Audit: Definition and additional resources from BNET
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BNET Business Dictionary

Business Definition for: Audit

  • a systematic examination of the activities and status of an entity, based primarily on investigation and analysis of its systems, controls, and records

Wiktionary Definition for: Audit

  • #An examination in general; a judicial examination.
  • An independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures
  • To conduct an independent review and examination of system records and activities in order to test the adequacy and effectiveness of data security and data integrity procedures, to ensure compliance with established policy and operational procedures, and to recommend any necessary changes
  • To attend an academic class on a not-for-academic-credit basis.

Additional Resources

A cost-effective audit partnership
CITING COST savings and quality work, public accounting firms have historically used client internal audit staffs to assist in completing large audits. DuPont's internal auditing organization has initiated a program called "Audit Assist,"' whereby Price Waterhouse personnel are used to assist DuPont in covering the non-U.S. DuPont audit universe more...
Tags: audit, DuPont Co., partnership
Research articles 1991-06-01
Financial Facts: Status of Foundation Audits
The Foundation of this article has been involved with a number of audits over the past. It also includes a brief status of each audit. Such as Financial Audit, Compliance Audit, Sales Tax Audit, Indirect Cost Study Audit and Child Care Audit. For further details refer the article.
Tags: Financial, Audit, Finance, Financial Accounting
White papers 2001-10-01
Sec Adopts Rules Regarding Auditor Independence And Retention Of Audit Records
The Securities and Exchange Commission SEC seeks to streamline the audit process in a company. It has issued certain rules regarding audit management in the company. These rules include fixed time limit for working in the audit engagement team and disclosure of the audit report to the audit committee. The...
Tags: Financial Accounting, Finance, Sec, Audit
White papers 2003-03-11
Five Tax Mistakes That Could Cost You an Audit
Every year millions of Americans make mistakes that red flag their tax returns for audit. It's scary to get the notice that one's return has been selected for audit. That audit anxiety is what the IRS uses to help keep taxpayers honest. Audit anxiety is an important part of the...
Tags: Financial Accounting, Audit Anxiety, Tax, Audit, Finance
White papers 2006-10-11
The Non-Audit Service Restrictions Of The Sarbanes-Oxley Act
The Act's most significant impact on audit quality will be through the establishment of the new public accounting board, with its significant new inspection and disciplining powers. As for non-audit services, Congress established a "clear line" between permissible and prohibited non-audit services, but there already was such a line under...
Tags: Audit, Sarbanes-Oxley Act, Act, Financial Accounting, Finance
White papers 2002-09-24
Auditor Communications: Still More to Do
The term “quality audit” means different things to different people. An auditor is likely to think about audit quality in other ways. Measuring audit quality is also problematic. The outcome of audit quality is not directly or immediately observable. Audit quality-control procedures attempt to maintain high standards of control...
Tags: Finance, Financial Accounting, Audit, Auditor
White papers 2003-01-01
Separating Audit And Tax
In the post Sarbanes-Oxley world, CFOs staring down the double barrel of new SEC auditor independence rules and heightened IRS scrutiny must decide whether their audit firm should continue to provide them with tax services. Legally, audit firms can provide a range of tax services for their audit clients, but...
Tags: Finance, Free Trade, Financial Accounting, Financial Planning, Taxes, Tax Service, Audit
White papers 2003-05-01
The Transforming Roleof Internal Audit in the Energy Industry
"This article is about the discussion in Chicago for directors of internal audit in the energy industries. The forum focused on the changes in the energy industries—in particular those stemming from the Sarbanes-Oxley legislation—and what consequences those changes have had on internal audit functions and audit committees. In the ...
Tags: Industry, Audit, Finance, Financial Accounting
White papers 2002-11-22
Characteristics of Audits, Part 1
The article asserts about the purpose of a quality audit, which is to assess or examine a product, the process used to produce a particular product or line of products or the system sup-porting the product to be produced. A quality audit is also used to determine whether or not...
Tags: Financial Accounting, Quality Audit, Article, Audit, Finance
White papers 1997-01-01
Breaking the Internal Audit Paradigm : Improving the Effectiveness of the Internal Audit Function
Top executives of several real estate companies explain that whether one should believe on internal audit as an important function in their company or not. The response depends upon three groups. Group 1: This group did not have an internal audit function and believed it did not need one. This...
Tags: Audit, Response, Finance, Financial Accounting
White papers 2001-10-01
Internal Audit in Flux
The internal audit landscape may never be the same -- and the picture is looking very different from one company to the next. These are strange and exciting times for internal audit, one of the few corporate governance functions whose reputation has not been tainted by the rash of accounting...
Tags: Financial Accounting, Audit, Finance, Corporate Governance, Corporate Law, Business Operations
White papers 2003-02-01
Management of the Audit Function
"An effective audit function should provide all levels of management an independent appraisal of their operations and assist them in achieving maximum efficiency while achieving overall organizational goals However, before the manager of the organization’s audit function can begin to promote the audit department’s positive contributions to the...
Tags: Finance, Financial Accounting, Audit
White papers 2001-01-01
Section 906 Certifications under the Sarbanes-Oxley Act
A recent Act seeks to streamline the audit process in a company. It has issued certain rules regarding audit management in the company. These rules include fixed time limit for working in the audit engagement team and disclosure of the audit report to the audit committee. The paper examines the...
Tags: Sarbanes-Oxley Act, Audit, Certification, Act, Financial Accounting, Finance
White papers 2002-08-12
The Sarbanes-Oxley Act: Rewriting Audit Committee Governance
Audit of financial transactions is a significant activity in organizations. However, in the past, several irregularities have been reported in the auditing process. A recent Act seeks to enhance the role of audit committees in the audit management process and bestow increased powers to the Securities and Exchange Commission SEC....
Tags: Sarbanes-Oxley Act, Audit, Finance, Financial Accounting, Act
White papers 2003-01-01
Is Your Audit Committee Up To Speed?
Audit committee membership does require special qualifications, but it also offers wonderful opportunities to benefit the corporation and its shareholders. Obviously audit committees must endeavor to perform their functions diligently, and committee members who are not up to the task should be replaced. However, we also must not have unreasonable...
Tags: Audit, Financial Accounting, Audit Committee, Finance
White papers 2003-01-01
Audit reconsideration
"In situations where an audit deficiency has been assessed and the taxpayer or practitioner is able to convince the Collection Division employee that the taxpayer was not given sufficient opportunity to present the documentation substantiating the disallowed items during the audit process, that employee may recommend that an audit reconsideration...
Tags: Financial Accounting, Audit, Finance
White papers 2003-01-01
Audit Committee Pre-Approval of Audit Services and Permitted Non-Audit Services
Section 201 of Sarbanes-Oxley and new Section 10Ah of the Exchange Act state that a company may engage its registered public accounting firm to perform permitted non-audit services, including tax services, only if such services are pre-approved by the company's audit committee. Section 202 of Sarbanes-Oxley and new Section 10Ai(1)A...
Tags: Finance, Financial Accounting, Service, Audit
White papers 2003-07-01
Responding To Audit Reports - A Common Sense Approach?
This document is meant to assist management with the audit report. One must Identify the issues. The article does also states some of the recommendation which can be adopted. Once the audit has been done, next and final step is the action plan. One can use the audit report to...
Tags: Finance, Financial Accounting, Dartmouth College, Audit
White papers 1995-12-15
Choosing the right audit service; understanding the differences between ABC audits and BPA audits will make it easier to know which to choose for your magazine - Audit Bureau of Circulations, Business Publications Audit of Circulation
Choosing the right audit service
Tags: ABC Inc., audit
Research articles 1987-11-01
KPMG launches the audit committee institute
PMG LLP has announced the launch of the Audit Committee Institute ACI, a free resource for corporate board members serving on audit committees. The move is in response to recommendations of the SEC's Blue Ribbon Panel on Improving the Effectiveness of Corporate Audit Committees, one of which would require that...
Tags: audit, audit committee, KPMG Consulting Inc.
Research articles 1999-06-01
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