Audit involves the following :
• Statutory Audit – As per Companies Act.
• Tax Audit – Under Section 44AB of the Income Tax Act.
• Internal Audit – Assessing internal controls and operational efficiencies.
• Concurrent Audit – Continuous audit of transactions (commonly in banks).
• Forensic Audit – Detecting and investigating fraud or financial irregularities.
• Due Diligence – Financial reviews for mergers, acquisitions, and investments.
• Stock Audit – Inventory verification for banks and companies.
• Revenue Audit- Revenue leakage detection in branches of bank.
• Special Audits – Audits for fraud detection, mismanagement, etc.