The Audit may be classified different classes on the basis
of following:
(A)
Legislative Control:
On the basis of legislative
control the audit may be classified into three types. These are:
i)
Statutory Audit:
Where the appointment of auditors, manner of
audit, contents of audit report etc. are specifically mentioned in any
enactment, the audit conducted with reference to them is called statutory
audit. Statutory audit is compulsory audit and is to be carried out each year
by an auditor called statutory auditor.
ii)
Govt. Audit:
The audit of account of states, Government departments,
undertakings, local bodies are done by Government auditors. The appointment of
auditor is as per the articles of the constitution of the country. Under this
act the President shall appoint the Comptroller and Auditor General, who is the
prime authority in the audit hierarchy of Government accounts.
iii)
Private Audit:
In this case
there is no statutory or constitutional compulsion to get the accounts audited.
For example, the sole proprietors, partnership firms get their accounts audited
without compulsion in view of advantages of having audit.
Continued...
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