Definition of Performance audit:
In government, a performance audit is designed to examine the efficiency and effectiveness of a program, with the goal of implementing improvements. In Generally Accepted Government Auditing Standards (GAGAS), the term "program" can include government entities, activities, organizations, programs and functions. The goal is to provide objective data that may be used to reduce costs and make other improvements. The standards for the audits are laid out by the U.S. Government Accountability Office (GAO).
Performance appraisal of a firms internal controls, and the efficiency and effectiveness of its procedures and processes. It is not an evaluation of the firms financial performance. See also management audit.
A performance audit is an independent assessment of an entity's operations to determine if specific programs or functions are working as intended to achieve stated goals. Performance audits are typically associated with government agencies at all levels as most government bodies receive federal funding.
How to use Performance audit in a sentence?
- A performance audit refers to an independent assessment of an entity's operations, most often at all levels of the government.
- The goal is to evaluate the performance of stated programs to determine their effectiveness and make changes if needed.
- The scope of a performance audit varies, but usually includes an assessment of effectiveness, efficiency, and compliance to legal requirements.
- The standards for the audits are laid out by the U.S. Government Accountability Office.
Meaning of Performance audit & Performance audit Definition