acc 410 ch 14 homework

AICPA had the responsibility responsibility to declare the auditing standards which must be followed by all CPA until 2002, but owing to accounting scandals involved created the Public company accounting over sight board (PCAOB).  The federal awards being flowed for deferent programs like education, health etc. were funded by federal government but ruled by states. As an auditor, one must design a strategy to test the compliance with the eligibility provisions like the financial statements the recipient can be trusted, are the entity is adhering to federal laws and regulations and whether the regulations, laws and provisions which apply to every federal award satisfactory.

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Performance audit commonly carried out by internal audit departments. Performance audit is necessary for an organization as it determines whether the entities operating economically and efficiently and provide desired results.
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