"Performance audit" means an objective and systematic examination of evidence in order to provide an independent assessment of the performance and management of a program against objective criteria. Performance audits provide information to improve program operations and facilitate decision-making by parties with responsibility to oversee or initiate corrective action, and improve public accountability. Performance audits include management audits, which are also called economy and efficiency audits, and program audits. A program audit addresses the effectiveness of a program and typically measures the extent to which a program is achieving its goals and objectives. An economy and efficiency audit concerns whether an agency is acquiring, protecting, and using its resources in the most productive manner to achieve program objectives. Program audits and economy and efficiency audits may include an assessment of: (1) the extent to which legislative, regulatory, or organizational goals and objectives are being achieved; (2) the relative ability of alternative approaches to yield better program performance or eliminate factors that inhibit program effectiveness; (3) the relative cost and benefits or cost effectiveness of program performance; (4) whether a program produced intended results or produced effects that were not intended by the program's objectives; (5) the extent to which programs duplicate, overlap, or conflict with other related programs; (6) whether the audited entity is following sound procurement practices; (7) the validity and reliability of performance measures concerning program effectiveness and results or economy and efficiency; and (8) the reliability, validity, or relevance of financial information related to the performance of a program. Performance audits may also encompass objectives related to internal control and compliance with legal or other requirements. Performance audits are to be performed in accordance with generally accepted government auditing standards (GAGAS) current at the time the audit is commenced. organizational goals and objectives are being achieved; yield better program performance or eliminate factors that inhibit program effectiveness; effectiveness of program performance; produced effects that were not intended by the program's objectives; or conflict with other related programs; procurement practices; measures concerning program effectiveness and results or economy and efficiency; and financial information related to the performance of a program.
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