Types of Audit

i

Audit required under law

ii

Voluntary audits.

i

Organisations which require audit under law are the following:

(i)Companies governed by the Companies Act;

Ex-TATA MOTORS LTD

(ii)Banking companies-ex HDFC BANK LTD

(iii)Other statutory bodies required by their regulators or by specific Act.

ICAI

Anchor will speak and these names will come in the centre and then this will keep on going into table

ii

 Voluntary audit

In the voluntary categorythere  are the audits of the accounts of   padia HUF

 etc. In respect of such accounts, there is no basic legal requirement of audit. Many of such enterprises as a matter of internal rules require audit. Some may be required to get their accounts audited on the directives of Government for various purposes like sanction of grants, loans, etc. But the important motive for getting accounts audited lies in the advantages that follow from an independent professional audit