Financial management audits include financial statement audits and any other audits relating to the FCC’s financial operations. The first type of audit provides reasonable assurance that the financial statement of an audited entity fairly presents the financial position, results of operation, and cash flows in conformity with generally accepted accounting principles. The second type determines whether:
financial information is presented in accordance with established or stated criteria,
the entity has adhered to specific financial compliance requirements, or
the entity’s internal control structure over financial reporting or safeguarding assets is suitably designed and implemented to achieve objectives.