SPECIAL AUDIT MANAGEMENT
What is Special Audit?
A Special Audit can be described as a type of audit that is performed to investigate into a selected sector of the companies activities. As a rely of fact, it is able to be visible that this kind of audit is specially initiated with the aid of using a 3rd party, like a central authority organisation or the tax authority. Our audit automation software tool helps to easily conduct special Audit in any specific area of an organisation for smooth functioning of it.
Who Performs Special Audit?
The special audit can be conducted with the aid of using corporations auditor or every other chartered accountant who can also or won’t be engaged with inside the practice, appointed with the aid of using Central Government.
What is the Purpose of Special Audit?
Special Audits are ordinarily wished while a few unusual conduct is doubted in the organisation .
Mostly, they’re known as for while it’s far suspected that the legal guidelines had been ignored referring to finances, or monetary control in the organisation . However, they’re now no longer handiest constrained to instances referring to fraud. In the identical manner, Special Audits also can be associated with company reorganization or bankruptcy. This makes it an important aspect for the functioning of an organisation.
Types of Special Audit
As cited in advance on, it is able to be visible that a special audit is carried out of routine, with a selected or a special purpose.
However, those special functions are pretty numerous of their nature, and the general consequences primarily based totally on the ones special audits. My Audit knows the importance of special audits that is why we are providing help with every type of special audit.
- Compliance Audit
- Construction Audit
- Information Systems Audit.
- Investigative Audit
- Tax Audit
Advantages of Special Audit
- Deterrent to fraud and inefficiency
- Operational improvements
- Gathering statistics approximately earnings or loss
- Settlement of disputes
- Limitations of Special Audit
- Harassment of staves
- Extra cost
- Small concerns
- Not Easy to Detect Some Frauds
- Rely on Experts
Special Audit Programme Checklist
| Audit Planning | Audit Closure | Execution |
|---|---|---|
| Task_Assignment | Audit Closure | Execution |
| Engagemetn Documents |
| Report | ||
|---|---|---|
| Reporting |
Conclusion
Therefore, it is able to be visible that Special Audits are specially carried out so as to research a special purpose or to justify some thing that isn’t always everyday in the organisation. Hence, Our Special audit management software helps in the protection of an organisation by conducting easy to manage special audits and providing handy tools for the auditors to make there work effortless.The most important reasoning at the back of such an audit is to make certain that the general functioning in the organisation is everyday, and there aren’t anyt any productiveness losses involved.