Financial Accountability System Resource Guide: Auditing
- Topics:
- Audits
- Tags:
- Audit,
- Auditing,
- Finance,
- Financial,
- Financial Accounting,
- Financial Audit,
- Performance Audit,
- Texas Education Agency
- Source:
- Texas Education Agency
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Overview: Two general types of audits may be conducted for governmental entities (including school districts): financial audits and performance audits. The primary differences between the two types are the objectives of the audit. Financial audits include financial statement audits and financial related audits. Financial audits are designed to provide reasonable assurance about whether the financial statements of the audited entity present fairly the: Financial position, Results of operations, Cash flows. Performance audits are objective and systematic examinations of evidence that provide an independent assessment of the performance of a government organization, program, activity or function. They provide information to improve the organization's public accountability and facilitate decision making that initiates corrective action. They also assess the performance of an entity, a program or an activity within that entity. To get the detail of all the auditing concepts, refer the article.
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Format: HTML | Date: Jan 2003 | Pages: 1
