Types of audits: financial statements audits, which can only be conducted by licensed external auditors listed by the Lithuanian Chamber of Auditors, and internal audits following Global Internal Audit Standards, which can be performed in-house or outsourced. Additionally, other assurance engagements exist, such as AML/TF assessments conducted by consultants or external assurance services based on various International Standards on Assurance Engagements. Understanding the distinction ensures the appropriate audit or assurance approach is selected.
