Financial auditing is a retrospective analysis intended to determine whether an organization's financial information was properly recorded and adequately supported. A financial audit also provides an assessment as to the accuracy, fairness, and reliability of information provided in the preparation of the financial statement.
Operational auditing is a current analysis of an organization's mission, goals, and objectives. An operational audit also evaluates the effectiveness and efficiency of operations. Operational audits result in an assessment of compliance, efficiency, economy, and effectiveness of management practices and controls associated with these operational functions.
Compliance auditing is a comprehensive review of operations to determine whether they comply with internal policies and procedures, established laws, regulations and standards. Compliance audits may also examine standards of conduct and ethics.
Information systems auditing examines risk management, control, and governance. The framework of application controls, general computer controls, and systems controls are also addressed.
Follow-up auditing is a means of monitoring the disposition of audit results that have been previously communicated to management. Generally, a follow-up audit is often performed at least once per fiscal year; however, for engagements that recur on an annual basis, follow-up is performed as part of the next year's engagement procedures. The follow-up audit assesses implementation of management response to audit recommendations, and evaluates the adequacy and timeliness of corrective action.
Consulting services are advisory and client-requested activities, whose scope and objectives are agreed upon, in advance, with the client. Consulting engagements are intended to add value and improve an organization's effectiveness.