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The Sample - What Is a Performance Aspect?
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In this episode of THE SAMPLE, Leita Hart-Fanta, CPA answers the question "What is a performance aspect?" and goes over vague words to avoid in your audit reports.
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In this episode, we answer the question, "What is a performance aspect?" It's kind of a funny word, isn't it? But you see them in audit objectives all the time, economical, effective, efficient, but I put them in a graveyard for a reason because they could kill you on an audit. They're too vague, which means that you could have problems concluding around them. Where does this word even come from? Well, it comes from The Yellow Book. This is a quote out of The Yellow Book, Chapter Eight, the performance audit chapter, and it talks about what an objective has in it.
An objective has a subject matter and a performance aspect, maybe. An objective can be thought of as a question about the program based on evidence obtained and assessed against criteria. So, notice these two things: Performance aspect is not the same thing as a criteria. The criteria is a law, regulation, contract, grant, agreement - something solid from an authoritative body or document that both you and the client agree is authoritative. Getting the client to agree that what they're doing is not economical or effective or efficient is going to be a lot harder than saying they don't comply with the law or meet a certain standard. Let me tell you a story about that.
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In this episode, we answer the question, "What is a performance aspect?" It's kind of a funny word, isn't it? But you see them in audit objectives all the time, economical, effective, efficient, but I put them in a graveyard for a reason because they could kill you on an audit. They're too vague, which means that you could have problems concluding around them. Where does this word even come from? Well, it comes from The Yellow Book. This is a quote out of The Yellow Book, Chapter Eight, the performance audit chapter, and it talks about what an objective has in it.
An objective has a subject matter and a performance aspect, maybe. An objective can be thought of as a question about the program based on evidence obtained and assessed against criteria. So, notice these two things: Performance aspect is not the same thing as a criteria. The criteria is a law, regulation, contract, grant, agreement - something solid from an authoritative body or document that both you and the client agree is authoritative. Getting the client to agree that what they're doing is not economical or effective or efficient is going to be a lot harder than saying they don't comply with the law or meet a certain standard. Let me tell you a story about that.
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How to Stay up to Date:
For More Info:
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