detailed audit

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Detailed Audit

The process of reviewing activities to identify inefficiencies, to reduce costs, and otherwise to achieve organizational objectives in a more complete way than other audits. Detailed audits may investigate potential theft or fraud and ensure compliance with applicable regulations and policies. They also help ensure the accuracy and legality of reports, as well as whether they conform to the Generally Accepted Accounting Principles .
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

detailed audit

A thorough and complete examination of all or a selected portion of an organization's books. In a detailed audit, as opposed to a normal audit, systems of internal control, the details of all the transactions, books of account, subsidiary records, and supporting documentation may be examined for accuracy, use of generally accepted accounting principles, total accountability, and legality.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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AIB performs detailed audits on companies in the food industry to assess how well they implement food safety measures that can impact consumer safety.
When the Daily Post contacted the Food Standards Agency yesterday, a spokesperson said: "The FSA conducted detailed audits at 2 Sisters Food Group plants in Scunthorpe and Llangefni on Friday July 25.
Wilby Risk Management can carry out detailed audits to check levels of conformance to legal requirements and best practice standards.
Chairman FBR, Tariq Bajwa said on the occasion that in the balloting, five percent of tax payers from different tax categories have been selected who would be issued notices for their detailed audits.
Detailed audits are required to verify the identified opportunities.
Allergan held workshops to teach doctors and their office staffs how to bill for off-label uses, conducted detailed audits of doctors' billing records to demonstrate how they could make money by injecting Botox, and operated the Botox Reimbursement Hotline, which provided a wide array of free on-demand services to doctors for off-label uses.
They have been identified as the five key tasks in cutting crime after detailed audits of crime, disorder and drug misuse carried out in the six districts of Northumberland.
Ng remarked that public accounting firms will perform more detailed audits under the new law, requiring more documentation and possibly creating tensions for taxpayers.
And congressmen and their staff members should have known about the existence and availability of those detailed audits, since brief descriptions of them are required by law to be listed in the summaries.
Wilby Risk Management can carry out detailed audits to check levels of conformity to legal requirements and best practice standards.
If you have already benchmarked your building for 2011, or have completed a detailed audit it, is not too late to get a qualified contractor involved to confirm project costs, schedules and economic benefits.

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