Get Performance Audit In The Public Sector

Field Work Standards for Performance Audits— Reasonable Assurance, Significance, Audit Risk, and Planning, This section documents the auditing standards for performance audits related to planning the audit; supervising staff; obtaining sufficient, appropriate evidence; and preparing audit documentation.

The concepts of economy, efficiency and effectiveness, commonly referred to as the three E's, form the basis of any performance audit.

Standards of Field Work The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.

Example: In a performance audit assessing an agency's acquisition practices, auditors may examine whether the agency's decisions regarding purchasing, leasing, or reimbursing employees for the costs of acquiring various supplies or equipment achieved the lowest cost while meeting applicable requirements.

The Global Internal Audit standards are organized into five domains including Purpose of Internal Auditing; Ethics and Professionalism; Governing the Internal Audit Function; Managing the Internal Audit Function; and Performing Internal Audit Services.

Public-sector auditing helps to create suitable conditions and reinforce the expectation that public-sector entities and public servants will perform their functions effectively, efficiently, ethically and in ance with the applicable laws and regulations.

Field Work Standards for Performance Audits— Reasonable Assurance, Significance, Audit Risk, and Planning, This section documents the auditing standards for performance audits related to planning the audit; supervising staff; obtaining sufficient, appropriate evidence; and preparing audit documentation.

What is an audit finding? Condition: What is the problem/issue? What is happening? Cause: Why did the condition happen? Criteria: How do we, as auditors, know this is a problem? What should be? Effect: Why does this condition matter? What is the impact? Recommendation: How do we solve the condition?