Audit Cycle

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Audit Cycle

The period of time during which an audit is conducted. An audit cycle varies depending on the type of audit being made. For example, the audit cycle for a tax audit by its nature begins after tax returns are filed (or are supposed to have been filed).
References in periodicals archive ?
While the CQC said they felt the doctors offered 'an excellent service' and 'staff were efficient, helpful and caring', the report highlighted areas of improvement including ensuring practice audits were undertaken and completing clinical audit cycles to monitor performance and improved outcomes for patients.
We expect it will take multiple audit cycles to achieve a favorable opinion, but we will focus on learning from weaknesses revealed and on correcting them to ensure we are doing business the right way.
Data were collected in 5 audit cycles between 2008 and 2010 using the Integrated HAST Evaluation tools (available from authors), consisting of an extract of routine data, a facility manager questionnaire, observations and a set of TB, HCT, HIV, ART and prevention of mother-to-child transmission (PMTCT) folder reviews.
If the taxpayer does not implement measures to address the audit issues, the jurisdiction may not waive penalties in future audit cycles.
The AuditRoom module of eTaxPortal enables tax teams and all others in the audit process (internal/ external) to securely access, share and control the process, information and communications around audit cycles.
There were thirteen full audit cycles to compare amongst the nine universities.
In prior audit cycles, the adjustments were not reviewed until the end of the audit cycle; if there were any questions, we encountered problems supplying information on an issue thought to be resolved.
Lengthy audit cycles are another audit concern, with nearly 80 percent reporting that their average cycle time is three months or more per audit.
Although the Accountability of Tax Dollars Act of 2002 requires the Commission--along with certain other executive agencies--to have its financial statements independently audited annually, the Commission has been granted a waiver by the Office of Management and Budget (OMB) from compliance with the financial statement preparation and audit requirements of the act for the fiscal years 2002 and 2003 audit cycles, which OMB was authorized to waive during an initial transition period of up to 2 years.
Also, businesses' audit cycles may be extended from two-year to three-year cycles.
While enterprises subject to regulatory compliance implement a variety of technologies, including automated log management, to achieve their compliance objectives, they still face challenges in managing compliance processes to ensure audit cycles are effective and efficient.
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