Difference between financial audit and management audit
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The difference between financial audit and management audit can easily be understood based on the elements that are being audited in each audit. The integrity, completeness, and accuracy are audited in a financial audit where the auditors provide their opinion whether the statements present a true and fair view. Management audit assesses the quality of decision making and efficiency of the management. The success of these audits always depends on how objectively they can be conducted.
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