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Which of the following is NOT a key difference between financial and performance audits? Financial statement audits focus on the entity as a whole whereas

Which of the following is NOT a key difference between financial and performance audits?

Financial statement audits focus on the entity as a whole whereas performance audits generally focus on a specific program or activity.

Financial statement audits generally are conducted annually whereas performance audits generally are conducted irregularly.

Financial statement audits are conducted using very well defined standards whereas performance audits are conducted without reference to any standards.

Specialists in accounting generally conduct financial statement audits whereas performance audits may require more program-specific knowledge and fewer accounting skills.

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