Internal auditing provides assurance regarding the effectiveness of controls over financial reporting (internal control). This includes reviewing the effectiveness of internal policies and procedures, as well as evaluating the integrity of the financial statements.

Operational audits are conducted to assist management in making decisions about the effectiveness of their operations. These audits help identify areas where improvements can be made and where additional resources may be required.

Real estate audits are performed to determine if the real estate assets of the organization are being properly accounted for. This will include checking the property leases, mortgages, and other related documents.

Financial statement audits are performed to verify the accuracy of the financial statements. The objective is to evaluate the adequacy of the presentation of the financial position, results of operations, cash flows, and changes in shareholders’ equity.

An investigation audit is usually performed when there is reason to believe that fraud has occurred. It involves gathering evidence from various sources to substantiate the claim.

A concurrent audit is one that occurs during the period when the annual audit is being performed. Concurrent audits are generally performed to confirm that all necessary disclosures and other items have been included in the financial statements.

Forensic audits are generally used when fraud has occurred or is suspected. These audits are usually performed after an investigation into the matter has taken place.

Due diligence audits are performed before entering into a contract or other transaction. The objective is to make sure that all parties involved in a potential acquisition are legitimate.

System audits are designed to assess the integrity of the system’s software and hardware. These audits are usually performed at regular intervals to detect errors and problems before they cause significant damage.