The Sample - What Is the Purpose of a Performance Audit?

In this episode of THE SAMPLE, Leita Hart-Fanta, CPA answers the question, "What Is the Purpose of a Performance Audit?" and discusses the three questions you can ask about a program in general.
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Welcome to The Sample, a quick discussion of auditing concepts and terms that will help you do your work. Conducting an audit in accordance with auditing standards is no small feat and I want to support you. We'll be referring to the GAO (https://www.gao.gov), IIA (https://na.theiia.org/Pages/IIAHome.aspx) and AICPA (https://www.aicpa.org) literature to bolster our conversations. Let's get started.

In this episode, we answer the question, "What is the purpose of a performance audit?" In government, we can ask three questions about a program in general. Auditors can ask just about any question they want as long as they have some criteria to back it up, but I'll tell you about that in a minute. One question is, "Did the program even work?" Another is, "Are we in compliance with laws, regulations, contracts, grant agreements?" And, "Are the financials accurate?"

Now the single audit, if you're familiar with that, generally only deals with these two pieces down here. It has a compliance piece and a financial statement piece. We don't really get to this question. That's the role of a performance audit - to ask, "Is this even working?"

Read the rest at: https://yellowbook-cpe.com/what-is-th...
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