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 ?
The organization should implement improvements especially in the process groups such as organizational Alignment (MAN1), organization Management (MAN2), Project Management (MAN 3), Risk Management (MAN 5), Measurement (MAN 6), Process Establishment (PIM 1), Process Assessment (PIM 2), Process Improvement (PIM 3), Knowledge Management (RIN 3), and Asset management (REU 1).
Table 10 Distribution of student product assessment scores for all participating students (N = 141) Score on Student Product Percentage of Students Assessment Rubric 0: No Evidence 0% 1: Approaches standards 29% 2: Meets standards 40% 3: Exceeds standards 31% Table 11 Distribution of student learning process assessment scores for all participating students (N = 143) Score on Student Learning Percentage of Students Process Assessment Rubric 1: Makes few, if any, attempts at 6% revision.
The How to Conduct a Process Assessment workshop provides detailed information on understanding assessment technology, planning for an assessment and learning how to actually conduct the assessment using ITOptimizer.
Eliassen Group's Bio-Pharma Consulting Solutions Division, located in Mansfield, MA and New London, CT, is a Functional Service Provider for SAS Programming and Data Management Services; and offers consulting services including: EDC Solutions, SOP development; training solutions design, development, and delivery; e-Clinical System Selection and Implementation; System Validation; Vendor Selection and Management; Clinical Trial Process Assessment including Metrics Implementation; Outsourcing Strategies; and Data Standards Development (CDISC); .
Intermountain will also benefit from the industry-wide expertise of Craneware's Business Solutions Group in CDM Maintenance Process Assessment, Design and Implementation for optimal business process efficiency.
The PSQT Conference (September 10-14 at the Radisson Hotel & Conference Center in Plymouth, MN) covers software quality and testing and provides concurrent sessions on software product and process quality assurance including Testing, Inspections, Reviews and Walk Throughs, Software Process Assessment and Improvement, Quality Management, and automated tools supporting a software quality life cycle.
Baptist credits a comprehensive business process assessment conducted by Lawson for helping predict the work and effort required for the project, which was a key factor in reducing the project timeline from a predicted one year to just six months.
Eliassen Group's Bio-Pharma Consulting Group, located in Mansfield, MA, offers staff augmentation services, including Functional Service Provider for SAS Programming and Data Management; and consulting services including: SOP, SLA/OLA documentation development; e-Clinical System Selection and Implementation; System Validation and QC; Clinical System Integration, Vendor Selection and Management; Clinical Trial Process Assessment including Metrics Implementation; Outsourcing Strategies; Data Standards Development; Data Management and Legacy Data Migration (Data Mapping).
He has addressed challenges related to recruiting and talent acquisition strategy, implementation of talent management best practices, recruiting process assessment and the effective use of technology.
Automotive SPICE(TM) has developed a common framework for the assessment of suppliers in the Automotive Industry through the publication of the Automotive SPICE(TM) Process Assessment Model and Process Reference Model.
The acquirer should conduct process assessments to verify that software management, software configuration management, and software quality assurance activities and products are in compliance with contract requirements, the supplier process, and plans.

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