examples of optional audit
Answers
Answer:
What Is an Audit?
There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report. pls follow me
Answer:
Examples of optional audits- Audits in schools, and colleges regarding resources like books, dresses, shoes, furniture, etc.
Explanation:
An AUDIT is an “independent examination of the financial information of any business, whether for profit or not.
OPTIONAL AUDITS are aimed at verifying that the books are working properly or to identify hidden threats (“skeletons in the closet”) that could harm the company and thus the company's board of directors.
Example- Auditing of School Dress Records in a School. Parents buy dresses from school but sometimes they buy from the market directly. This causes financial loss in many schools, so to recognize the threats optional auditing is done by schools.