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What Is an Audit? There are three main types of audits: external audits, internal audits, and Internal Revenue Service audits. External audits are commonly performed by Certified Public Accounting firms and result in an auditor's opinion which is included in the audit report.

While some of the audit technique underlying internal auditing is derived from management consulting and public accounting professions, the theory of internal auditing was conceived primarily by Lawrence Sawyer (1911–2002), often referred to as "the father of modern internal auditing"; and the current philosophy, ...

The 5C's: Elements of Internal Audit Reporting Condition: What is the particular problem identified? Criteria: What is the standard that was not met? ... Cause: Why did the problem occur? Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding?

There are common methods of internal auditing that may be used to determine compliance: System Audits. Process Audits. Product Audits.

Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.

An internal audit offers risk management and evaluates the effectiveness of many different aspects of the company. Types of internal audits include financial, operational, compliance, environmental, IT, or for a very specific purpose.

Types of Internal audits include compliance audits, operational audits, financial audits, and an information technology audits.

The 5C's: Elements of Internal Audit Reporting Condition: What is the particular problem identified? Criteria: What is the standard that was not met? ... Cause: Why did the problem occur? Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding?