generally accepted accounting principles (GAAP), which are the applicable criteria.
FINANCIAL STATEMENT AUDITS
The financial statement auditor attests to the degree of correspondence
between those financial statements and GAAP.
COMPLIANCE AUDITS
In a compliance audit, an individual or business asserts that it is complying
with specific laws, regulations, policies or procedures. The compliance auditor
provides assurance that the entity is, in fact, complying with those applicable
criteria. More details are provided below.
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