Difference Between A Formal Compliance Audit U6Q3 Public Policy (Coursework Sample)
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U6Q3 Public Policy
Institutional AffiliationsU6Q3 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, 2
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