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 ?
Additionally, the SSAE 16 standard requires a service organization's management to provide a description of the overall "system" that maintains the service organization's controls as well as a written assertion of the suitability of the system's design.
Generally, the primary focus of SAS 70 is to provide guidance for reporting on audits of financial statements, whereas SSAE 16 provides guidance for reporting on other subject matters as well.
The audit was conducted by SSAE 16 Professionals (http://www.ssae16professionals.com) a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.
"Obtaining our SSAE 16 compliance shows that detailed policies and procedures for our operations and business are not only in place but tested thoroughly by an independent auditing firm," says Ken Cox, Vice President of Operations at Hostirian.
16 (SSAE 16 or SOC 1) Type II audit for its AsureForce(R) Time & Labor Management solution.
The EMKA BioLock system provides for the first time unique fingerprint technology stored and processed in the handle on the cabinet with an “Indisputable Audit Trail” to protect valuable data and is compliant with the various data privacy rules and regulations such as PCI, SOX, SSAE 16 and HIPPA.
VISI facilities are built to Tier 3 standards, SSAE 16 audited and staffed 24x7.
According to DocuSign, its global information security management system (ISMS) is examined and certified to the highest international security standards, including ISO/IEC 27001, SSAE 16, TRUSTe, and PCI DSS 2.0 as both a merchant and service provider
Gurgaon, India, December 18, 2014 --(PR.com)-- PeopleStrong, a leading Platform-based HR solutions company, headquartered at Gurgaon, has announced the completion of SSAE 16 assessment successively is a row in last three years.
M2 EQUITYBITES-January 23, 2015-DuPont Fabros Technology completes 2014 SSAE 16 audits