Private and Public Sector Audits

Private Sector Audits

Private sector audits focus on businesses and organizations that operate for profit. These audits are typically conducted to:

  • Ensure financial accuracy in accordance with accounting standards (e.g., GAAP, IFRS)

  • Support investor and stakeholder confidence

  • Meet regulatory or contractual obligations

  • Prepare for transactions such as mergers, acquisitions, or IPOs

Types of private sector audits

  • Financial statement audits

  • Internal audits

  • Compliance audits

  • Operational audits

  • IT and cybersecurity audits

These audits help companies improve internal controls, manage risk, and enhance overall business performance.

Public Sector Audits

Public sector audits are conducted on government entities, public institutions, and nonprofit organizations. Their primary goal is to ensure:

  • Accountability for public funds

  • Compliance with laws, regulations, and policies

  • Efficient and effective use of resources

  • Transparency in public reporting

Types of public sector audits

  • Financial and compliance audits

  • Performance or value-for-money audits

  • Grant and funding audits

  • Regulatory and statutory audits

  • Environmental and social impact audits

These audits are often mandated by law and are essential for maintaining public trust and good governance.

Key Differences

Feature Private Sector Audits Public Sector Audits
Purpose Financial accuracy, risk management, growth Accountability, transparency, compliance
Stakeholders Investors, shareholders, management Citizens, government bodies, taxpayers
Standards GAAP, IFRS, industry-specific standards Government auditing standards, legal mandates
Focus Profitability, efficiency, internal controls Public interest, policy effectiveness

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Our unique approach, combined with the experience and expertise of our professional team, enables us to offer innovative solutions for our clients.

United States

Address – 16500 San Pedro Ave Suite 295 San Antonio, TX 78232

Tel –(888) 530-1930

United Kingdom

Address – City Reach, 5 Greenwich View Place, London E14 9NN

Tel – +44 20 3930 8008

Africa

Address – Ding City Carrefour Constantin, Matam, Conakry, Guinea

Tel – +224 626 491 724

Citrus Group Global T/As Citrus Group.

Connected with us:

Copyright @Citrus Group Global 2025. All Rights Reserved.