To examine and adjust, as an account or accounts; as, to audit the accounts of a treasure, or of parties who have a suit depending in court.
To settle or adjust an account.
The examination of documents, records, reports, systems of internal control, accounting and financial procedures, and other evidence for one or more of the following purposes: a. To ascertain whether the statements prepared from the accounts present fairly the financial position and the results of financial operations of the constituent funds and account groups of the governmental unit in accordance with generally accepted accounting principles and on a basis consistent with that of the preceding year. b. To determine the compliance with applicable laws and regulations of a governmental unit's financial transactions. c. To review the efficiency and economy with which operations were carried out. d. To review effectiveness in achieving program results.
An examination of accounts and records of a corporation to verify their accuracy.
(verb and noun) an inspection (or check for accuracy) and an evaluation of financial records by a second set of accountants (called auditors).
Systematic review of the procedures used for diagnosis, care, and treatment, examining how associated resources are used and investigating the effect care has on the outcome and quality of life for the service user.
An audit is the procedure whereby the physical presence of all objects in the museum is compared with the documented presence of those objects in the museum records to enable a museum to be accountable for every object, at any point in time.
To examine and review a situation, condition, or practice, and conclude with a detailed report on the findings.
Periodic investigation of financial statements and their relationships to planned or permitted expenditures.
An official examination of accounts by a qualified accountant external to the company.
is the inspection of the accounting records and procedures of a business, government unit, or other reporting entity by a trained accountant for the purpose of forming an opinion on the truth and fairness of the financial statements. It could be conducted by a member of the organization (internal audit) or by an outsider (independent audit). An independent audit determines the truth and fairness of the financial statements. A tax audit determines whether the appropriate tax was paid. An internal audit generally determines whether the company's procedures are followed and whether embezzlement or other illegal activity occurred.
The checking and certifying, as correct, of financial accounts.
An external examination of processes, documentation and records involved in the delivery of a single product or service or in the activities of a specific functional centre. There are four types of audit relevant to AusIndustry: performance audits conducted by the ANAO; performance audits conducted by Quality Management; internal audits conducted by KPMG in its capacity as the Department's internal auditor; and financial audits conducted by KPMG
Some policies (such as workers compensation) are written subject to an audit. Since workers compensation premium is based on the insured's payroll, the insurer is entitled to audit the insured's records at the end of the policy to verify that it has collected an adequate premium for the amount of payroll to which it was exposed.
If you "audit" a course it means you register for the class just to listen and learn. You will receive no credit, no grade, no homework, and no examinations. GCC charges a higher tuition for auditing a class.
Periodic, formalized and systematic evaluation of the environmental management system and environmental p rotection measures within an enterprise as to whether these are in conformance wit h the specified requirements, i.e., whether the system is fully operational and the environmental policy promotes the objectives and programmes of that enterprise.
Official inspection of business accounts conducted by an independent qualified accountant.
The independent verification of a company's accounts by external accounts.... more on: Audit
An assessment using measuring procedures to find out how a product or service is performing.
An examination of an agencyâ€(tm)s accounting documents by an outside expert. Upon review, the expert prepares an opinion as to consistency and conformity with Generally Accepted Accounting Principals (GAAP). Audits are generally conducted after the end of the fiscal year. Some grant programs require an audit of grant funds at the end of the project or funding cycle. In multi-funded NPOs it is not unusual to have “fiscal years†ending at several dates in a calendar year because of contracts. Normally the “fiscal year†is stated in the incorporating papers and/or bylaws.
A review of the accomplishments of a grant-funded program by the staff of the funding agency. A program audit may be mandatory or random. Also known as monitoring or program evaluation and assessment.
A systematic and independent examination of a company's financial performance, accounting record and other evidence relating to the business to ascertain that the disclosures in the reports are fairly stated and in accordance to generally accepted accounting principles. It is the expression of an impartial expert opinion with regards to the reliability of the financial accounts.
a formal review of an initial premium computation.
An assessment and evaluation of written or computer-based records for a selected activity, it may be used to assess the quality of service offered to patients.
The independent review and examination of a system's records and activities to test for adequacy of the system's controls, to ensure compliance with established policy and operational procedures, or to recommend any needed changes in controls, policy, or procedures.
the independent examination, and expression of an opinion, on the accounting statements of a company.
A verification and opinion of an organization's financial statements as provided by an unbiased professional, such as an accountant. The auditor's report normally indicates if the organization's records conform to accepted practices.
A control function, which is primarily concerned with verifying the legality and regularity of the implementation of resources in a programme. Audit has traditionally covered areas such as the verification of financial records (financial audit). See also performance audit, evaluation.
A formal examination and subsequent financial report and management letter of the grantee's account books or financial situation performed by a Certified Public Accountant or auditing firm. (Also see Federal Compliance Audit.)
The inspection and examination of a process or quality system to ensure compliance to requirements. An audit can apply to an entire organization or may be specific to a function, process or production step.
An independent examination and verification of the quality of an evaluation plan, the adequacy of its implementation, the accuracy of results, and the validity of conclusions.
A thorough formal examination of the labour practices of a particular workplace or company, based on corroborated evidence. The essence of an audit is the examination of evidence and the cross-checking of the evidence to establish its truth. This in turn implies the observance of established rules and procedures concerning the gathering and evaluation of the various kinds of evidence. [ section 4
is the examination and verification of financial books, records and internal controls. An audit may be performed by an independent CPA firm or internally by a department or personnel of the business entity.
The process of examining and evaluating a company's records and procedures to ensure that accounting records and financial statements are accurate and reliable, the company maintains quality assurance, and operational procedures and policies are effective and legally compliant.
A physical examination of the records and source documents supporting the licensee's quarterly tax reports.
An examination of the financial records and books of a person or business. The audit may be performed at the request of the person or business or may be done by a government entity, such as the Internal Revenue Service.
an investigation of records relating to real estate and other financial matters.An audit is meant to find inaccuracies, detect fraud, and find any irregularities.
The examination of documents or records to determine the propriety, legality and accuracy of transactions recorded, or to be recorded, in accounts.
Examination of a court's records or accounts by the Office of the State Auditor OR the Trial Court Internal Auditors. The audit period stated refers to the time period after the clearance of the audit. An audit is considered "cleared" when questions raised by the audit have been reviewed and resolved.
Verification of financial records and accounting procedures generally conducted by a CPA or accounting firm or if you're really unlucky, the IRS.
Scrutiny of records. The term may be either used as a noun or a verb. It may apply to records of continuing work (usually cost and performance reports), or to company records and to completed work (often accounting records). Distinctly different perspectives and capabilities apply to either application.
The independent examination of records and activities to ensure compliance with established controls, policy, and operational procedures, and to recommend any indicated changes in controls, policy, or procedures.
An activity to determine through investigation the adequacy of, and adherence to, established procedures, instructions, specifications, codes, and standards or other applicable contractual and licensing requirements, and the effectiveness of implementation.
The procedure of examining and verification of income tax returns and other transactions, by the IRS, usually resulting in tax consequences.
The process whereby the IRS examines the books and records of an organization, and witnesses, in search of compliance with the internal revenue laws. All nonprofit organizations must hire an independent auditor to compile an annual audit. See Nonprofit Status.
An examination of records and activities to ensure compliance with established security controls, policies, and procedures.
investigations that compare what was done or is being done with the actions prescribed by "established" standards or objectives.
an examination or review that assesses and reports on the extent to which a condition, process or performance conforms to predetermined standards or criteria.
A verification of attendance figures submitted by show organizer. Can be done internally, but more likely to be conducted by an independent firm.
A procedure used to validate that controls are in place and adequate for their purposes. Includes recording and analyzing activities to detect intrusions or abuses into an information system. Inadequacies found by an audit are reported to appropriate management personnel.
An official examination and verification of financial accounts and records; also, the final report or statement on the results of this examination.
An examination and verification of anything from quantity, availability, or pricing
A systematic collection of the sufficient, competent evidential matter needed to attest to the fairness of management's assertions in the financial statements or to evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtains this evidential matter through inspection, observation, inquiries, and confirmations with third parties. Refer to COMPLIANCE AUDIT, CORRECTIVE ACTION PLAN, FINANCIAL AUDIT, PERFORMANCE AUDIT, AND SINGLE AUDIT.
A regular examination and verification of a specific activity.
An examination by the IRS of a taxpayer's return or of other tax-related transactions. An IRS audit may be done at an IRS office, in the field (on the business premises of the taxpayer), or in the office of the practitioner representing the taxpayer.
Examination of existing systems and implementations
A retrospective review of the provider's services and charges to see that all billed services were actually provided, that the charges for these services were accurate and that the fees were reasonable. Typically performed on large hospital claims.
An examination of the financial or administrative records of an organization or governmental entity to ensure that they are complete and accurate.
Systematic examination against defined criteria to determine whether activities have been carried out in line with planned arrangements, whether the arrangements have been implemented effectively, and whether these arrangements are suitable to achieve stated aims and objectives.
To examine or verify accounts or records.
When the IRS examines and verifies your return or any other transaction with tax consequences.
An examination of records of real estate transactions to verify accuracy and adequacy.
The process of determining whether a lab (the auditee) is conforming to specific criteria. Typically results in an audit report (filed by the auditor) and an action plan to correct any non-conformances.
An accountant's examination of a company's financial records to determine if it used proper procedures to prepare its financial reports.
The process of reviewing the library's strengths and weaknesses (internally), and opportunities and threats (externally) to shed light on the agency's performance.
The highest level of review of an association's financial books and records. An audit generally involves a complete reconciliation of all vouchers, charges, and expenditures. An annual audit is normally required by the association’s declaration. Back to Ballot A piece of paper on which an association member registers his or her vote on a decision voted upon by the association at a called meeting.
Audit means a systematic, independent and documented process for obtaining evidence to determine whether the activities and related outcomes of a training organisation comply with the AQTF Standards for Registered Training Organisations. From AQTF Standards for RTOs
Independent survey and examination of a system, its security measures and compliance with an adopted Certification Policy, Certification Practice Statement and established procedures based upon them. Auditors may suggest improvements in the above mentioned documents.
A systematic examination of resource utilization concluding in a written report. It is a test of management’s internal accounting controls.
The process of independently verifying the accuracy of financial statements. Our external audits are performed by Deloitte & Touche. Basis Point One-hundredth of a percentage point. The difference between 5.25 per cent and 5.50 per cent is 25 basis points.
An examination to verify the accuracy of accounting and financial records.
The independent auditor's report which expresses an independent and expert opinion on the fairness of financial statements. The auditors undertake to gather evidence and provide the highest level of assurance that the financial statements follow generally accepted accounting principles, by obtaining an understanding of the company's internal control, inspecting documents, observing assets, making inquiries within and outside the company, and by performing other auditing procedures to gather evidence necessary to issue an audited report.
1) An examination of evidential matters to determine the reliability of a record or assertion. 2) In connection with financial statements a review of the accounting records and other supporting evidence of an individual or an organization to assess the reasonableness of the statements as presented (not a guarantee of accuracy).
an inspection of the accounting procedures and records by a trained accountant. It is the systematic examination of financial books and records involving analyses, tests, and confirmations to determine their accuracy, completeness, and compliance with established standards.
An independent examination of the accounting records and other evidence relating to a business, to support the expression of an impartial expert opinion about the reliability of the financial statements.
An internal evaluation of development procedures as practiced by a not-for-profit institution or agency; normally conducted by professional fundraising consultants.
Checking mechanisms to verify the veracity of results.
Verification of the legality and regularity of the application of resources. Auditing makes a judgement in terms of general criteria and standards, known and clarified beforehand. For example, in the case of assistance to a SME, an audit will check whether eligibility criteria have been met and whether the beneficiary firms have complied with the rules governing the use of assistance. The main purpose of an audit is to ensure compliance. The idea is to obtain a dissuasive effect. With time, the terms "control" and "audit" have been extended to encompass more activities. For example, certain audits or controls check whether the outputs have been produced with an adequate degree of efficiency and quality and whether they offer value for money. Others assess whether the results and performance are similar to other comparable interventions. In the latter case, there can be a closer similarity between this variant of auditing and evaluation. Related Terms: Control BACK
An audit is the official inspection of a company's accounts by a qualified accountant as required by Companies House each year to ensure that the company balance sheet reflects the true state of its affairs.
The process completed by an auditor that results in an issued opinion on whether year-end financial statements reflect the actual financial activity and condition of the organization for the time period in question.
Required by law for every company whether listed on the JSE or not. It is the outside accountant's examination of the corporate records and his subsequent report as to whether it has complied with all the provisions of the Companies Act and the Income Tax Act and any other relevant legislation. Sometimes, where the directors and the auditors disagree, the auditors may issue a 'qualified' audit report which is a warning to shareholders.
a limited examination of the Accounts together with the underlying records from which they have been prepared. Auditors do not check every figure and document, but they try to assess whether the Accounts have any material misstatements, and give an opinion whether the Accounts show a true and fair view.
Conducted by an authorized person for the purpose of providing an independent assessment of software products and processes to assess compliance with requirements.
A systematic monitoring of screening and treatment procedures.
This is the evaluation of clinical performance against standards or through comparing the same services in different settings, with the aim of improving health service delivery.
Verification of the legality and regularity of the implementation of resources, carried out by independent auditors. An audit determines whether, and to what extent, the activities and organisational procedures conform to norms and criteria set out in advance. An audit helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and government processes. In an internal audit the auditors report to the organisation being audited, while in an external audit the auditors report to either those who own the organisation (for example the board) or fund it.
An examination of data or materials with the intent to verify the accuracy of reports or statements or to obtain complete information necessary to form an opinion as in an appraisal.
A systematic, independent and documented process for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled. (Ref. ISO 19011:2002)
A survey of the insured's payroll records to determine the premium that should be paid for the coverage furnished. Used in Workers Compensation and General Liability policies. business insurance A policy that provides coverage to a business. It is often purchased to indemnify a business for the loss of services if a key employee (such as a partner) becomes disabled.
An examination of the insured's books to determine actual exposure values to determine final premium. Used most often for workers compensation, product liability, manufacturers and contractors liability, etc. Figures subject to audit are usually payroll, sales, values, owned autos, or units handled or sold.
A systematic documented verification process of objectively obtaining and evaluating evidence to determine whether specified activities (environment, safety, quality), events, conditions, management system or information about these matters, confirm with audit criteria and communicating the results of this process to the clients.
The official examination of a registrant's records to determine if the correct fees were paid.
The examination of some or all of the following items: documents, records, reports, systems of internal control, accounting procedures, and other evidence, for one or more of the following purposes: (a) determining the propriety, legality, and mathematical accuracy of proposed or consummated transactions; (b) ascertaining whether all transactions have been recorded; and (c) determining whether transactions are accurately reflected in the accounts and in the statements drawn therefrom in accordance with accepted accounting principles. NOTE: The term "audit" is sometimes applied to the examination of a single transaction; for example, the audit of an invoice; that is, the checking of an invoice and supporting evidence for the purpose of approving the invoice for payment and properly reflecting the transaction in the accounts. This is referred to as preaudit. On the other hand, even a limited special audit involves the examination of documents, records, reports, systems of internal control, and other evidence. The term "audit" is, thus, of little significance when used without a modifier.
a complete review of all software in use on all desktops, in comparison with all software owned, to ensure compliancy with copyright laws.
Registration status of a student who attends class(es) with written permission of the course instructor. Students auditing a course will not write final examinations or receive a grade for the course. See calendar regulation [6.1.8
If the IRS has questions about how you filed your tax return, it may conduct an audit, which is simply a review of your tax return. Audits can focus in on only a point or two, or examine every piece of tax data you supplied on your return.
A systematic, independent, and documented process for obtaining evidence and evaluating it objectively to determine the extent to which agreed upon criteria are met (i.e., the agency strategic human capital goals/objectives and OPM's criteria for meeting Human Capital Assessment and Accountability Framework (HCAAF) standards in adherence with merit system principles, veterans' preference rules, and rules for avoiding prohibited personnel practices).
A planned, independent and documented assessment to determine whether agreed upon requirements are being met.
Independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures.
A methodical examination of an insured's operations, records and books of account. The audit is performed to determine the actual insurance exposures for the coverage provided and concluded with a report of the findings.
(See Evaluation Process Audit)
An inspection/assessment activity that verifies compliance with plans, policies, and procedures, and ensures that resources are conserved. Audit is a staff function; it serves as the "eyes and ears" of management.
The examination of records and documents and the securing of other evidence by a qualified accountant for one or more of the following purposes: (a) determining the propriety of proposed or completed transactions, (b) ascertaining whether all transactions have been recorded, (c) determining whether transactions are accurately recorded in the accounts and in the statements drawn from the accounts.
A Procedure where operations and protocols and documentation is systematically measured against an agreed upon standard.
A course without credit toward a degree or program. The student will not be allowed to write the final examination and will not receive a course grade. The classroom and laboratory privileges and responsibilities will be at the discretion of the instructor. The deadline to revise the status of a course from credit to audit is the final date to withdraw without academic penalty. Tuition fees are 85% of the regular course fee.
Audit is the examination of records and reports of a company, in order to check that what is provided is relevant, and closest to the reality. That is to say, all assets and liabilities are properly recorded in the balance sheet, and, all profits and losses are properly assessed. This assessment is done through 2 methods, by assessing internal control procedures and by checking the consistency of items in the books.
the official examination and verification of accounts and records.
Storing records prior to being updated or deleted such that prior data may be examined or rolled back.
A systematic check of the efficiency, effectiveness and, as appropriate, the regulatory compliance aspects of a operation.
An audit refers to an unbiased examination and evaluation of the financial statements of an individual or organization such as a business. Audit's are performed for the purpose of ensuring that accounting records are fair and consistent, and are following the guidelines laid out for the individual or organization.
The independent examination of the GCRCF's financial records by a CPA, and the impartial expression of the reliability of financial condition. alance Sheet A financial statement showing the GCRCF's assets, liabilities and fund balance.
An official examination of a companyâ€(tm)s business processes and their impacts. An audit can entail a comination of e.g. verification of data reported by the company, interviews with managers and board, benchmarking against competitors and review of management systems and policies. Can be carried out by external auditors, such as an accounting firm or assurance provider, or by internal auditors.
A process whereby an aspect of operations is critically evaluated from legal and good practice standpoints.
An inspection that checks the accuracy and completeness of records. For example, a financial audit will check a Department's financial records to make sure that income and expenditure is recorded and that all taxes are paid.
A process in which the IRS examines and verifies your return, receipts, or any other document or transaction having tax consequences.
An examination by a trained accountant of the financial records of a business or governmental entity, including noting improper or careless practices, recommendations for improvements, and a balancing of the books.
A systemic and independent examination to determine whether activities and related results comply with planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve objectives.
Procedure involving reporting and/or reviewing the policyholder's records at sometime after the policy takes effect to determine the final premium for the policy.
An independent examination of activities (e.g. financial records) which concludes whether they are in good order or not.
In insurance, a process by which the carrier reviews the basis upon which the initial estimated premium was determined in certain types of policies. The carrier can then adjust the premium to reflect the actual exposure, during or after the policy term. Examples: Workers Compensation Insurance premiums are based on payroll; some forms of Liability Insurance premiums are based on the insured's sales.
systematic retrospective examination of the whole, or part, of a project or function to measure conformance with predetermined standards. Note: audit is usually qualified, for example financial audit, quality audit, design audit, project audit, health and safety audit.
Conducted by an independent accounting firm, an audit verifies shipment and sales levels for each audio and music video format after returns. In addition, the audit calculates what product has been shipped for sale, net after returns, versus product used for promotional purposes. A formal certification report is issued and sent to the record company.
A database table containing a single entry for each significant action that takes place on the site. Also used as a verb to indicate that a particular action will be recorded for future review and diagnosis
Commissioner Gary Bettman and NHL owners spent $1 million for an "audit" of league finances by Wall Street icon Arthur Levitt. Relying on Levitt's "audit," owners claimed losses of $273 million in the 2002-03 season and another $223 million last season. The Levitt "audit" actually is a review of league finances. It lacks the certifications of a typical corporate audit, and it fails to document income from luxury boxes, club seats, arena advertising and naming rights. Instead of resolving financial issues, it has added new issues and added to player suspicion. (See also entry for "Trust.")
A timely process or system, inspection to ensure that specifications conform to documented quality standards. An Audit also brings out discrepencies between the documented standards and the standards followed and also might show how well or how badly the documented standards support the processes currently followed. Corrective, Preventive and Improvement Actions should be undertaken to mitigate the gap(s) between what is said (documented), what is done and what is required to comply with the appropriate quality standard. Audit is not only be used in accounting or something that relates to mathematics but also used in Information Technology.
During an audit a company or individual's financial/accounting or tax records are evaluated for accuracy. an audit a company or individual's financial/accounting or tax records are evaluated for accuracy.
Formal examination and verification of financial accounts. It is also sometimes referred to as a "program examination" or "verification of results."
The verification of performance against predetermined standards or contracts by a process of inspections, interviews and appraisal of documentation.
Official enrollment and attendance in a class for no grade or credit. An auditor must meet attendance requirements, participate in classroom work and complete assignments, but may not participate in examinations and evaluations. For more information refer to the policy regarding Auditing Courses. Bursar's Office Office that works with student payments, refund and financial aid checks, payment plans and tuition policies. Concurrent Enrollment or Concurrently Enrolled Enrollment in a course that a student is required to take simultaneously in order to enroll in another course.
An independent examination and verification of the quality of an evaluation plan, the adequacy with which it was implemented, the accuracy of results, and the validity of conclusions.
a careful review of financial records to verify their accuracy.
Examination of a company (division) undertaken by an independent auditor to determine whether defined standards have been observed
An official examination of a account book.
A survey or examination of the insureds books (payroll records) or other records to determine the premium due the carrier for coverage provided.
An examination of accounts by an independent person or company. An audit can also verify the efficiency of the institution keeping the accounts.
Inspection and verification of financial accounts, records and accounting procedures.
An independent check of the accuracy of financial records and accounting procedures.
In media research terms normally means an (independent) assessment as to the technical validity of a specified survey.
A process of review of an institution or program to determine if its curriculum, staff, and infrastructure meet its stated aims and objectives. An audit focuses on accountability of institutions and programs. (In the U.K., an audit is an institutional process. The term "audit" is scheduled to be replaced in 2002 by "institutional review" as part of a new academic review process.)
noun: An official investigation that puts pieces of information together to see the whole, conducted or overseen by internal or external auditors. verb: To verify (that is, review, monitor, or check.) Audit is a function assigned to an office with staff responsible for its execution. Monitoring and checking are actions taken in the units and audit is an action taken by the audit office. In this definition of control, audit is one way to check controls. Example: When monitoring her financial report, a unit manager found a discrepancy that she reported to the Service Center. The Service Center asked for a formal audit (by the internal audit office) of the financial reports for the previous year.
The result of an independent accountant's review of the statements and footnotes to ensure compliance with generally accepted accounting principles and to render an opinion on the fairness of the financial statements.
An examination of a company's financial records and the accounting systems, controls, and records that produced them.
an independent report on a company to check its accounts are accurate and comply with accounting rules
Taking courses for no academic credit. Auditors may attend lectures without writing examinations.
to examine an individual's or organization's records in an attempt to verify accuracy and legal compliance.
The act of inspecting the accounting books, electronic accounts and tax records of a policyholder to determine the actual exposures, which existed during a specified period of time, in order to develop the proper premium.
The process of generating, recording and reviewing a chronological record of system events to ascertain their accuracy
In the context of security, a review of a system in order to validate the security of the system. Generally, this either refers to code auditing or reviewing audit logs. See Also: Audit log, Code auditing
a methodical examination and review of a firm's records, accounts and procedures to verify that proper accounting of the firm's assets and liabilities has been done.
An independent review for the purpose of assessing compliance with software requirements, specifications, baselines, standards, procedures, instructions, codes, and contractual and licensing requirements. See also code audit.
A process through which the Internal Revenue Service (IRS) verifies the amounts reported on your tax return or reconciles amounts not reported on the return but reported to the IRS. You should have documentation supporting income, expenses, and itemized deductions. An audit is also known as an examination.
An IRS examination and verification of a taxpayer's return or other transactions with tax consequences. An office audit is an audit by the IRS that is conducted in the agent's office. A field audit is conducted by the IRS on the business premises of the taxpayer or in the office of the tax practitioner representing the taxpayer.
Formal examination and verification of financial accounts. May also refer to a program examination and verification of results.
Objective confirmation by independent organizations (Audit Bureau of Circulation or Business Publications Audit Inc. in the U.S.) of circulation figures, web site impressions and other records that publications use to promote their business.
An inspection and verification of a Risk Management Plan that involves review of documentation to ensure critical risks are being addressed and the risk management plan is being implemented.
Certain business policies may be audited resulting in either an additional premium, reduction in premium, or no change in the premium charged at the policyâ€(tm)s inception.
An evaluation of evidence about information to determine the degree of correspondence between the information and an established set of criteria.
Recording information needed to establish accountability for system events and for the actions of users and processes that cause them.
Systematic examination of records and documents to determine adequacy and effectiveness of budgeting, accounting, financial, and related policies and procedures; compliance with applicable statutes, regulations, policies, and prescribed procedures; reliability, accuracy and completeness of financial and administrative records and reports; and the extent to which funds and other resources are properly protected and effectively used.
All approved projects are subject to audit at any time, both from the Secretariat and/or the European Commission. Inspections are made throughout the life of the Programme and beyond, and organisations are required to present regular monitoring information relating to physical completion, outputs and impacts, and financial performance
The examination of the accounting and financial documents of a firm by an objective professional. The audit is done to determine the records' accuracy, consistency, and conformity to legal and accounting principles.
Any systematic investigation of procedures or operations for the purpose of determining conformity with prescribed criteria. The purpose of an audit by CPAs is to lend credibility to a company's financial statements.
An Oracle SQL statement for auditing statements, privileges and objects.
a formal examination of the accounts, compliances, or fiscal status of an organization or individual, or the technical side of a program.
A methodical examination and review of a situation or condition (as within a business enterprise) concluding with a detailed report of findings.
An independent examination of an organisation's records and financial statements (report and accounts) to make sure that: the financial statements show a fair reflection of the financial position at the accounting date; the income and spending is shown accurately; the financial statements meet any legal conditions; and the financial statements are drawn up clearly.
A formal verification of the accuracy of accounting records and published accounts. An audit can be external or internal and is undertaken both to ensure the correctness of classifications and amounts and to discover fraud.
In insurance, an examination of the insured's books and payroll records for the purpose of determining the premium due.
A process to verify conformance to organizational requirements to a defined objective.
An examination of the books of accounts, vouchers and other records of a person, corporation, firm or other organization for the purpose of ascertaining the accuracy or inaccuracy of the record.
A systematic inspection of data collection processes and/or medical records to verify the integrity of data reported in the Performance & Progress Report.
official examination and verification of documentation to prove accuracy and adequate controls, usually by investors to determine whether or not the servicer is complying with investor guidelines
A formal examination of an organization's or individual's accounts or financial situation. An audit may also include examination of compliance with applicable terms, laws, and regulations.
Close examination of something e.g. the trading books, papers and accounts of a company, or the relationship between plans and desired outcomes.
A formal or official examination and verification of accounts.
A formal review of a project (or project activity) for the purpose of assessing compliance with contractual obligations.
Verification of books or accounts to determine their accuracy. Certain policies written on a reporting or adjustable form give the insurer the privilege of auditing the policyholder's records to verify the accuracy of the premiums paid.
A systematic and independent examination of trial related activities and documents to determine whether the evaluated trial related activities were conducted, and the data were recorded, analyzed and accurately reported according to the protocol, sponsor’s standard operating procedures (SOPs), Good Clinical Practice (GCP), and the applicable regulatory requirements.
A review or examination of an individualâ€(tm)s or organizationâ€(tm)s records to determine legal compliance or proper record keeping.
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.
An official verification of CE credits reported. The ARRT can request individual CE records and/or certificates of participation that are used to validate the CE credits reported to the ARRT. The ARRT can conduct an audit up to a year beyond the end of your biennium.
A review of a business's records and procedures to determine their accuracy and completeness.
An exploratory, critical review of the underlying internal controls and accounting records of a business enterprise.
The official examination and verification of bookkeeping accounts for the purpose of determining the accuracy of the figures and adequacy of accounting controls. An audit may be done by public accountants hired for this purpose or by a company's own employees. The latter is called an internal audit.
(Quality) An independent review conducted to compare some aspect of quality performance with a standard for that performance. (Juran, Quality Control Handbook)
The provision of a separate means of verifying the correctness of financial records. In IT systems this means a log of activities that have taken place, which may be used as a means of holding people accountable for their actions. Log files may contain records of individuals accessing documents, registering authorization, attempting to use documents when not authorized and so on.
Independent examination of facts and processes, usually to identify opportunities for improvement.
An audit can be defined as “a systematic examination of the activities and status of an entity, based primarily on investigation and analysis of its systems, controls and recordsâ€. The Accounting Standards Board defines the annual audit that is required by most UK limited companies as an independent examination of, and expression of an opinion on, the financial statements of the enterpriseâ€. Not all companies require an audit – there are exemptions available for small companies provided that they meet certain criteria.
The procedure followed by an independent accountant to develop an opinion whether an organizationâ€(tm)s financial statements fairly represent the organizationâ€(tm)s financial condition. An audit includes selectively testing transactions and internal controls at an organization according to standards established by the accounting profession. An audit provides an organizational outsider the highest degree of assurance regarding an organizationâ€(tm)s finances. Compare Compilation and Review.
A systematic, independent and documented inspection or evaluation in which operations are compared with given requirements or guidelines. An audit can be performed by an external party or by an internal expert. up
A process for checking conformance with specified criteria. This is a systematic and documented process of objectively obtaining and evaluating evidence. This evidence (obtained by auditors) determines whether a system conforms to the criteria set by the business or legislation. The results of this audit (e.g. energy usage) are then communicated to management for action.
An examination of the financial activities of an agency and the report based on such examination.
The process an insurance company uses to compare whether the premium it originally estimated reflects the actual risk covered by the policy based on the customer's actual payroll, number of autos or sales.
Independent assessment of a company's accounts and records. BACS (Bankers Automated Clearing System). Electronic method for sending money between banks.
Means a documenting measure, which is executed to ensure by means of examination of the actual circumstances, that the selected components of the approved quality management system were developed and documented (implemented) in compliance with the determined (specified) requirements. An audit does not include monitoring and inspection for the purpose of process control and/or material acceptance.
A report issued by an independent third party that counts and verifies a site's traffic --e.g., SON uses BPA Int'l. Interactive.
an official examination and verification of accounts and records, esp. of financial accounts. For more information on Audit Representation
Examination by accountants of the records of an insurer to check that they are properly prepared and that the financial position is as stated. In the case of Lloyd's underwriters the auditors must also satisfy themselves that Lloyd's regulations have been complied with.
If a student audits a course, the student is allowed to participate in the course without being examined on its content. The student must see the instructor at the beginning of a course to establish the conditions that will need to be satisfied to receive credit for the course. A Course Override Form is also required.
The process of assessing the efficiency and accuracy of procedures.
An independent examination of a work product or set of work products to assess compliance with specifications, standards, contractual agreements, or other criteria. It differs from a review in that it is more narrowly focused than a review and has a short-term goal identifying problems or resolving issues.
Formal examination of the opinions of people who sit in ergonomic chairs at their workplace. These opinions are valuable, as people spend a lot of time in their work chairs and become experts on them. Opinions are gathered on a standard questionnaire, allowing the response to be compared with "use test" results taken earlier, when the chair was in the design process, as well as with user opinions of other chairs.
Auditing is the examination of the accounts books and records of a company by an independent person with a view to that person expressing an opinion on the accounts presented by the company. It is a legal requirement in many countries, although the scope of the audit is often reduced for smaller companies.
An independent review by a certified professional evaluating your business in relation to defined standards. See also TAX AUDIT.
Assessment of programs and services to determine effectiveness or efficiency.
Review of project to assess compliance with requirements, specifications, baselines, standards, procedures, instructions, codes, contract requirements, and/or license requirements
An IRS examination and inquisition into your financial records regarding your tax returns.
An independent, objective assurance activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to assess and improve the effectiveness of risk management, control and governance processes. Source: OECD Glossary of Key Terms in Evaluation and Results Based Management
A systematic examination against defined criteria to determine whether activities and related results conform to planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve the School's policy and objectives.
A methodical examination and review of records pertaining to an event. For instance, an independent verification of attendance figures submitted by an exhibition's producers.
to record information about an invocation of some PCIS facility.
Systematic investigation into the organization, processes and procedures.
The independent collection of records to access their veracity and completeness.
the adjustment of a policy based upon a survey of the insured's books and records in order to determine the proper premium to be charged for the actual operations during the policy period. Audit occurs most often when the premium is subject to payroll, sales, or other fluctuating premium bases.
Professional examination and verification of a company's accounting documents and supporting data for the purpose of rendering an opinion as to their fairness, consistency and conformity with Generally Accepted Accounting Principles (GAAP).
Transit advertising units must be verified for potential DEC. This service is performed by TAB (Traffic Audit Bureau) using the MARG system.
Professional examination of a company's accounting documents, for verification that they comply with Generally Accepted Accounting Principles.
Many types of audits can be done, but financial audits attempt to determine whether management adhered to GAAP in publishing official financial statements. Government audits include not only adherence to GAAP, but also government laws and regulations.
A detailed examination of an organization's financial statements and records for the purpose of determining that they are sufficiently accurate and properly representative.
San examination of records or accounts to verify their accuracy and status.
The examination of a set of financial statements by a professional auditor before they are presented to the company's shareholders or filed with any statutory authorities.
An examination of the financial statements of a company in order to render and independent professional opinion that they been presented fairly and prepared in conformity with generally accepted accounting principles. Also called the attest function.
The scrutinising of accounting records and supporting documents for accuracy and completeness.
An examination of a company's finances and accounting systems performed by an accountant, who gives an opinion about the financial condition of the company.
Examination of a company's accounting documents by a professional
A periodic check of an organization's financial and accounting records to ensure that its management and staff are following sound business practices. Some audits are required by law and may involve hiring an independent professional auditor. Also an IRS examination of an individual's or corporation's tax return.
An official investigation to verify that all assets, liabilities, income and expenses of a financial institution are correctly stated. The audit of an institution's operation also serves to inhibit fraud and errors, and determines the accuracy of accounting and bookkeeping procedures.
means a systematic, independent and documented process for obtaining evidence to determine whether the activities and related outcomes of a training organisation comply with the Australian Quality Training Framework Standards for Registered Training Organisations.
An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
A detailed environmental investigation focusing on the current operating and administrative procedures of a facility to evaluate environmental health and safety concerns for regulatory compliance. * This Glossary is Excerpted from Managing Environmental Risk for Facility Owners and Operators / Legal Actions Against Facilities from AIG, © BOMI 1996, 2nd qtr. * Email Ready for a knowledgeable environmental - pollution insurance professional? Firms with a presence in California Email me now. Email
A verification of the financial records, usually payroll or receipts, of an organization in order to determine the exposures and premiums.
An examination of the financial records of a person, business, or organization, typically done to correct careless or improper bookkeeping or to verify that proper records are being kept. Businesses and nonprofits often undergo an annual audit by an independent accounting firm. The IRS also conducts audits, mainly to assess taxes owed.
Verifying the accuracy of accounting and financial records by a member of the Institute of Chartered Accountants. In some provinces Certified General Accountants and Certified Management Accountants may also act as company auditors.
A review of web site effectiveness.
Examination of financial records of a business or individual to uncover irregularities or errors.
Review of processes, procedures and documentation. Often used in relation to a proposal audit or a quality audit.
A thorough examination of something. 1. A financial audit involves an accountant checking the accounts of an organisation to make sure that money has been spent properly and that the records have been kept correctly. 2. A community facilities audit might result in a directory of community centres, libraries, doctors surgeries and other public buildings.
A formal examination and report of a persons or entitys financial condition, usually by a qualified certified public accountant.
Registering in a credit class and attending regularly but not taking examinations. No credits are earned and the student receives an “N†grade. Tuition is the same as for taking the class for credit. Audit classes are not eligible for financial aid.
To conduct the independent review and examination of system records and activities.
Webster's Seventh New Collegiate Dictionary defines an "audit" as a "methodical examination and review" or more specifically, "the final report of an examination of books of account by auditors." The Securities Acts of 1933 and 1934 require the financial statements of all publicly held companies in the United States to be audited every year by an independent auditor. The SEC subsequetly mandated that the annual report of every publicly held corporation contain a Report of Independent Public Accountants. The standard audit report states that the goal of the audit is "to obtain reasonalbe assurance that the financial statements are free of material misstatement" and that the audit was performed "in accordance with generally accepted auditing standards." The federal government subsequently expanded mandatory audit requirements to most pension plans, local and state governments, and certain not-for-profit organizations. Audits by CPAs also have become part of many real estate and other commercial agreements, as well as many bank loan requirements.
Formal examination of projects or financial situation to look for irregularities in accounting.
An examination of the financial records of a company by an independent legal entity to ensure they comply with Australian accounting and regulatory standards.
Generally, a review of a person/company's financial records by an outsider, such as a chartered accountant, certified public accountant, tax authority, or other inspectors, for the purpose of verifying their accuracy. Internal audits are those typically conducted by a company's in-house accountants or equivalent staff personnel.
A personal or computerized review process that accounts for the adequacy, effectiveness, security and overall functionality of a data activity.
The Audit Committee verifies receipts, deposits, checks/expenses, bank balances, reconcilations, safe deposit box contents, insurance policies and procedures for the financial operations of the church in the previous year. Members:!-- mailtag("daholmkvist","msn.com","David Holmkvist"); -- (chair), Esther Dechow
An examination or verification of financial records or accounts.
To track user activity, recording events in a security log.
An audit is an evaluation of an organization, system, process, project or product. In accounting, an audit is an independent assessment of the fairness by which a company's financial statements are presented by its management. It is performed by competent, independent and objective person or persons, known as auditors or accountants, who then issue a report on the results of the audit.