Which of the Following Is NOT a Key Difference Between

question 1

Multiple Choice

Which of the following is NOT a key difference between financial and performance audits?

• A) Financial statement audits focus on the entity as a whole whereas performance audits generally focus on a specific program or activity.
• B) Financial statement audits generally are conducted annually whereas performance audits generally are conducted irregularly.
• C) Financial statement audits are conducted using very well defined standards whereas performance audits are conducted without reference to any standards.
• D) Specialists in accounting generally conduct financial statement audits whereas performance audits may require more program-specific knowledge and fewer accounting skills.

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