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Audits evaluate conformance now and into the future. An inspection evaluates
conformance in the past. Both are important parts of management.
Financial Audit
Government financial reports are not always audited by outside auditors. Some
governments have elected or appointed auditors.
Statutory Auditing:
Every company registered in India has to get his accounts audited from a chartered
accountant every year.
Tax Auditing:
Every assessee, whose turnover of a business exceeds Rs.40 Lakhs or total receipts from
any profession exceeds Rs.10 Lakhs in any previous year, is required to get his accounts
audited and report as per section 44AB of the income tax act. Internal Auditing /
Concurrent auditing: