LO 2-1, 2-2\ 2-24 Audits can be categorized into five types: (1) financial statement audits, (2) audits\ of internal control, (3) compliance audits, (4) operational audits, and (5) fraud\ audits.\ Required:\ For each of the following descriptions, indicate which type of audit (financial\ statement audit, audit of internal control, compliance audit, operational audit, or\ fraud audit) best characterizes the nature of the audit being conducted. Also\ indicate which type of auditor (external auditor, internal auditor, government\ auditor, or fraud auditor) is likely to perform the audit engagement. If more than\ one type of auditor might perform the audit engagement, include every\ appropriate type of auditor in your answer.\ a. Evaluate the policies and procedures of the Food and Drug\ Administration in terms of bringing new drugs to market.\ b. Determine the fair presentation of Ajax Chemical's balance sheet,\ income statement, and statement of cash flows.

Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) fraud audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or fraud audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government auditor, or fraud auditor) is likely to perform the audit engagement. If more than one type of auditor might perform the audit engagement, include every appropriate type of auditor in your answer. a. Evaluate the policies and procedures of the Food and Drug Administration in terms of bringing new drugs to market. b. Determine the fair presentation of Ajax Chemical's balance sheet, income statement, and statement of cash flows. Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) fraud audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or fraud audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government auditor, or fraud auditor) is likely to perform the audit engagement. If more than one type of auditor might perform the audit engagement, include every appropriate type of auditor in your answer. a. Evaluate the policies and procedures of the Food and Drug Administration in terms of bringing new drugs to market. b. Determine the fair presentation of Ajax Chemical's balance sheet, income statement, and statement of cash flows