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Audit |
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Audit An examination of a company's accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to generally accepted accounting principles. See: accountant's opinion.
Audit 1. The process of reviewing activities to identify inefficiencies, reduce costs, and otherwise achieve organizational objectives. Audits may investigate potential theft or fraud and ensure compliance with applicable regulations and policies. They also help ensure the accuracy of reports. Audits are an essential part of a company's efficiency. 2. In taxation, the process of the tax collection agency reviewing the reports of an individual or company to see if all income, deductions, and/or credits reported accurately reflect reality. This is done to ensure that each individual or company pays his/her/its full tax liability. Audits are conducted on a random basis, or when something appears remiss on a tax return. See also: Tax avoidance, Tax evasion. Audit. An audit is a professional, independent examination of a company's financial statements and accounting documents following generally accepted accounting principles (GAAP). An IRS audit, in contrast, is an examination of a taxpayer's return, usually to question the accuracy or acceptability of the information the return reports. Audit 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Speed is key--world class organizations can close their books two to three days after month-end, though most take far longer--but control, reliability and auditability of the process have taken on far more importance. Our place on the SD TIMES 100 underscores the proven value of our industry-leading database engine for performance and embeddability, coupled with a powerful suite of data management products for data synchronization and auditability," said David Sikora, president and CEO of Pervasive Software. Pearson has served on numerous Institute committees concerned with university and continuing professional education; the Uniform CPA Examination; and auditing and quality control, including the auditing standards board and its task forces on sampling, confirmations, auditability and completeness and levels of assurance. |
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