Sign In
Not register? Register Now!
Essay Available:
You are here: HomeCourseworkManagement
Pages:
1 page/≈275 words
Sources:
2 Sources
Level:
APA
Subject:
Management
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 5.62
Topic:

Difference Between A Formal Compliance Audit U6Q3 Public Policy (Coursework Sample)

Instructions:

coursework paper: U6Q3 Public Policy

source..
Content:

U6Q3 Public Policy
Student’s Name
Institutional Affiliations U6Q3 Public Policy
Difference between a formal compliance audit and a performance audit
The audit is the scrutinization of financial reports such as income statement, cash flow statement, and balance sheet, a statement of changes in equity, and other notes that compose of essential accounting policies and evaluative account of a company or of an organization (Mohseni, 2014). Auditing is very important for every organization, and its main purpose is to form a judgment on whether the data described in the financial report is wholly captured, and reflects the current financial situation of an organization. Having considered the importance of auditing, there are different types of auditing, a formal compliance audit and a performance audit (Bleibtreu, 2017).
A compliance audit is a traditional configuration of the auditing process. In Compliance audit, the auditor attempts to figure out the extent of a given firm has handled its fiscal management ventures in assent to the credited standards and laws (Bleibtreu, 2017). In this auditing method, an auditor pays a visit to faraway parts of the organization every year carrying out analysis and entries of financial ledgers and journals. After the exercise, the auditors carry out analysis of the organization entries for accuracy and if no mistakes are found, the auditor goes ahead and certifies the entries (Mohseni, 2014).
However, performance audit, on the other hand, evaluates the productivity and success of the entries besides analyzing concurrence with the accepted standard, law and regulations (Mohseni, 2014). Efficiency audit does a comparison between organization’s undertaking and its objective assigned. The extended range of audit is to examine the potency of an organization to attain its objectives which are not rendered in a formal compliance audit. A good example of this audit is US government income levy system. In this income tax system, tax collecting bureaus scrutinize whether the collection of taxes is done in an appropriate manner apart from just tax collection. A good example for performance audit is when the auditor examines the efficacy of purchasing raw materials from any given supplier through worthwhile methods and when the...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Coursework About Ethical Leadership In An Organisation
    Description: Ethics is the act of knowing and doing the right thing. Ethical leadership classically entails employees’ marshaling to build an effective relationship founded on trust and respect. ...
    6 pages/≈1650 words| 5 Sources | APA | Management | Coursework |
  • Empathy And Leadership: Correlation Between Empathy And New Contexts
    Description: In a Rapidly Changing Workplace, One Surprising Skill Helps You Stay Adaptable. Based on the content presented in the article, what does it mean to be empathetic as a leader?...
    1 page/≈275 words| 1 Source | APA | Management | Coursework |
  • Employee Morale And Job Satisfaction At General Motors Company
    Description: Organizations strive to give their employees the best compensation in the market. Compensation comes in both monetary and non-monetary form...
    5 pages/≈1375 words| 5 Sources | APA | Management | Coursework |
Need a Custom Essay Written?
First time 15% Discount!