What comments, views or opinion on this quote do you have? Please raise thoughtful questions, analyze relevant issues, build on ideas, synthesize across readings and discussions, and appropriately challenging assumptions and perspectives.

Auditing Standards

Why do we need auditing standards?: "Audit standards are guidelines for auditors to follow with the purpose to hold those who administer resources accountable for their management. In government auditing, the "Yellow Book" is the guidance auditors use to determine transparency and accountability of government resources, in terms of financial compliance, economy and efficiency and program results. In the area of financial compliance, auditors evaluate if policies and procedures were used to comply with applicable rules or regulations. As far as economy and efficiency, auditors determine if the resources were used to its maximum capacity to achieve maximum results. And for program results, the outcome of the program is analyzed to determine if the program is achieving its purpose at its determined benefit."