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Which difference between financial and performance audits

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Reference no: EM132716623

Problem 1: Which of the following is NOT a key difference between financial and performance audits?

Option 1: Financial statement audits focus on the entity as a whole whereas performance audits generally focus on a specific program or activity.

Option 2: Financial statement audits generally are conducted annually whereas performance audits generally are conducted irregularly.

Option 3: Financial statement audits are conducted using very well defined standards whereas performance audits are conducted without reference to any standards.

Option 4: Specialists in accounting generally conduct financial statement audits whereas performance audits may require more program-specific knowledge and fewer accounting skills.

Reference no: EM132716623

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