Value Chain
Question 1 a)
Financial report audit is to provide a reasonable assurance in dependence on a framework of financial reporting, and it is also to check out if the financial report is prepared or not in all important aspects (Robyn M., 2011, pp. 6-7).
Environmental audit refers to the kind of an important tool that manages or measures the environmental regulations according to make a review of facilities and current operations, internal policies and practices, records, waste-handling procedures and some other relative issues (Augenstein, 1994).
Efficiency, in another word, refers to the application of minimization of input to reach the goal of maximization of output, so it is the relationship between input and output (Robyn M., 2011, pp. 9). Peter Hamburger has claimed that efficiency audit is supposed to be the driver to strength the accountability and responsiveness of public sector agencies to their political masters and clients (Hamburger, n.d.).
The main differences between these three audits are the objectives. The objective of financial report audits is reliable for improving the responsibility and credibility of information in a financial report (Robyn M., 2011, pp. 7), so it is facing to all sectors, no matter internal or external. Since an environmental audit is an assessment of the nature and risk of damage to the environment according to the industrial activities, so it must provide specific suggestion to improve the nature (EPA, 2012), rather efficiency audit concentrate on the increase in the efficiency in a certain time.
b)
Type assurance engagement
of
Objective
Evidence-gathering procedures
The report
assurance
Reasonable assurance engagement
Reasonable assurance engagement is for collecting adequate evidence to generate a positive expression of an opinion in related to the truth and fairness of the information those are assured. (Robyn M., 2011, pp. 11)
1)
Get to know and have an understanding on the
Financial report audit is to provide a reasonable assurance in dependence on a framework of financial reporting, and it is also to check out if the financial report is prepared or not in all important aspects (Robyn M., 2011, pp. 6-7).
Environmental audit refers to the kind of an important tool that manages or measures the environmental regulations according to make a review of facilities and current operations, internal policies and practices, records, waste-handling procedures and some other relative issues (Augenstein, 1994).
Efficiency, in another word, refers to the application of minimization of input to reach the goal of maximization of output, so it is the relationship between input and output (Robyn M., 2011, pp. 9). Peter Hamburger has claimed that efficiency audit is supposed to be the driver to strength the accountability and responsiveness of public sector agencies to their political masters and clients (Hamburger, n.d.).
The main differences between these three audits are the objectives. The objective of financial report audits is reliable for improving the responsibility and credibility of information in a financial report (Robyn M., 2011, pp. 7), so it is facing to all sectors, no matter internal or external. Since an environmental audit is an assessment of the nature and risk of damage to the environment according to the industrial activities, so it must provide specific suggestion to improve the nature (EPA, 2012), rather efficiency audit concentrate on the increase in the efficiency in a certain time.
b)
Type assurance engagement
of
Objective
Evidence-gathering procedures
The report
assurance
Reasonable assurance engagement
Reasonable assurance engagement is for collecting adequate evidence to generate a positive expression of an opinion in related to the truth and fairness of the information those are assured. (Robyn M., 2011, pp. 11)
1)
Get to know and have an understanding on the