add value

1. To increase the *value (excluding *raw material costs) of a good or service as it passes through incremental stages of *production and distribution processes. 2. In a general sense, to add *either quantitative or *qualitative *worth to an activity, item, or organization. Auditors frequently claim that their services "add value" to an organization. The value added by an *internal auditing department, for example, may be quantitative (e.g., the cost savings arising from audit reviews) or qualitative (assumed enhancements to an organization’s *corporate governance processes). The value added by an external audit may extend beyond *assurance given on the *fair presentation of *financial statements to supplementary information like benchmarking and *risk assessment information. Further reading: Roth (2000); Roth (2002); Roth (2003)

Auditor's dictionary. 2014.

Look at other dictionaries:

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