Audit comparison

AAA – L3 – Q73b – Public sector audit

Explain economy, efficiency, and effectiveness in performance auditing for CES.

Question

The Zamibia Audit Service is planning a performance audit of the Countrywide Emergency Service (CES). The Countrywide Emergency Service consists of ambulances and ambulance stations which are located in all regional districts. Last year, the CES purchased 200 extra new ambulances in addition to the current fleet.

Required:

(a) Compare and contrast a performance audit and an audit of financial statements.

(b) Explain the terms economy, efficiency and effectiveness with regards to performance auditing.

(c) For each of the terms economy, efficiency and effectiveness, suggest one audit objective in relation to the purchase of 200 new ambulances by the CES

Answer

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Tags: Audit comparison, CES, Financial statements audit, Performance audit, Public Sector, Zamibia
Level: Level 3

Topic: Public sector audit

AAA – L3 – Q52 – Internal audit and outsourcing

Compare and contrast assurance and consulting audit activities per IIA's internal auditing definition.

Question

The IIA’s definition of Internal Auditing states, among others that: “Internal Auditing is an independent, objective assurance and consulting activity….”

Required:

Compare and contrast an Assurance and a Consulting Audit activity.

Answer

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Tags: assurance activity, Audit comparison, consulting activity, IIA definition, Internal Audit
Level: Level 3

Topic: Internal Audit and Outsourcing

AAA – L3 – Q48 – Assurance services

Discuss the statement that assurance work offers audit firms less work, lower risk, and lower assurance compared to standard audits.

Question

The growth in assurance-type work provides a great money spinning opportunity for audit firms to provide a lower level of assurance, involving less work and reduced engagement risks, compared to the standard audit.

Required:

Discuss this statement.

Answer

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Tags: Assurance engagements, Assurance levels, Audit comparison, Fee income, Risk Assessment
Level: Level 3

Topic: Assurance Services

Tag (SQ): Audit comparison

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AAA – L3 – Q73b – Public sector audit

Explain economy, efficiency, and effectiveness in performance auditing for CES.

AAA – L3 – Q52 – Internal audit and outsourcing

Compare and contrast assurance and consulting audit activities per IIA's internal auditing definition.

AAA – L3 – Q48 – Assurance services

Discuss the statement that assurance work offers audit firms less work, lower risk, and lower assurance compared to standard audits.

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Tag (SQ): Audit comparison

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AAA – L3 – Q73b – Public sector audit

Explain economy, efficiency, and effectiveness in performance auditing for CES.

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AAA – L3 – Q52 – Internal audit and outsourcing

Compare and contrast assurance and consulting audit activities per IIA's internal auditing definition.

You're reporting an error for "AAA – L3 – Q52 – Internal audit and outsourcing"

AAA – L3 – Q48 – Assurance services

Discuss the statement that assurance work offers audit firms less work, lower risk, and lower assurance compared to standard audits.

You're reporting an error for "AAA – L3 – Q48 – Assurance services"

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