Unlike a traditional financial audit objective (Are the financial statements materially misstated), performance auditing can address a wide variety of objectives. Is this program working? Can it be improved? Where can we save money? How can we operate more efficiently and effectively? Are management’s assertions supported? And so forth. This session will explain what a performance audit is, describe the applicable standards, and provide examples that indicate the value of a performance audit. Performance audits can add value to any entity and practitioners can profit from adding these assurance services to their practices.
Learning Objectives
- Differences between financial and performance audits
- Performance audit standards
- Performance audits and direct engagements
- What a performance audit is
- Why performance audits are valuable
Major Topics
- Performance audit standards
- Performance audit types
- Performance audit objectives
