1.62 Identification of Audits and Auditors. Audits may be characterized as () financial statement audits, (b) compliance audits, (c) economy and efficiency audits, and (d) program results audits. The work can be done by independent (external) auditors, internal auditors, or governmental auditor (including IRS auditors and federal bank examinen). Following is a list of the purposes or products of various audit engagements: Type of Audit Type of Auditor 1 Analyze proprietary schools' spending to train students for low-demand Occupations 2. Determine whether an advertising agency's financial statements are fairly presented in conformity with GAAP. 3. Study the effectiveness of the Department of Defense's expendable launch vehicle program 4. Compare costs of municipal garbage pickup services to comparable services subcontracted to a private business 5 Investigate financing terms of tax thaltet partnership Study private aircrat manufacturer's testpilot performance in reporting on the results of test Hights 7. Conduct periodic examinations by the US Comptrol of Currency of a national bank for solvency 8. Evaluate the promptress of materials inspection manufacturers receiving department 9. Report on the need for the states to consider reporting requirements You chemicalute data 10. Render a public report on the assumptions and completion of o revenue Forecast by sports stadium/recetrack complex Required: For each of the engagements listed, indicate (1) the type of audit (financial statement compliance economy and efficiency, or program results and a the type of auditors you would expect to be involved LO 1-3 163 Financial Assertions and Audit Objectives. You are engaged to examine the financial statements of Spillese Company for the year ended December 31. Assume that on November 1. Spillane borrowed 5300.000 from Second National Bank te finance plant expansion. The lone term note agreement provided for the annual payment of principal and interest over tv The ting at a pledred security for the loan Due to the cexpected difficulties in acquiring the building site the plant expansion did not beinan titt Tooth borowed fund management decided to invest in mod