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Understanding audit objectives in public entities/government

Why should persons interested in public administration and persons interested in working as accountants for governmental units have an understanding of audit objectives and standards?

Note: Please cite the sources

Solution Preview

Individuals who are interested in working in either governmental units or publicly funded organizations including not for profit entities would be wise to have an understanding of audit objectives as well as the procedures involved in reporting for several reasons.

Most entities which receive public money are bound to provide a budget for the expected use of the funds following by a report showing the actual use of funds compared to the budget presented. An audit of the final report is usually required for compliance.

Certain private foundation funds ...

Solution Summary

The solution first explains in general why audits and auditable records are vital to funded organization, and secondly provides a list of five specific reasons why accountants working in public administration or funded entities should have a good understanding of audit objectives and standards. There are five links to very good sources for further explanations.

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