Directions Operational Audit Compliance Audit Financial Statement Audit Descript
ID: 2417551 • Letter: D
Question
Directions
Operational Audit
Compliance Audit
Financial Statement Audit
Description of Audit
This type of audit evaluates the efficiency and effectiveness of any part of a company’s operating procedures and methods.
Purpose of Audit
The primary purpose of an operational audit is to ensure that the company is meeting their organizational goals.
To determine if a company is following SOP’s determined by upper level management.
To ensure that a company’s financial statements are in accordance with set guidelines such as GAAP.
Recipient of Audit and Audit Report
The recipient of these types of audits are typically upper level management.
Stakeholders (Who benefits from the audit)
Example of Audit
An example is when an auditor reviews the timelieness of a cash deposit procedure to see if a company is depositing checks efficiently.
Fill in the blanks
Directions
Operational Audit
Compliance Audit
Financial Statement Audit
Description of Audit
This type of audit evaluates the efficiency and effectiveness of any part of a company’s operating procedures and methods.
Purpose of Audit
The primary purpose of an operational audit is to ensure that the company is meeting their organizational goals.
To determine if a company is following SOP’s determined by upper level management.
To ensure that a company’s financial statements are in accordance with set guidelines such as GAAP.
Recipient of Audit and Audit Report
The recipient of these types of audits are typically upper level management.
Stakeholders (Who benefits from the audit)
Example of Audit
An example is when an auditor reviews the timelieness of a cash deposit procedure to see if a company is depositing checks efficiently.
Explanation / Answer
Directions Operational Audit Compliance Audit Financial Statement Audit Description of Audit This type of audit evaluates the efficiency and effectiveness of any part of a company’s operating procedures and methods. A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. Purpose of Audit The primary purpose of an operational audit is to ensure that the company is meeting their organizational goals. To determine if a company is following SOP’s determined by upper level management. To ensure that a company’s financial statements are in accordance with set guidelines such as GAAP. Recipient of Audit and Audit Report The recipient of these types of audits are typically upper level management. The recipient of these types of audits are typically upper level management. The receipent of audits are all levels of staff including lower to upper management Stakeholders (Who benefits from the audit) Investors, Owners Owners, government Shareholders, investors etc.
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