What are the three elements of an operational audit?
Understand the Problem
The question is asking for the three fundamental components or elements that constitute an operational audit, which is a type of internal evaluation focused on operational efficiency and effectiveness.
Answer
Economy, efficiency, effectiveness.
The three elements of an operational audit are economy, efficiency, and effectiveness of an organization's activities.
Answer for screen readers
The three elements of an operational audit are economy, efficiency, and effectiveness of an organization's activities.
More Information
Operational audits focus on evaluating how well an organization is managing its resources and achieving its objectives efficiently and effectively.
Tips
A common mistake is confusing these elements with types of audits like compliance, which focus on different aspects.
Sources
- Ch.1 audit textbook questions (docx) - CliffsNotes - cliffsnotes.com
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