All of the following are differences between private sector auditing and governmental auditing except:
A) The public availability of audit reports.
B) Testing of compliance with laws and regulations.
C) Governmental audits require auditor knowledge of government accounting and auditing.
D) All of the above are differences between private sector auditing and governmental auditing.

Question

Quizplus · Accepted Answer

All of the options listed are differences between private sector auditing and governmental auditing. Private sector audits are done for private companies striving for profit, whereas governmental audits are done for government entities serving the public. Therefore, there are unique differences in the way each kind of auditing is carried out. The public availability of audit reports, testing compliance with laws and regulations, and auditor knowledge of government accounting and auditing are all distinct characteristics of a governmental audit.

All of the Following Are Differences Between Private Sector Auditing