Introduction of  different types of audit :

Up to early decades of Twentieth Century, Auditing exercise was considered limited to auditing of books of accounts i.e. finance audit, internal audit. After the advancement of trade/technology various types of audit have come into existence i.e. operation audit, management audit, efficiency audit, propriety audit, information system audit etc. Types of audit depend upon various factors such as the nature of work undertaken, approach used for conducting audit, organization structure, legal requirements etc. The different types of audit have different objectives. Here, now we will study the different types of audit along with their characteristics, merits and limitation.