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Topic: Audit

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In the News (Tue 20 Aug 19)

Audit quality is vital for maintaining trust in the financial reporting process and the integrity of financial information.
Audit teams equipped with a high level of technical skills and empowered with professional skepticism provide the heart and soul of a good audit.
A multidisciplinary approach means audit engagement teams include experienced professionals in such areas as forensics, tax, information risk management and valuation, providing them with a broad understanding of an organization, and enabling teams to focus on key areas of risk, adequacy of internal controls, and potential fraud.
www.kpmg.com /Services/Audit   (392 words)

  Audit - Wikipedia, the free encyclopedia
Another purpose of the audit is to ensure the operating effectiveness of the internal accounting system is in accordance with approved and accepted accounting standards, statutes, regulations, or practices.
Auditing is a part of some quality control certifications such as ISO 9000.
An important type of audit is the financial audit.
en.wikipedia.org /wiki/Audit   (242 words)

 Financial audit - Wikipedia, the free encyclopedia
A financial audit, or more accurately, an audit of financial statements, is the examination by an independent third party of the financial statements of a company or other organisation, resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented.
The auditing firm's responsibility to check and confirm the reliability of financial statements may be limited by pressure from the audited company, who pays the auditing firm for the service.
The auditing firm's need to maintain a viable business through auditing revenue may be weighed against its duty to examine and verify the accuracy, relevancy, and completeness of the company's financial statements.
en.wikipedia.org /wiki/Financial_audit   (1399 words)

 Audit Committees: Encyclopedia of Business and Finance
Audit committees are a key institution in the context of corporate governance because they help boards of directors fulfill their financial and fiduciary responsibilities to shareholders.
Through their audit committees, boards of directors establish a direct line of communication between themselves and the internal and external auditors as well as the chief financial officer.
Recognizing that audit committees operate on a part-time basis and serve in an advisory capacity to boards, it is essential that boards place limitations on the scope of the committees' charge.
business.enotes.com /business-finance-encyclopedia/audit-committees   (1415 words)

As a result of this audit, the affected agencies have agreed to abide by interim guidance that includes provisions that require the public to be informed that records have been formally withdrawn from public access at NARA due to classification action as well as how many records are affected.
During the audit it was determined that both CIA and NARA failed to notice that approximately 28 of the items identified by CIA for withdrawal (11 percent of the total) and withdrawn by NARA had apparently been previously reviewed and declassified pursuant to proper authority under the FOIA.
One of the challenges confronted by this audit in determining the appropriateness of the classification actions taken by an agency was that it was not always apparent that the record was, in fact, initially declassified without proper authority.
www.archives.gov /isoo/reports/2006-audit-report.html   (12177 words)

 Corporate Governance - Audit Committee Charter
The Audit Committee is appointed by the Board of Directors to oversee the accounting and financial reporting processes of the Company and audits of the financial statements of the Company.
The Audit Committee shall assist the Board in monitoring (1) the integrity of the financial statements of the Company, (2) the compliance by the Company with legal and regulatory requirements, (3) the independent auditor’s qualifications, performance and independence, and (4) the performance of the Company’s internal auditor function.
The Audit Committee shall have and may exercise all the powers of the Board with respect to the specific authority delegated to the Audit Committee in this Charter or hereafter specifically delegated to the Audit Committee by the Board of Directors, except as may be prohibited by law.
www.wm.com /wm/corporate/audit_committee.asp?id=sub7   (1772 words)

 Firewall Test, Web Tools and Free Internet Security Audit
AUDIT MY PC You'll find a ton of free online tools at Audit My PC.
Home internet users will enjoy our security audits, speed tests and free software while webmasters will love our website utilities, such as our link checker, sitemap creator and our website monitoring services.
Security Audit access code for Wednesday, June 20, 2007 is XTHcSJXhQQ.
www.auditmypc.com   (344 words)

 Audit Services
An audit is an assurance service that reports to the Board whether the organization's financial statements are free from material misstatement and present fairly, in all material respects, the financial position and results of operations of the organization.
Audit standards do not require the auditor to perform the extensive testing that would be used in an audit specifically designed to find fraud, as in the case when there is evidence that a fraud has occurred.
An audit includes an assessment of the design and operation of checks and balances but only for the purpose of forming an opinion as to the material accuracy of the financial statements.
www.jjco.com /svc_audit.html   (535 words)

The Audit Committee reviews the audit reports submitted by the Legislative Auditor, releases the audit reports to the public, and serves as the conduit between the Legislative Auditor and the Legislature.
The purpose of these rules is to form a basis for the operations of the Legislative Audit Committee and to inform the members of the Legislative Assembly of the Audit Committee's procedures in order that they may assist by their suggestions and resolutions, and by studying problems that may come before the Legislative Assembly.
The Legislative Audit Committee's office shall be the Office of the Legislative Auditor in the State Capitol and all regular meetings shall be held at such office, but the chair may call special meetings at any other place.
leg.state.mt.us /css/audit/committe.asp   (390 words)

 NARA - Press - National Archives Information Security Oversight Office Releases Audit on Withdrawal of Records from ...
This 28-page audit report focused on the re-review efforts undertaken since 1995 by agencies that believed certain records at the National Archives were improperly made available to the public because they contained classified national security information and had not been declassified under proper authority.
The audit, ordered by the Archivist, was in response to complaints from researchers who had reported to ISOO that many of the documents withdrawn from public shelves had been previously published and according to the researchers did not appear to warrant withdrawal for national security concerns.
The audit also found that in attempting to recover records that still contained classified information, there were a number of instances when records that were clearly inappropriate for continued classification were removed from public access.
www.archives.gov /press/press-releases/2006/nr06-96.html   (1247 words)

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Most audits are performed at the business location, but may take place at the CPA/bookkeeper's office, in the owner's home, or at the Department of Taxation.
The audit may result in a deficiency determination, a credit for over paying a tax liability or no financial adjustment because the business is in full compliance of the tax law.
After a supervisory review of the audit, if applicable, a deficiency determination will be sent to you, along with a petition for re-determination form, a copy of the related statutes regarding your rights and responsibilities, and a return envelope.
tax.state.nv.us /audit.htm   (968 words)

For the low caseload facilities, five (5) facilities were randomly selected to be audited for a six (6) month time frame (for the casefinding portion of the audit), for an approximate total of 73 cases (for the reabstracting portion of the audit).
For the medium caseload facilities, all three (3) facilities were selected to be audited for a four (4) month time frame (for the casefinding portion of the audit), for an approximate total of 73 cases (for the reabstracting portion of the audit).
For the high caseload facilities, both (2) facilities were selected to be audited for a three (3) month time frame (for the casefinding portion of the audit), for an approximate total of 73 cases (for the reabstracting portion of the audit).
wdhfs.state.wy.us /cancer/audit.htm   (3688 words)

The audit process will verify the existence of HSE management systems through employee interviews, review of documents, field observations, and verification testing to ensure that safe working conditions and management systems are in place and functioning as intended.
It is FMC Technologies' intent to conduct audits in a climate of mutual trust and respect, and in a way that fosters team work and ongoing improvement and verifies that corporate policy is implemented.
The audit team members have the authority and accountability to stop any work in process, job or operation where there is a situation of "immanent danger." The Audit Team Leader will stop the work in progress and immediately notify the senior manager, and the legal department.
www.fmctechnologies.com /HealthSafetyandEnvironment/_HSEWeb/Audit.aspx   (3054 words)

Forest audits are a requirement of the Crown Forest Sustainability Act (CFSA), the Forest Management Class Environmental Assessment on Crown Lands in Ontario, and are a condition of Sustainable Forest Licences (SFLs).
The audit terms of reference, including the audit team personnel requirements, are the same for all independent forest audits.
The lead auditor is supported by an audit team which includes at least two people with experience in forest management planning and forest operations, an individual trained in forest ecology or wildlife biology, and one person with experience in assessing socio-economic information, public consultation processes, and First Nations involvement in forest management planning.
ontariosforests.mnr.gov.on.ca /audit.cfm   (1523 words)

 How to enable and apply security auditing in Windows 2000
When you audit an object, an entry is written to the Windows 2000 Security log whenever the object is accessed in a certain way.
The audit trail can show who performed the actions and who tried to perform actions that are not permitted.
"Audit success attempts" indicates that you are interested in successful events, and "Audit failed attempts" indicates that you are interested in failures when that event is performed.
support.microsoft.com /?kbid=300549   (2068 words)

 Tasmanian Audit Office - Publications - Newsletters - Issue 6
Audit and Treasury have examined the effects of the restructure in the context of AAS 29 and have come to the following view:
The Director of Audit and / or the relevant Audit Managers are usually your first point of contact for the application of financial audit queries.
While every effort has been made to ensure its accuracy, none of the aforementioned Audit Offices or any of their employees shall be liable on any ground whatsoever to any party in respect of decisions or actions they may take as a result of using this Newsletter.
www.audit.tas.gov.au /publications/clientnews/issue6.html   (4410 words)

 Government Auditing Standards
For performance audits, the standards are proposed to become effective for audits beginning on or after July 1, 2007.
For financial audits and attestation engagements, the standards are proposed to become effective for audits of periods ending on or after July 1, 2007.
Government Auditing Standards: Guidance on GAGAS Requirements for Continuing Professional Education (GAO-05-568G, April 2005) This guidance document, which replaces the April 1991 document entitled Interpretation of Continuing Education and Training Requirements, is effective for CPE measurement periods beginning on or after June 30, 2005, with earlier adoption encouraged.
www.gao.gov /govaud/ybk01.htm   (1151 words)

 Internal Audit Office - AUB
The Internal Audit Office of the American University of Beirut was established approximately 30 years ago.
The Audit Committee shall recommend an auditor for the Corporation to be appointed by the Board, shall define the scope of the audit to be performed, and shall review the annual financial statements of the Corporation prior to their submission to the Board.
The Audit Committee may examine and consider such other matters relating to the internal and external audit of the accounts of the Corporation and relating to the Corporation's financial affairs as the Audit Committee may, in its own discretion, determine to be desirable".
www.aub.edu.lb /~webaudit   (196 words)

 Office of the Comptroller - Audit   (Site not responding. Last check: 2007-08-19)
Audit Report on the Development and Implementation of the Electronic Death Registration System By the Department of Health and Mental Hygiene
We performed an audit on the development and implementation of the Department of Health and Mental Hygiene’s Electronic Death Registration System.
The system was designed to use Internet technology to enable a completely automated death registration and certification process, with capabilities of printing death certificates, and permits for burial, cremation, and transportation of human remains.
www.comptroller.nyc.gov /bureaus/audit/06-23-03_7A03-073.shtm   (265 words)

 Audit Director Roundtable   (Site not responding. Last check: 2007-08-19)
The risk-based audit planning concepts of the past are no longer suited to this new environment, which requires a fundamental rethinking of how to use the audit plan to align audit activity with the critical risks facing the company.
The Roundtable supports audit directors and their teams of audit and risk management staff by providing them with online tools and templates, facilitated networking, research and analysis and ongoing professional development.
The Audit Director Roundtable is a research program of the Corporate Executive Board, the premier membership organization for senior executives of leading institutions worldwide.
www.audit.executiveboard.com /ADR/1,3140,,00.html   (241 words)

 Audit   (Site not responding. Last check: 2007-08-19)
Aetna's Internal Audit Department (IAD) serves the Audit Committee of the Board of Directors and assists management in achieving company-wide goals by conducting independent and objective assurance and consulting activities.
Defining a career path whereby audit professionals realize their skills and talents and understand how these capabilities can transfer to other areas or positions within the company.
In general, a bachelor's degree in accounting, internal audit, business administration, finance, information technology, health care management or a related field is desired.
www.aetna.com /working/audit.htm   (306 words)

 Audit Committee Effectiveness Center
A key element in the corporate governance process of any organization is its audit committee.
A model for preparing your own toolkit, this broad sampling of checklists, questions, reports, and guidelines was developed to help audit committees achieve best practices in managing their role.
In this bank of materials, find out what you need to know about audit committeesfrom information on financial reporting and internal controls to relationship with management, auditors, and other parties.
www.aicpa.org /audcommctr/homepage.htm   (440 words)

 Audit Department
Report periodically to the Audit Subcommittee and Management the status of the current year’s audit plan and the sufficiency of department resources.
Submit audit reports to the Audit Committee and Management communicating the auditor’s opinion regarding the internal control structure, identifying significant control issues and providing related recommendations.
Comply with the Standards for the Professional Practice of Internal Auditing adopted by the Institute of Internal Auditors, Metropolitan policies and procedures and the California Government Code.
www.mwdh2o.com /mwdh2o/pages/audit/audit01.html   (467 words)

 Audit Director Roundtable   (Site not responding. Last check: 2007-08-19)
The Audit Director Roundtable is membership of senior executives with a shared commitment to steward corporate finance management.
The Audit Director Roundtable dedicates a full-time staff of analysts and researchers to study the frontier practices of the world's leading organizations.
The Audit Director Roundtable applies quantitative rigor to issues that have traditionally been managed by instinct and assumption.
audit.executiveboard.com /ADR/1,3140,0-0-Public_Display-55003,00.html   (522 words)

 Audit - Deloitte AG   (Site not responding. Last check: 2007-08-19)
Deloitte addresses the globalization of businesses by means of a proprietary international audit approach that is used by all DTT member firms.
Although the approach is consistent throughout the world, it recognizes that clients are unique and that financial reporting and professional requirements vary from country to country.
As such, our international audit approach and software are designed to facilitate tailoring to a particular client’s operations and financial reporting requirements, as well as a particular country’s professional requirements.
www.deloitte.com /dtt/section_node/0,1042,sid=14431,00.html   (250 words)

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