What are the key differences between performance and financial audits?
An example of an AI chatbot conversation about the differences between performance and financial audits.
What are the key differences between performance and financial audits?
Performance audits focus on efficiency and effectiveness of operations, while financial audits assess the accuracy of financial statements.
Can you give me examples of what each type of audit looks at?
Sure! A performance audit might evaluate how well a program meets its goals, while a financial audit checks if the financial records are correct.
Which type of audit is more important for a non-profit organization?
Both are important, but financial audits are crucial for transparency and accountability to donors, while performance audits help improve program effectiveness.
How often should these audits be conducted?
Financial audits are typically done annually, while performance audits can vary based on the organization's needs and goals.
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