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The Public Financial Sector

1. What is the purpose of an audit in the public sector?
2. Why is public financial management important?
3. Outline and discuss the six key principles around which we have developed the American tax system. Provide examples of each principle.
4. What is the difference between an audit and program evaluation in the public sector?

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The major purpose of an audit in the public sector is to assure that the financial statements and records of the organization are highly accurate and up to par, in order to ensure that these records accurately betray the financial situation surrounding a given governmental department or office etc. these audits also provide the citizens with a level of confidence that there is an accurate accounting of the utilization of the money that has been budgeted to a specific governmental department or office. Public financial management is very important, largely due to the fact that government agencies are responsible for utilizing the public's tax dollars in an efficient and effective manner, and any mismanagement of this ...