Statutory Audit: In simple terms statutory audit in India is equated with Audit under the Companies Act. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.
Tax Audit: Auditing the accounts of an organisation in accordance with the provisions of the Income tax laws of India and provide disclosures through specified formats.
Internal Audit: An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's health and profitability, and to make suggestions for mitigating the risk associated with those threats in order to minimize costs.
Management Audit: Audit requested by the management. It is special purpose audit.
Concurrent Audit of Banks: Its is examination of financial transaction of banks at the time of happening or parallel with the transaction.
Revenue Audit: Revenue audit is the audit of items governing income & expenditure of banks, basically this type of audits are conducted with a view to verify the accuracy, relevance of expenditure incurred & Incomes earned by the banks according to applicable latest circulars, notification
Stock Audit: It is done in order to confirm the accuracy, value, quality existence and ownership of stock.
Compliance audit: A comprehensive review of some aspect of the internal operations of a company that requires certification by a regulatory body to verify that it is in compliance with mandatory guidelines.