The systematic examination by analyses, confirmation, and tests of accounting records to confirm with reasonable assurance that they adequately reflect economic actions (status) and operations. It may be conducted by an internal or external auditor.
An independent examination and evaluation of the actions of management according to various standards of good performance.
A subset of the Board of Directors, responsible for overseeing the internal and external audit functions of an enterprise
An appraisal activity within an entity that measures and reports on the extent to which various organizational policies are followed and goals are met. Internal auditing reviews and analyzes the integrity of financial, operating, and systems activities, or any other activity that management requires. Internal auditing is concerned with the effectiveness and reliability of operating reports to management and functions primarily as a service to management
A process of obtaining and evaluating evidence about operating procedures and events as compared with established criteria of good performance. Operational auditing may result in recommendations to improve the effectiveness and efficiency of operations and internal controls
An audit of specific activities to determine that performance has been in accordance with some statutory requirement, contractual agreement, or stated description. For example, audit of a hospital for compliance with Medicare reimbursement regulations; audit by an IRS auditor for compliance with tax laws; audit of a computer service center for compliance with stated systems of internal control. Contrast with Performance Audit
Formal, written document presented by the auditors (external or internal) to the Audit Committee, explaining the scope of the audit, its major findings, and recommended corrective actions necessary, as well as implementation plans
An audit to evaluate the efficiency and effectiveness of activities conducted. Contrast with Compliance Audit
See matching posts in thread - New Audit Engagement Wording
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