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 ?
time limited Mean Adult Question Response Persis- Options tent Retrospective AUDIT score 14.
Given the limitations of this retrospective audit, a larger prospective randomised controlled trial is warranted.
A retrospective audit on PD PET attended between March 2005 to February 2007 (two years) was performed.
This retrospective audit examines the utilisation of preoperative blood tests in general surgical patients seen within the pre-assessment clinic and compares them with the NICE recommendations.
A new appraisal of all the options for the future of paediatric neurosurgery, led by an independent chairman - which is expected to look again at campaigners' objections - will now be started together with a two-year retrospective audit of work completed by the two units.
Management of two common conditions, cystitis and vaginitis, were examined in a small randomized study in a teaching hospital with a retrospective audit of the physician's records of the condition.
1] While the main emphasis of this paper was a retrospective audit of the procedural technique of intracardiac potassium chloride (KCl) for late termination of pregnancy (LTOP) and the outcomes thereof, it is acknowledged that the patients' rights in the decision process and beyond are equally important and were procedurally respected at this unit.
The aim of this retrospective audit was to investigate the impact of this change on choice of NMBA and reversal agent and to calculate the costs of any changes based on the full price of sugammadex.
It has also called for a two-year retrospective audit into all cases carried out in the units based at the University Hospital of Wales and Morriston Hospital.
A retrospective audit of 100 sets of consecutive operation notes was conducted at Frere Hospital, the notes being analysed using the RCS Guidelines.