1 of 4) Financial audits primarily concern providing reasonable assurance about whether financial statements are presented fairly in all material respects in confromity with GAAP or with a comprehensive basis of accounting other than GAAP.
2 of 4) Attestation engagements are concerned with examining, reviewing, or performing agreed upon procedures on a subject matter or an assertion about a subject matter and reporting those results. These can cover a broad range of financial or nonfinacial objectives and can be part of financial or other types of engagements.
3 of 4) Performance Audits assess program effectiveness and results, economy and efficiency, internal controls as it relates to program management and reporting, and compliance with legal requirements and other programs. It is not assessed annually but expected periodically to make sure the organization follows its legislative regulations.
4 of 4) Non-audit services: consist of gathering, providing, or explaining information requested by decision makers or providing advice or assistance to management officials.
They are non covered by Govt. Auditing Standars and differ from other types of engagements in that the auditors are providing info. to a requesting party without providing verification or evaluation of the info!!
1 of 4) Financial audits primarily concern providing reasonable assurance about whether financial statements are presented fairly in all material respects in confromity with GAAP or with a comprehensive basis of accounting other than GAAP.
ReplyDelete2 of 4) Attestation engagements are concerned with examining, reviewing, or performing agreed upon procedures on a subject matter or an assertion about a subject matter and reporting those results. These can cover a broad range of financial or nonfinacial objectives and can be part of financial or other types of engagements.
ReplyDelete3 of 4) Performance Audits assess program effectiveness and results, economy and efficiency, internal controls as it relates to program management and reporting, and compliance with legal requirements and other programs.
ReplyDeleteIt is not assessed annually but expected periodically to make sure the organization follows its legislative regulations.
4 of 4) Non-audit services: consist of gathering, providing, or explaining information requested by decision makers or providing advice or assistance to management officials.
ReplyDeleteThey are non covered by Govt. Auditing Standars and differ from other types of engagements in that the auditors are providing info. to a requesting party without providing verification or evaluation of the info!!