What is the difference between an operational audit and a statutory audit?
- A An operational audit assesses efficiency and effectiveness; a statutory audit expresses an opinion on the financial statements
- B They are the same
- C An operational audit is legally required
- D A statutory audit reviews processes only
Answer
An operational audit assesses efficiency and effectiveness; a statutory audit expresses an opinion on the financial statements
A compliance audit is a third type, checking adherence to laws, regulations and internal policies.
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