What are the different types of audits?
A. Financial Audits include financial statement and financial related audits. 1. Financial statement audits provide reasonable assurance about whether the financial statements of an audited entity present fairly the financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. 2. Financial related audits include determining whether (a) financial information is presented in accordance with established or stated criteria, (b) the entity has adhered to specific financial compliance requirements, or (c) the entity’s internal control structure over financial reporting and/or safeguarding assets is suitably designed and implemented to achieve control objectives. B. Performance audits include economy and efficiency and program audits: 1. Economy and efficiency audits include determining whether (a) whether the agency is acquiring, protecting, and using its resources (such as personnel, property, and space) economically and efficiently,
