1.Financial Statement Audit: This is the most common type of audit, which involves the examination and verification of an organization's financial statements to ensure that they are accurate and in compliance with accounting standards and regulations.
2.Internal Audit: This is an independent evaluation of an organization's internal controls, risk management processes, and operational procedures to ensure that they are effective and efficient.
3.Compliance Audit: This type of audit involves assessing an organization's compliance with laws, regulations, and policies, such as tax compliance, environmental regulations, and industry-specific regulations.
4.Information Systems Audit: This is an evaluation of an organization's information systems, including hardware, software, and data security, to ensure that they are reliable, secure, and effective.
5.Forensic Audit: This type of audit is conducted when there is suspected fraud or financial misconduct and involves the investigation and analysis of financial records to identify any irregularities or fraudulent activities.
Assurance services include a wide range of activities that provide stakeholders with confidence and credibility about an organization's operations beyond financial reporting. Some of the main types of assurance services include attestation engagements, reviews of internal controls, assessments of risk management processes, and other non-financial reporting.
Overall, the different types of audit and assurance services are designed to help organizations maintain transparency, accuracy, and compliance in their financial reporting and operations.