3.5 Concept of Auditing and its Types

Auditing = the independent examination-and-expression-of-opinion on the financial statements (the books'-and-records' verification against the evidence — the truth's second pair of eyes). The types' map: the statutory audit (the Act's compulsory external audit — this unit's core) vs the internal audit (the company's own control organ — the audit committee's interface); the private-and-management audits; the tax audit (the Revenue's world — Taxation Law's face, Semester 9); the special audits (the investigation-and-fraud audits; the regulator's directed audits (the NRB's-and-SEBON's faces)); the cost-and-performance audits; and the classification-by-appointment (the first auditor, the casual vacancy, the rotational faces).