One of the key differences between a financial statement audit and a value for money (VFM)audit is ________.

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One of the key differences between a financial statement audit and a value for money (VFM) audit is that in most cases, VFM audits have mandates established through legislation or contracts, whereas financial statement audits do not necessarily have such mandates. Financial statement audits are primarily aimed at expressing an opinion on whether the financial statements present fairly, in all material respects, the financial position, and the results of operations and cash flows in accordance with generally accepted accounting principles. On the other hand, VFM audits are focused on assessing the economy, efficiency, and effectiveness of an organization's operations, programs, or activities. VFM audits are performed to ensure that public sector organizations are using resources in the most efficient and effective way possible to achieve their objectives, and the scope and objectives of such audits are set out in legislation or contracts.

One of the Key Differences Between a Financial Statement Audit