Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step. Some audits have special administrative purposes, such as auditing documents, risk, or performance, or following up on completed corrective actions. Audit can be done internally by employees or heads of a particular department in case of processes and externally by an outside firm or an independent auditor in case of financial statements. The idea is to check and verify the accounts by an independent authority to ensure that all books of accounts are done in a fair manner and there is no misrepresentation or fraud that is being conducted. All the public listed firms have to get their accounts audited by an independent auditor before they declare their results for any quarter.

There are various types of audits as required under various statutes. They are as below:

Statutory Audit

Tax Audit

GST Audit

Internal Audit

Concurrent Audit

Other Audits