Performance Audits,as Defined in the GAO's Governmental Auditing Standards

question 36

Multiple Choice

Performance audits,as defined in the GAO's Governmental Auditing Standards

• A)Provide a basis for an auditor's opinion as to whether the entity is acquiring,protecting,and using its resources economically and efficiently.
• B)Provide assurance that operations are in compliance with all applicable laws and regulations that may have a material effect on the financial statements.
• C)Provide assurance or conclusions based on an evaluation of evidence regarding program effectiveness,economy,and efficiency; internal control compliance,and prospective analyses.D)Are always performed by the internal audit staff to assist the entity's independent auditor.

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Definitions:

Financial Performance

A measure of how well a company can use assets from its primary mode of business and generate revenues, reflecting the financial health and profitability of the business.

Sales Account

A customer's record with a company, detailing their purchases, transactions, and preferences.

Mission Statements

Formal summaries that define a company's core purpose, objectives, and approach to reach its goals, intended to guide its internal decision-making processes.

Vision Statements

Declarations of an organization's long-term goals and aspirations, intended to guide its internal decision-making.