A compliance audit is an examination of conformity and adherence of a particular area, process, or system to policies, plans, procedures, laws, regulations, contracts, or other requirements that govern the conduct of the area, process, or system subject to audit.
Type of Compliance Audits are: Sarbanes Oxley, Bank Secrecy Act(BSA) and Loan Compliance.
An operational audit is a review mainly focused on the internal controls of key processes, procedures, or systems. The main objective is to improve productivity, as well as efficiency and effectiveness of the operation.
A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.
An information technology audit is an examination of the management controls within IT applications, operating systems, databases, or the infrastructure. Reviews may be focused exclusively on IT or performed in conjunction with a compliance, operational, or financial audit.