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 ?
These testing areas are a very important part of the annual audit and the area that your client cannot see when you submit the annual audited financial statements to them.
Alcoa is currently audited by the IRS under the Coordinated Examination Plan.
Underwriters may require the same auditor to have audited the company's financial statements for the current and all prior periods, leading to a reaudit of its earlier statements.
In a tax system that requires the filing of a return, and when less than 1% of those returns are audited, the enforcement authority [the IRS] must have a method by which to measure compliance and target enforcement efforts.
We are encouraged to see some major show management companies moving toward offering audited attendee numbers.
The audit committee must meet with management and the independent auditor to review audited annual and quarterly financial statements, including the company's disclosures under management's discussion and analysis (MD&A) of financial condition and operations.
Generally, only about 1% of all individual income tax returns are audited.
The National Association of Hispanic Publications (NAHP) and the National Hispanic Press Foundation, in partnership with the Verizon Foundation, is launching a certified audit program that would enable the NAHP to become the first ethnic publication association with a 100% audited membership.
8, Other Information in Documents Containing Audited Financial Statements, cautions the auditor to discuss the information with the client if he or she becomes aware that such information conflicts with his or her knowledge of such matters, or if a material misstatement of fact exists, the auditor should consider notifying the client in writing of his or her views concerning the information and consulting legal counsel.
Under the DOL regulations, any such plans that include employee contributions, whether made on a before-tax or after-tax basis, must be audited unless the employee contributions are used solely to pay insurance premiums and are forwarded to an insurance company within 90 days of receipt or withholding by the employer.
Originally audited in September 2000, PVCS Dimensions was the first SCM solution ever to be audited through the PDA process and included in ARC.