UK Accounting Glossary
An audit is the independent examination of, and expression of opinion on, financial statements of an entity.
An inspection of the accounting procedures and records by a trained accountant or CPA.
An audit is the examination of records and reports of a company, in order to check that what is provided is relevant, and reflects reality. That is to say, to ensure that all assets and liabilities are properly recorded in the balance sheet, and, all profits and losses are properly assessed.
An audit assessment is typically implemented through two methods, by assessing internal control procedures and by checking the consistency of items in the books.
The company carries out an audit at the end of each financial year.
As per usual, the annual audit will take place in April.
The internal auditing function reports directly to the Audit Committee.
Government audits have traditionally been concerned with the financial and regularity considerations.
The bank first became aware of the issue once it had carried out an internal audit.
A qualified audit report should leave the reader in no doubt as to its meaning and implications.
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This glossary post was last updated: 23rd December 2018.