These audits serve the management in understanding the shortcomings in their businesses from a commercial standpoint. It guides the management to focus on areas of concern and works towards improving competitive edge and operational efficiency.
These are assurance audits expressing opinion on the financial statements prepared by the company for the stakeholders. Primarily, these are audits mandated under relevant various provisions of law regulating the entity carrying on business..
These audits are more investigative in nature, interfering on the correctness of the audited area. It brings out errors or frauds in an area.