detailed audit(redirected from Detailed Audits)
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 .
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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.