Audits may be characterized as (a) financial statement audits, (b) compliance audits, or (c) operational audits. The work can be done by (a) independent (external) auditors, (b) internal auditors, or (c) government auditors. Below is a list of several audit engagements. For each engagement indicate (a) the type of audit and (b) who would typically do the audit.
1. Render an opinion on the fairness of the presentation of financial statements of a public corporation.
2. Compare the cost of maintaining a fleet of delivery trucks with the option of using an independent delivery service.
3. Audit reported income on a corporation’s tax return.
4. Review contract cost of constructing aircraft engines for the armed services.
5. Report on how the installation of a new computer system would help a client reduce data processing costs and improve financial reporting.
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