Types of audits

So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated under the Companies Act 1962, not least because this type of audit situation is at the heart of the vast majority of auditing examination questions.  However, it might be convenient at this stage to briefly indicate the main classes of audit which are undertaken in practice. There are two types of audits as follows: Statutory Audits and Non-Statutory Audits.