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Performance audit refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources. [1]
The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: Independence; Due care
Government audit organizations generally utilize established standards to conduct performance audits. In the United States, audit organizations use either Generally Accepted Government Auditing Standards, known as the Yellow Book, or the Institute of Internal Auditors's International Professional Practices Framework, known as the Red Book.
[9] [10] [11] The GAO's auditors conduct not only financial audits, but also engage in a wide assortment of performance audits. Over the years, the GAO has been referred to as "The Congressional Watchdog" and "The Taxpayers' Best Friend" for its frequent audits and investigative reports that have uncovered waste and inefficiency in government.
QAA's purpose is 'to ensure that students and learners experience the highest possible quality of education.' Its strategy sets out the scope of its work in terms of four focus areas: Standards (QAA is custodian of various sector reference points); Assurance and enhancement; International; Leadership (QAA advises governments and has a high public profile on matters of quality).
Major failures by Minnesota’s Education Department allowed the rampant misuse of a federal program meant to feed children during the pandemic, according to a state audit report released Thursday.
In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes–Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public/private companies.
These audits are designed as an accountability mechanism and serve to ensure that public money is spent in an appropriate manner. Additionally, the auditor general undertakes performance audits, which are designed to determine program efficiency and effectiveness, of certain organizations, such as veteran's homes, prisons, and mental health ...