1) Statutory audits 2) Internal audits 3) Cost Audit 3) Secretarial Audit

Statutory audits

Who can conduct the audit – Statutory  audit has to be conducted by a Chartered Accountant or a firm of Chartered Accountant.

Scope of Audit – Audit of the financial record and statement of the company. Auditor is required to comply with Auditing Standards

Frequency of Audit- Yearly

Internal audits

Who can conduct the audit – Any chartered Accountant (except statutory auditor of the company) or Cost Account or other professional as may be decided by the Board, can be appointed to conduct the internal audit

Scope of Audit – Audit of the function and activities of the company.

Frequency of Audit- Frequency of conducting the audit will be prescribed

Cost audits

Who can conduct the audit – Cost  audit has to be conducted by a Cost Accountant or a firm of Cost Accountant.

Scope of Audit – Audit of the Cost record of the company.

Frequency of Audit- Yearly

Secretarial audits

Who can conduct the audit – Secretarial  audit has to be conducted by a Company Secretary.

Scope of Audit – Audit of the Secretarial work and other related record of the company. F

Frequency of Audit- Yearly

Penal Provision

Duty to report fraud :- If any auditor does not comply the with the Central Government in case of suspected fraud he shall be punishable with fine which shall not be less than Rs. 1,00,000/- but which may extended to Rs. 25,00,000/-[Section 143(15)]