What does a performance audit NOT typically evaluate?

A performance audit primarily focuses on evaluating the effectiveness, efficiency, and economy of program operations and outcomes. Thus, when considering what a performance audit does not typically evaluate, financial statement accuracy stands out. Financial audits are specifically designed to assess the accuracy and fairness of financial statements, ensuring they conform to generally accepted accounting principles (GAAP) or relevant accounting frameworks.

On the other hand, the other aspects such as efficiency of program outcomes, compliance with regulations, and effectiveness in meeting objectives are integral parts of a performance audit. These evaluations help in understanding how well a program is performing in relation to its goals, whether it is using its resources efficiently, and if it is adhering to applicable laws and regulations, thereby contributing to accountability in government operations.