audit universe
The total potential scope of work within an auditor’s remit. *Audit planning involves the allocation of resources to individual *auditable units within an audit universe, normally on the basis of a combination of the following: (i) *materiality (ii) *risk assessment, (hi) a cyclical or rotational factor to ensure periodic coverage of every auditable unit, and (iv) requests from *auditees. The audit universe of a * multinational corporation, for example, may include the operational and financial activities of the individual overseas branches: An *internal audit function may determine the frequency of audit assignments at individual branches from a balanced assessment of the four factors listed above.

Auditor's dictionary. 2014.

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  • audit universe — audito visuma statusas Aprobuotas sritis auditas apibrėžtis Audituotini subjektai, audituotinų subjektų veiklos sritys, audituotinų subjektų veiklos programos, Europos Sąjungos ir užsienio institucijų ar fondų lėšomis finansuojamos programos ir… …   Lithuanian dictionary (lietuvių žodynas)

  • audit cycle — The process of conducting an audit or a series of audits over time. In external auditing, the audit cycle tends to be scheduled in several important phases: (i) interim visits to perform *analytical and *compliance reviews; (ii) attendance at… …   Auditor's dictionary

  • audit entirety — audito visuma statusas Aprobuotas sritis auditas apibrėžtis Audituotini subjektai, audituotinų subjektų veiklos sritys, audituotinų subjektų veiklos programos, Europos Sąjungos ir užsienio institucijų ar fondų lėšomis finansuojamos programos ir… …   Lithuanian dictionary (lietuvių žodynas)

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  • auditable unit — An organization, operation, individual, or other discrete entity that can be subjected to an audit. During *audit planning, an auditor determines an *audit universe of auditable units, and dedicates appropriate levels of auditing resources to… …   Auditor's dictionary

  • risk assessment — The identification, analysis, and measurement of *risks relating to an activity or organization. Risk assessment comprises the initial stages of *risk management, and it is one of the five components of effective *internal control identified in… …   Auditor's dictionary

  • audito visuma — statusas Aprobuotas sritis auditas apibrėžtis Audituotini subjektai, audituotinų subjektų veiklos sritys, audituotinų subjektų veiklos programos, Europos Sąjungos ir užsienio institucijų ar fondų lėšomis finansuojamos programos ir projektai.… …   Lithuanian dictionary (lietuvių žodynas)

  • unit — An individual item that is not further divided in smaller elements for analytical or operational purposes. In production processes, for example, manufactured items are counted in units (which typically represent a finished *consumer good) and… …   Auditor's dictionary

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