What types of audits are conducted?

There are many different types of audits. An audit may be of one or more of the following types:

  • Financial
    Financial audits are examinations of financial transactions and systems/procedures used to process them. These types of audits may also include assessment of balances or amounts on financial statements or reports.
  • Compliance
    Compliance audits determine the degree to which the auditee adheres to laws, regulations, policies, procedures, or contract agreements.
  • Operational/Performance
    Operational audits are designed to test the efficiency and economy of operations. Performance audits are designed to audit progress towards goals or objectives established by management.
  • Investigative
    Internal Audit undertakes investigative audits when circumstances or evidence suggest a fiscal irregularity involving taxpayer resources.
  • Follow-up Audits
    Follow-up audits determine whether management has taken appropriate, effective and timely action to address previously reported issues.

Show All Answers

1. What is internal auditing?
2. What types of audits are conducted?
3. What are internal controls?
4. Are internal controls foolproof?
5. Who receives the audit reports?
6. What is the difference between internal auditors and external auditors?
7. What is fraud?
8. Are auditors looking for fraud when performing audits?
9. What should I do if I suspect County resources are being wasted or abused?
10. What should I do if I suspect someone is involved in something illegal?