internal audit
71audit approach — The strategy for an audit, or the manner of conducting an audit. Deciding a suitable audit approach is an essential part of the *audit planning process, and a common decision is the balance to be adopted between *compliance and *substantive… …
72audit risk — 1. In external auditing, the *risk of giving an inappropriate *audit opinion on the *fair presentation of an organization’s *financial statements. The *sampling of transactions and the *compliance testing of controls cannot offer cast iron… …
73audit planning — The steps taken to prepare for an audit. Planning is tailored to the circumstances of individual audits, but typically includes some or all of the following: (i) information gathering to establish the background and circumstances of an entity or… …
74audit recommendation — In an *audit report, a proposed action to remedy a problem or potential problem. Audit recommendations addressed to *auditees normally form the basis of *internal auditors’ reports, while external auditors tend to communicate their… …
75audit — auditable, adj. /aw dit/, n. 1. an official examination and verification of accounts and records, esp. of financial accounts. 2. a report or statement reflecting an audit; a final statement of account. 3. the inspection or examination of a… …
76audit programme — A document listing the individual audit tests to be performed to achieve an audit strategy. The tests will check that the accounting system operates in the manner recorded. For example, a credit sales transaction will be traced through to payment …
77Internal Market (European Union) — European Union This article is part of the series: Politics and government of the European Union …
78Audit Risk — The risk that an auditor will not discover errors or intentional miscalculations (i.e. fraud) while reviewing a company s or individual’s financial statements. There are two general categories of audit risk – risk regarding assessment …
79audit risk — The risk that an auditor fails to qualify the audit report when the financial statements are materially misleading, i.e. do not give a true and fair view. The audit risk consists of three components: • the inherent risk, i.e. the likelihood of… …
80Audit (telecommunication) — In telecommunications, the term audit has the following meanings:* To conduct an independent review and examination of system records and activities in order to test the adequacy and effectiveness of data security and data integrity procedures,… …
