<P> The purpose of an assessment is to measure something or calculate a value for it . Although the process of producing an assessment may involve an audit by an independent professional, its purpose is to provide a measurement rather than to express an opinion about the fairness of statements or quality of performance . </P> <P> Auditors of financial statements & non-financial information (including compliance audit) can be classified into three categories: </P> <Ul> <Li> External auditor / Statutory auditor is an independent firm engaged by the client subject to the audit, to express an opinion on whether the company's financial statements are free of material misstatements, whether due to fraud or error . For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting . External auditors may also be engaged to perform other agreed - upon procedures, related or unrelated to financial statements . Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent </Li> <Li> Cost auditor / Statutory Cost auditor is an independent firm engaged by the client subject to the Cost audit, to express an opinion on whether the company's Cost statements and Cost Sheet are free of material misstatements, whether due to fraud or error . For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over Cost reporting . These are Specialised Persons called Cost Accountants in India & CMA globally either Cost & Management Accountants or Certified Management Accountants . Further information: Cost auditing Government Auditors review the finances and practices of federal agencies . These auditors report their finds to congress, which uses them to create and manage polices and budgets . Government auditors work for the U.S. Government Accountability Office, and most state governments have similar departments to audit state and municipal agencies . Further information: Internal auditors </Li> <Li> Secretarial auditor / Statutory Secretarial auditor is an independent firm engaged by the client subject to the audit of Secretarial & applicable laws / Compliances of other applicable laws, to express an opinion on whether the company's Secretarial records and Compliance of applicable laws are free of material misstatements, whether due to fraud or error and inviting heavy fines or penalties . For Bigger Public companies, external Secretarial auditors may also be required to express an opinion over the effectiveness of internal controls over compliances system management of the Company . These are Specialized Persons called Company Secretaries in India who are the members of Institute of Company Secretaries of India and holding Certificate of Practice . (http://www.icsi.edu/) </Li> </Ul> <Li> External auditor / Statutory auditor is an independent firm engaged by the client subject to the audit, to express an opinion on whether the company's financial statements are free of material misstatements, whether due to fraud or error . For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting . External auditors may also be engaged to perform other agreed - upon procedures, related or unrelated to financial statements . Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent </Li>

Function of a project auditor in project management