According to Arens et al (1999), audit is the process by which a competent, independent person accumulates and evaluates evidence about quantifiable information related to a specific economic entity for the purpose of determining and reporting on the degree of correspondence between quantifiable information and established criteria.

1. Explain in detail FOUR (4) main objectives of auditing. (6 Marks)
2. Explain in detail the performance audit and generate a chart to show this relationship in the context of public sector accounting. (12 Marks)
3. Evaluate the role of an audit of the Federal Government in Malaysia in facilitating and assuring the level of public accountability and effective governance of public sector organization.

(7 Marks)