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Audits, CPA's, financial, compliance, operational, and fraud

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Help with the following accounting problem.

Explain what the following five words mean to you: non CPA audit, financial audit, compliance audit, operational audit, fraud audit

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Solution Summary

This solution explains non CPA audits, financial audits, compliance audits, operational audits, and fraud audits. The explanation is given in 422 words.

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Non CPA Audit: A Non CPA Audit is an audit that is conducted by an individual who is not a licensed accountant. These audits are normally cheaper for a company than a CPA audit. However, the problem is that a Non CPA Auditor can only prepare simple financial statements, which may be necessary for tax returns. They cannot prepare full financial documents.

I have provided the following "informative" information should you need it about Non CPA Audits: "if you want to have your financial statements audited or reviewed, you must have a CPA perform that work. Obviously, those services cost more than a compiled financial statement. Your circumstances may dictate a need for ...

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