Concurrent Audit is generally done in Bank. A bank branches having a certain criteria are required to perform the concurrent audit.
Statutory Audit is a legal work which means checking. Some entities have to mandatory perform the statutory audit like Companies while some entities required Statutory audit after a turnover or capital limit like in LLP audit required after 40 Lakh etc. Statutory audit perform under Companies Act 2013 and LLP Act 2009.
Under internal audit generally organization check about their internal control system and other financial from an external expert.
Tax Audit is perform under the Income Tax and GST Act, an organization having turnover more than 1 cr in case of business and more than 25 lakh in case of professional are required to get the tax audit done and have to file the report with Income Tax department.
Stock Audit or physical audit are generally done either in a very large company and in Banks.
IT & EDP Audit
Under IT & EDP audit entities will check their IT system and EDP department from external expert.
Performance audit means an independent examination of a program, function or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving efficiency, effectiveness in the employment of available resources. i.e. organization have utilize the their recourses on optimum basis.