Respuesta :
Government and nonprofit audits differ significantly from business audits in that the former is more focused on ensuring that the auditee has complied with applicable requirements of laws and respective regulations.
A financial audit is an examination of a company's financial records. The purpose of an audit by independent professional auditors is to verify the veracity and conformity to applicable accounting principles of a company's financial statements.
As an independent assessment of how well public servants are meeting their duties in terms of diligence, efficiency, and effectiveness, performance audits are a vital aspect of the accountability process. A financial audit is conducted to ensure that financial statements are fair and accurate representations of a company's financial position in accordance with GAAP so that business owners can act with confidence.
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The right question is:
In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses?
