What are the differences and similarities among audits of financial statements, compliance audits, and operational audits? Complete the table below to identify the differences and similarities among audits of financial statements, compliance audits, and operational audits. Review each list provided and select the best answers. (Abbreviations used.) (Click on the icon to view the list of purpose of the audits.) (Click on the icon to view the list of users of audit report.) (Click on the icon to view the list of the nature of the audits.) More Info Operational Audits Compliance Audits Audits of Financial Statement Purpose Users of audit report Nature of the audit a. Highly non-standardized b. Not standardized, but specific and usually objective C. Highly non-standard; often subjective d. Not standardized, but always subjective e. Highly standardized Nature Frequency of audits performed by PAS Frequency of audits performed by AG auditors Frequency of audits performed by CRA auditors Frequency of audits performed by internal auditors Print Done More Info - X More Info Purpose of the audit a. To determine whether the overall financial statements are presented in accordance with an acceptable financial reporting framework b. To determine whether the client is following specific procedures set by higher authority C. To record, classify, and summarize economic events in a logical manner for the purpose of providing financial information for decision making d. To prepare the tax return of the organization e. To evaluate whether operating procedures are efficient and effective f. To provide management consulting services to the executives of the organization Users of audit report a. Collection agent b. Accounting staff of the organization C. Purchasing agent d. Different groups for different purposesmany outside entities e. Authority setting down procedures, internal or external f. Management of the organization Print Print Done [ Print Print Done