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Extension Program
May 2020
Individual Assignment
8) Discuss the 3-Final
similarities and differences between financial statement audits, operational audits,
and compliance audits. Give an example of each type.
Answer: Financial statement audits, operational audits, and compliance audits are similar in that
To be submitted online on or before June
each type of audit involves accumulating and evaluating evidence about information to ascertain
and report on the degree of correspondence between the information and established criteria
and/or procedures, rules, or regulations. The differences between each type of audit are the
10, 2020
information being examined and the criteria used to evaluate the information.
Based on the above conditions, events & circumstances identify the appropriate auditor’s
responses, assuming that the auditor is accepting the engagement.