audit


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audit

[′ȯd·ət]
(computer science)
The operations developed to corroborate the evidence as regards authenticity and validity of the data that are introduced into the data-processing problem or system.

audit

a process in which the performance of organizations is monitored by independent agencies. Compared with direct observation and control of behaviour (see SURVEILLANCE), audit usually does its work by an examination of the records of the processes and/or outcomes of organizational activity Audits are a prominent part of what has been termed the ‘new governance’ in contemporary advanced societies. As well as the more familiar financial audits of business organizations, there are today organizational audits of hospitals, schools and universities as well as environmental audits. See also AUDIT SOCIETY.

Audit

 

a check of the business and financial activity of enterprises, organizations, institutions, or individual officials for a certain period of time; one of the forms of subsequent review.

In the USSR all state and cooperative enterprises are audited. The audit is generally conducted once a year; organizations that do not directly conduct business operations must be audited at least once every two years. When necessary an audit may be made at any time (surprise audit). Audits are included in the functions of agencies of state control and intradepartmental control agencies. They were instituted by the Apr. 15, 1936, decree of the Soviet of Peoples’ Commissars of the USSR entitled Intradepartmental Financial Control and Auditing of Institutions, Enterprises, Economic Organizations, and Construction Projects.

The purposes and general procedure of the audit are regulated by governmental resolutions and departmental instructions. The primary purposes of the audit are to check fulfillment of state plans; check the legality of economic transactions and compliance with financial and estimate discipline; monitor the security of socialist property; check the correctness of bookkeeping records and the quality of documentary records underlying bookkeeping entries; and check the correctness of materials accounting in storage business. Auditing helps uncover abuses, unused reserves, and losses owing to unproductive use of time and identifies positive experience in the work of the organizations being audited, thus promoting stronger business accountability and economy measures.

audit

(1) A formal examination by certified auditors of systems, programming, operations and security to determine compliance with internal policies and procedures or with external standards. An audit is often used to satisfy legal requirements of regulatory agencies and laws. See assessment, COBIT, COSO, ISO/IEC 27000, SAS 70 and SSAE 16.

(2) An examination of systems, programming and datacenter procedures in order to determine the efficiency of computer operations.
References in periodicals archive ?
* Is required to report the results of the audit organization's work to the head or deputy head of the entity; (the auditor general and other Naval Audit Service senior leaders meet with DoN senior leaders regularly throughout the year and at semiannual Oversight Planning Board (OPB) meetings, and copies of final audit reports are sent to the under secretary)
The development of this rigorous inspection program took several years, but its results have helped enhance training, reform policies and improve audit tools.
SAS 104 replaces the above with "while exercising due professional care, the auditor must plan and perform the audit to obtain sufficient appropriate evidence so that audit risk will be limited to a low level...." (emphasis added).
While the frequency of corporate audits decreased for entities with less than $10 million in assets in FY 2004 when compared to FY 2003, the IRS audited more frequently taxpayers monitored by its Large and Mid-Size Business Division, which concentrates on taxpayers with assets exceeding $10 million.
Johnson asked for TEI to provide specific recommendations, working with representatives of the MTC audit committee and Mr.
No limitation on selection of audit firm or compensation of same.
(Under the Sarbanes-Oxley Act, members of a company's supervisory board and audit committee must be "independent" from a corporation.) Second, a corporation under German law can continue to have the statutory auditor elected by the general shareholders' meeting, acting as the law states on the proposal of the company's supervisory board.
Obtaining a professional independent underwriting audit makes good sense and provides the sleep assurances that all companies want to achieve.
An internal audit system helps to ensure that documentation and implementation activities meet the requirements of the standard and demonstrate the effectiveness of the quality management system.
Usually audit criteria (e.g., relevance, reliability, neutrality, and completeness) will need to be tailored to the objectives of a particular audit engagement.

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