The civil servants under the Indian Audit and Accounts Service serve in an audit managerial capacity, in the Indian Audit and Accounts Department. Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions.

What is difference between accounting and auditing?

Accounting maintains the monetary records of a company. Auditing evaluates the financial records and statements produced by accounting.

Audit accounting plays a key role in ensuring a company’s accounts are accurate and finances are being distributed in the fairest or most efficient manner. Audit accounting can be an internal process with a focus on mitigating risk and identifying areas where cost savings can be made.

What are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.

How do you audit an account?

1. Review the information systems.
2. Look at record-keeping policies.
3. Review the accounting system.
4. Review internal controls policies.
5. Compare the internal records.
6. Review the tax returns.
7. Perform tests of controls and the substantive test.