Reference no: EM132780994

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.