what are the different kinds of audit?Give the merits and demerits of its.
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what are the different kinds of audit give the merits and demerits of earch?
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Audit
An audit is a self-evaluation process that aims to reduce negative consequences.
Types of Audit
- Decision point audit: In the planning approval procedure, a decision point audit is also conducted by the regulating authority.
- Implementation audit: To cover the start-up phase, it may include government and public monitoring.
- Performance audit:To cover the entire operation, conduct a performance audit.
Merits:
- Credibility.
- Compliance.
- Better Management.
Demerits:
- Chances of fraud.
- Extra concerns.
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