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).
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They are a leading audit firm with extensive experience in the oil and gas sector, including acting as the Nigerian Extractive Industries Transparency Initiative (NEITI) appointed auditor for the Nigeria Oil and Gas Industry for two audit cycles.
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.
The statistical significance of the differences found in the two audit cycles was evaluated using chi-square tests.
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.
Many common deficiencies cited in those recent inspection reports were also identified as weaknesses in the Board's 2010 report on audit risk areas affected by the economic crisis, which focused on the 2007, 2008 and 2009 audit cycles.
If the taxpayer does not implement measures to address the audit issues, the jurisdiction may not waive penalties in future 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.
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