There are various types of audits that business leaders should be aware of: 1. Financial Audits: Focus on the accuracy and completeness of financial statements. 2. Operational Audits: Evaluate the efficiency and effectiveness of business operations. 3. Compliance Audits: Ensure that the company adheres to laws, regulations, and internal policies. 4. Internal Audits: Conducted by the organization's own audit team to assess internal controls and risk management processes. 5. External Audits: Performed by independent auditors to provide an unbiased evaluation of the company's financial health.