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 in which 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 examination of an organization's financial documents in order to determine whether the records and reports are valid and the information is fairly presented. An independent audit is usually conducted by a Certified Public Accountant who then issues an opinion as to whether the statements accurately and fairly represent the firm's operations and financial position. See also external audit, internal audit.

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

  1. the legal requirement for a JOINT-STOCK COMPANY to have its BALANCE SHEET and PROFIT-AND-LOSS ACCOUNT (the financial statements) and underlying accounting system and records examined by a qualified AUDITOR, so as to enable an opinion to be formed as to whether such financial statements show a TRUE AND FAIR VIEW of the company's state of affairs and that they comply with the relevant statutes. Auditing involves inspecting documentary evidence of transactions such as INVOICES, STATEMENTS and DELIVERY NOTES to ensure that the DOUBLE-ENTRY accounting entries are complete and authentic.

    Where the auditor is satisfied that the financial statements show a ‘true and fair view’ he will report this to the SHAREHOLDERS in the ANNUAL REPORT AND ACCOUNTS. However, if he is not satisfied that the financial statements show a ‘true and fair view’ or he is unhappy about any explanations given by the managers, then he may make a ‘qualified report’ to the shareholders expressing his precise misgivings.

  2. internal audits of accounting procedures, marketing activities, production operations, quality control systems, and safety may be undertaken to monitor and review the efficiency and effectiveness with which these various activities are undertaken. In addition, a company may undertake a value-for-money audit, to evaluate whether the organization is operating effectively. See also MARKETING AUDIT.

audit

the legal requirement for a JOINT-STOCK COMPANY to have its BALANCE SHEET and PROFIT-AND-LOSS ACCOUNT (the financial statements) and underlying accounting system and records examined by a qualified auditor, so as to enable an opinion to be formed as to whether such financial statements show a true and fair view and that they comply with the relevant statutes. See also ENVIRONMENTAL AUDIT, VALUE FOR MONEY AUDIT.

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.
References in periodicals archive ?
As with the SAS 70 standard, two types of SSAE 16 reports can be issued.
Our successful SSAE 16 examination demonstrates BillingTree's commitment to ensuring our service operations are well controlled and in-line with industry best practices across accounting, audit and information security," said Melissa Kirk, Vice President of Technology at BillingTree.
With these security initiatives - including SSAE 16, AES Encryption at Rest and US/EU Safe Harbor - Central Desktop offers its users a private cloud that is not subject to larger public cloud breaches or issues, placing its solution ahead of other cloud collaboration providers.
Terra Verde will continue to be audited to renew its SSAE 16 standing annually to be seen as a secure and responsible security provider option for businesses of all sizes and types.
SSAE 16 replaces the previous SAS70 auditing standard.
Comprehensive offerings include colocation within CoreXchange's SSAE 16 audited data centers, high performance network connectivity (via direct carrier-neutral access or via a fully managed BGP mesh of Tier-1 carriers), disaster recovery solutions and business continuity offices for personnel.
In accordance with SSAE 16 (Statement on Standards for Attestation Engagements), the SOC 1 Type II audit report includes Hawes Financial Group's description of controls as well as the detailed testing of its controls over a minimum six-month period.
com)-- As a day-to-day measurement, a SSAE 16 Type I audit examines the operating effectiveness and security of an organization.
Agile-1, a premier provider of total workforce solutions, announced it has successfully completed the 2011 SSAE 16 Type II Audit, which resulted in an unqualified report, with no findings identified.
Perfect Commerce's Peak 10 Datacenter, located in Richmond, Virginia, is also in compliance with the SSAE 16 Type 2 regulations.
COLUMBUS, Ohio, June 18, 2015 /PRNewswire/ -- FIREPROOF, an information management solutions and record storage company, today announced that it has received the Privacy+ Certification from PRISM International and completed its SSAE 16 (SOC 1) Type I audit.
8220;We selected Cheyenne, Wyoming based Green House Data for many reasons, but top of the list are their high-level of security, SSAE 16, Type II compliance and for their cost-effective pricing,” stated Darshan Puttannaiah, CEO of Firm Interactive.