compliance audit
An *audit of Compliance with external *regulations or *internal control procedures. A compliance audit is not to be confused with Compliance testing - the former has as its *audit objective the verification of compliance with external or internal requirements, while the latter is an auditing procedure used to gather *audit evidence on the reliability of internal controls.

Auditor's dictionary. 2014.

Look at other dictionaries:

  • compliance audit — An audit of internal control procedures to evaluate how well they operate in practice. For example, a sample of invoices could be checked to ensure that they have been properly authorized (indicated by a signature or stamp). See also: compliance… …   Accounting dictionary

  • Audit committee — In a publicly held company, an audit committee is an operating committee of the Board of Directors, typically charged with oversight of financial reporting and disclosure. Committee members are drawn from members of the Company s board of… …   Wikipedia

  • compliance testing — Auditing procedures that evaluate the reliability of an entity’s *internal controls. In contrast to *substantive testing, which focuses on verifying the accuracy of quantifiable amounts, compliance testing aims to gain Reasonable assurance that… …   Auditor's dictionary

  • compliance tests — Tests used during an audit to determine the effectiveness of a company s control procedures. The extent of compliance testing will depend upon the extent to which specific controls are relied upon. Results of compliance testing will indicate the… …   Accounting dictionary

  • Compliance requirements — are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). They are currently… …   Wikipedia

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  • audit — au·dit / ȯ dət/ n 1: a formal examination of an organization s or an individual s financial records often for the purpose of uncovering fraud or inaccurate tax returns; also: the final report of such an examination 2: a methodical examination… …   Law dictionary

  • Audit — For other uses, see Audit (disambiguation). Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management  …   Wikipedia

  • audit trail — An information flow that allows an auditor to trace the evolution of a transaction. The chronological evolution of a transaction originates in its underlying activity (e.g., an inventory movement, or a sale to a customer), and a satisfactory… …   Auditor's dictionary

  • audit test — An action or procedure to gather and evaluate *audit evidence. Audit tests are normally formalized in *audit programs, and they may be classified into (i) *substantive and (ii) *compliance testing. *Analytical review procedures are normally… …   Auditor's dictionary

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