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An IT audit is different from a financial statement audit.While a financial audit's purpose is to evaluate whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity to standard accounting practices, the purposes of an IT audit is to evaluate the system's internal control design and effectiveness.
The United States Government Accountability Office (GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. [2] It is the supreme audit institution of the federal government of the United States.
INTOSAI - International Organization of Supreme Audit Institutions has published [1] the following definition of Performance Audit: Performance auditing is an independent examination of the efficiency and effectiveness of government undertakings, programs or organizations, with due regard to economy, and the aim of leading to improvements.
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...
An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations.
As of May 19, 2021, the DoD was the only government agency to have failed every audit since all government agencies were required to pass such audits by the Chief Financial Officers Act of 1990. [1] [2] Two examples of major GAO investigations in the 2000s were the audits of Operation Iraqi Freedom and Defense Department airline reimbursements.