Audit related services are services provided by auditors to ensure the accuracy and reliability of financial statements and other information. The major categories of auditor's services (except for consulting) include:
1. External Audits: These are independent evaluations of a company's financial statements and accounting practices to provide assurance on their accuracy and compliance with accounting standards.
2. Internal Audits: Internal auditors review and assess an organization's internal controls, risk management processes, and operational efficiency to provide recommendations for improvement and risk mitigation.
3. Compliance Audits: Compliance auditors ensure that an organization is adhering to relevant laws, regulations, and industry standards. This includes assessing compliance with tax regulations, industry-specific regulations, and internal policies.
4. Forensic Audits: Forensic auditors investigate financial irregularities, fraudulent activities, and legal disputes. They gather evidence, analyze financial records, and provide expert testimony in legal proceedings.
5. IT Audits: IT auditors evaluate an organization's information technology systems, infrastructure, and processes to ensure data security, privacy, and integrity. They assess the effectiveness of internal controls and identify vulnerabilities and risks.
6. Performance Audits: Performance auditors assess the efficiency and effectiveness of an organization's operations, governance structure, and strategy. This may include evaluating the achievement of organizational goals, analyzing performance indicators, and making recommendations for improvement.
7. Agreed-Upon Procedures: In agreed-upon procedures engagements, auditors perform specific procedures on financial information or internal controls, as agreed upon with the client. The findings are then provided to the client for their use.
8. Reviews: Reviews involve a less extensive examination of financial statements compared to audits. The purpose is to determine if the financial statements are plausible and in line with relevant accounting standards.
9. Compilation of Financial Statements: In this service, the auditor assists in preparing financial statements based on information provided by the client. However, this service does not provide assurance on the accuracy or compliance of the financial statements.
10. Specialized Audits: Specialized audits may include specific audits focused on areas such as environmental sustainability, healthcare compliance, government grants, or not-for-profit organizations. These audits require specialized knowledge and expertise in the respective field.
What are audit related services? List the major categories (except for consulting) of auditor 's services.
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