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First of all, let us know what an audit assignment is. The word itself says Audit, so all the work is related to auditing. In auditing assignment, the work includes auditing of financial statements, reports, ledger, and all other financial activities are included in audit assignment. 

How Many Types of Audits Are There?

There are three types of Audits.

I) External Audit: In an external Audit, a financial review is being conducted by a third party that is not being associated with the company.

ii) Internal Audit: In an internal Audit, a group of members who are associated with the company does the financial review to find out the total expenses of the company and whether the balance sheet is tallied.

iii) Internal Revenue Service (IRS) Audits: It is a kind of review or examination where the auditor audits the organization's account whether the financial data is fed up correctly according to the tax law and verifies the reported tax amount is correct.

These are the core audits that often take place in every organization by the end of their financial year to check the cash flow of the organization and to judge how much profit or loss the organization is making. Thus, Audit is a crucial part of every organization.

What Is an Objective of An Audit Assignment? 

If we talk about the fundamental objective of an audit assignment is to prove the correct fairness of the result in the profit and loss account and financial statement presented by the balance sheet. So, the main objective of the audit assignment is to express your correct opinion on financial statements. 

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