There are several types of audits, each serving a different purpose:
Internal Audits: Conducted by the company's internal audit team to assess internal controls and processes. External Audits: Performed by independent auditors to provide an objective assessment of the company's financial statements. Compliance Audits: Focus on whether the company complies with regulatory standards and internal policies. Operational Audits: Evaluate the efficiency and effectiveness of the company's operations and processes.